Genomics Market
Number of pages: 120 | Report Format: PDF | Published date: February 01, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 27.0 billion |
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Revenue Forecast in 2031 |
US$ 93.5 billion |
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CAGR |
14.80% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Products & Services, Technology, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the genomics market was valued at US$ 27.0 billion in 2022 and is expected to register a revenue CAGR of 14.80% to reach US$ 93.5 billion by 2031.
Genomics Market Fundamentals
Genomics is the study of genes, their structure, function, and their interactions with other genes. A major part of genomics focuses on determining the sequence of molecules that make up a person or organism's deoxyribonucleic acid (DNA) content. In genomics, recombinant DNA, DNA sequencing techniques, and bioinformatics are used to analyze the structure and function of genes. Gene sequences are generally determined using automatic sequencing machines. Genome-based research enables researchers to develop better diagnostics and evidence-based approaches for demonstrating clinical efficacy and effective therapeutic strategies, and in turn, acts as a better decision-making tool for patients and providers. Genomics has applications in several fields, including biotechnology, medicine, anthropology, and others.
Genomics Market Dynamics
The rising demand for gene therapy, personalized medicine, drug discovery, rising cancer incidence, and a notable rise in consumer genomics demand in recent years are some of the factors contributing to the growth of the global genomics industry. Additionally, it is anticipated that the growing number of joint ventures and partnerships among industry competitors will positively affect the growth of the genomics market. For instance, in June 2022, Allegheny Health Network and Illumina, Inc. entered into a partnership to effectively assess the effects of internal Comprehensive Genomic Profiling (CGP) to enhance patient care. There is projected to be a large market for cancer genomics because of the rising incidence of inherited cancers. An extensive understanding of the human genome has focused on applying various gene therapies for cancer treatment using cutting-edge gene editing techniques like CRISPR-Cas technology. For instance, in September 2022, a team of researchers from the University of California presented the management of inherited retinal diseases (IRDs) using precision genome editing agents. Genomics plays a crucial role in the advancement of personalized medicine. By analyzing an individual's genetic information, healthcare providers can gain insights into disease risk, drug response, and treatment selection. The growing emphasis on personalized medicine has increased the demand for genomics technologies and services.
However, implementing genomics technologies often requires significant infrastructure, including specialized equipment and computational resources. Limited access to these resources, particularly in resource-constrained settings, can impede the widespread adoption and accessibility of genomics-based solutions.
Genomics Market Ecosystem
The global genomics market is analyzed from the following perspectives: product & services, technology, application, end user, and region.
Genomics Market by Product & Services
Based on the product & service, the genomics market is segmented into systems & software, consumables, and services.
The services segment is projected to grow at a high revenue CAGR in the global genomics market. This is because patients are opting for genetic tests due to the rising demand for next-generation sequencing services and the falling cost of sequencing. For instance, PerkinElmer, Inc. announced in August 2021 the beginning of the clinical genomics testing services offered by PerkinElmer Genetics. The company's integrated laboratories in the U.S., India, and China provide a platform for global genomic lab testing. It carries out diagnostic and screening procedures emphasizing high throughput next-generation sequencing for uncommon hereditary illnesses and newborn screening.
Genomics Market by Technology
Based on the technology, the global genomics market is segmented into polymerase chain reaction (PCR), nucleic acid extraction & purification, microarray, and others.
The polymerase chain reaction segment accounts for the highest revenue share in the global genomics market. The growth of PCR-based genomics research investigations, increased PCR use for COVID-19 diagnosis, and new product introductions are some of the factors influencing this market's revenue.
Genomics Market by Application
Based on the application, the genomics market is segmented into drug discovery & development, diagnostics, agriculture & animal research, precision medicine, and others.
The diagnostics segment accounts for the highest revenue share in the global genomics market and is expected to rise significantly in terms of revenue share during the forecast period. The growth of PCR-based genomics research investigations, increased PCR use for COVID-19 diagnosis, and new product introductions are some of the factors influencing this market's revenue.
Genomics Market by End User
Based on the end user, the genomics market is segmented into research centers & academic institutes, pharmaceutical & biotechnology companies, hospitals & clinics, and other end users.
The pharmaceutical and biotechnology companies segment accounts for the highest revenue share of 48% in the global genomics market. The rising need for the use of genomes in drug discovery is responsible for this. Additionally, the market is being stimulated by the growing use of spatial genomics and transcriptomics technologies. Numerous studies are being conducted to develop innovative drugs utilizing genomics as a foundation. For instance, Illumina Inc. has announced that it will present seven of its abstracts at the American Society of Clinical Oncology (ASCO) 2022 in June 2022. This will be in addition to a meeting to discuss the transformative effects of comprehensive genomic profiling in precision medicine.
The hospital and clinic segment is projected to increase significantly during the projection period. Genomic sequencing services are currently available to patients at a number of hospitals and clinics, and this technology is being used in routine medical care. One such clinic is Stanford Medicine, which offers patients with a rare or unclear ailment suspected of genetic, genomic sequencing services. Partners HealthCare, a U.S.-based hospital network, is the first to provide genetic sequencing, analysis, and interpretation services to the general population. Over 200 patients and doctors have been enlisted in an NIH-funded research to examine how whole genome sequencing is incorporated into clinical practice.
Genomics Market by Region
Geographically, the global genomics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest market share of 43% in the global genomics market. This can be attributed to the assistance of major pharmaceutical companies and research organizations. Due to the effects of genetic expression on human health, genomics is now a crucial component of all illness research and therapeutic development. With cooperative efforts, there are new developments in the area of the application of genomics. As an illustration, in January 2022, Illumina, Inc. partnered with Nashville Biosciences, LLC (a division of Vanderbilt University Medical Centre in Tennessee) to develop drugs utilizing genomics and to create a premier clinical-genomic resource.
Asia Pacific is projected to record a high revenue CAGR during the forecast period. This is due to the increased demand for genomics applications in diagnostics and the growing demand for novel therapeutic drugs to fight the increased incidence of diseases in the region. Several major human genome sequencing projects are being performed, one of the most recent projects is Genome Asia 100K. Under this project, 100,000 Asian genomes would be sequenced and analyzed, which can help accelerate population-specific medical advances and precision medicine. With this project, GA 100K was expected to identify new possible therapeutic drugs and understand the biology of diseases.
Genomics Market Competitive Landscape
The prominent players operating in the global genomics market are: -
Genomics Market Strategic Developments
The study of an organism's entire or a portion of its genetic or epigenetic sequences is known as genomics, and it aims to comprehend the structure and function of these sequences as well as the resulting biological products.
The revenue CAGR for the global genomics market is 14.8% during the forecast period.
Thermo Fisher Scientific, Inc., Illumina, Inc., QIAGEN, Bayer AG, and Agilent Technologies, Inc. are some of the major key players in the global genomics market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global genomics market.
While the cost of genomic sequencing has significantly reduced, the interpretation and analysis of the vast amount of genomic data remain complex. The lack of standardized protocols and guidelines for data interpretation can pose challenges in translating genomic information into actionable insights for healthcare providers.
*Insights on financial performance are subject to the availability of information in the public domain