Genomics Market

Global Genomics Market Size (2022 to 2027)

As per our research report, the global genomics market is predicted to be worth USD 29.02 billion by 2027 from USD 18.1 billion in 2022, growing at a CAGR of 9.9% during the forecast period.

The genome is the genetic material of an organism. Genomics is a discipline that analyses the function and structure of genomes. It uses various sampling, sequencing, data analysis, and interpretation techniques to decode, assemble, and analyze genomes. The complete DNA knowledge helps identify specific genetic diseases, develop the best course of treatment, and contribute to precision medicine.

MARKET DRIVERS:

Growing support from the governments, genomics role in developing personalized medicine, and increasing adoption of genomics in identifying and treating cancer are majorly promoting the global genomics market growth.

It contains non-coding DNA and genes, chloroplastic DNA, and mitochondrial DNA. Liquid biopsy solutions identify cancerous DNA mutations, allowing early detection of cancer. Several companies have begun leveraging genomics to expand liquid DNA biopsy tests to detect cancer at an early stage. The growing applications of genomics in medicine have attracted the attention of military organizations, which has resulted in a significant increase in the adoption of genetic tests in their health systems. Military professionals are implementing guidelines for detecting genetic diseases in carriers, which recommend seeing spinal muscular atrophy (SMA) in pregnant women.

According to the National Centre for Biotechnology Information, the United States's growth in oncology (study and treatment of tumors) expects to increase between 7% and 10% per year during 2020, with a universal oncology cost higher than USD 150 billion. According to the WHO, cancer is a significant cause of death worldwide, accounting for approximately 9.6 million deaths in 2018. And the total annual economic cost of cancer in the initial period of this decade was estimated at around USD 1.16 billion.

Genomics, the science of learning the interaction of genomes with various stimuli, has been the subject of numerous research and growth activities over the years. This area provides a clear understanding of the genome and the use of research results to understand the role of genomics in the growth and survival of all living organisms. The growth of the genomic dataset in research activities has allowed physicians, biologists, and patients to study genetic predisposition to certain diseases. Increasing the development of research in human genetics in various public health programs, such as consumer health programs and others, will support the growth of the Asia-Pacific market. Increasing investment from government agencies, funding agencies, and biotech companies also accelerate market demand.

MARKET RESTRAINTS:

However, improper knowledge over using specific technologies in research centers due to fewer training programs is a significant factor hindering the market's growth. The high cost of genomic research equipment and lack of trained technicians slowly hamper the market demand. In addition, people diagnosed might be susceptible to developing some diseases in the future. People with genetic disorders may become under pressure not to have children as they can't pass the faulty gene to next-generation, and rigorous rules and regulations by the government regarding the overuse of genetics are some factors impeding the market's growth.

Impact of covid-19 on the global genomics market:

The world health organization announced the COVID-19 as an emergence in healthcare. The pandemic has shown profound changes in healthcare. Market players have increased their research and development activities and raised investments to develop an efficient treatment for the novel coronavirus. Monitoring the genome sequence of coronavirus helps track the manner of spreading the virus and its effect on the human genome. The collected information can be used to develop an effective treatment for the virus. The researchers used the virus genome to track coronavirus infection's origin to develop medicine to treat the virus. However, the market is to have continuous flow in the coming years. 

REPORT COVERAGE:

This research report segmented and sub-segmented the global genomics market based on the product, application, technology, process, end-user, and region.

Genomics Market - By Product:

• Instruments/systems
• Consumables
• Services

Based on the product, the consumable segment had accounted for the leading share in the global genomics market in 2021 and is likely to display a high growth rate during the forecast period. The increasing number of patients with chronic illnesses like diabetes, cancer, and others dramatically influences the demand for this segment. In addition, the prevalence of the R&D activities in developing new drugs is escalating the market's growth rate.

Genomics Market - By Technology:

• Sequencing
• Microarray Technology
• PCR
• Nucleic Acid Extraction

Based on technology, the PCR segment is dominating the genomics market concerning technology owing to the significant market drivers like the adoption of PCR for DNA amplification at reduced costs, technological enhancements, and a boost in research investments in genomics. 

Genomics Market - By Process:

• Library Preparation
• Sequencing
• Imaging
• Data Analysis

Based on the process, the data analysis process is expected to the maximum share of the market during the forecast period. Sequencing and imaging process segments will have growth opportunities in the coming years. The rapid adoption of the latest technologies in the laboratories and the launch of new products in favor of the common people are expanding the demand of these segments.

Genomics Market - By Application:

• Diagnostics
• Drug Discovery and Development
• Personalized Medicine
• Agriculture & Animal Research

Based on application, the diagnostic testing segment holds the highest share of the market. Growth in awareness among people regarding health and the increase in incidences of mortality rate due to the genetic diseases in the world is fueling the market growth. In addition, increasing disposable income and rising healthcare expenditure are fuelling the market's growth rate. As a result, the personalized medicine segment holds the highest CAGR in the market.

Genomics Market - By End User:

• Research Centres
• Hospitals and Clinics
• Pharmaceutical Companies

Based on end-users, the Hospitals and Clinics segment has the highest shares of the market. Active participation of key market players and increasing focus on improving the infrastructure is boosting factors for expanding the genomics market. On the other hand, the research centers segment is in the following position in leading the dominant shares of the market. Raising funds for research and intensifying the focus of research centers and key market players to develop innovative technologies and products are the contributing factors to the expansion of the genomics market.

Genomics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American genomics market is forecasted to dominate the global market due to growing funds for research and government initiatives in genomics. In addition, it is because of increasing genetic disabilities and abnormalities, the presence of sophisticated infrastructure, and governmental support for the research and development of genetics. As a result, the North American market is predicted to showcase a CAGR of 9.7% between 2022 to 2027. The U.S. is expected to lead this regional market, followed by Canada.

The European genomics market follows North America, owing to the well-developed health sector, technological advances, and governmental support for research and development of different tests and devices. The European market had accounted for a substantial share of the global genomics market in 2019 and is forecasted to be worth USD 13.07 Billion by 2027. The UK market is expected to grow aggressively during the forecast period.

The Asia Pacific genomics market is another primary market for genomics and is likely to display growth at a high CAGR during the forecast period. The Asia Pacific is witnessing the fastest growth in the genomics market due to a large patient population and rapidly developing technology. 

The Latin American genomics market is predicted to grow steadily during the forecast period.  The Brazilian and Mexican genomics markets are expected to account for most of the share in this regional market between 2020 to 2025.

The Middle East and Africa genomics markets are standing at a nascent stage. Still, they will show inclined growth in the future because of growing investment by government bodies, funding agencies, and biotechnology companies anticipated to drive the market in this region.

KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:

Companies playing a promising role in the global genomics market profiled in this report are Affymetrix, Inc., Agilent Technologies, BGI, Thermo Fisher Scientific, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid.

Illumina Inc. and Thermo Fisher Scientific played a prominent role in the global genomics market in 2019. Illumina Inc. acquired Pacific Biosciences in November 2018; this action has helped Illumina Inc. to further better its market share. Key strategies that the key market players have adopted recently to maximize their market share are acquisitions, collaborations, regional expansion, and new product launches.

RECENT HAPPENINGS IN THIS MARKET:

• In July 2020, Illumina launched TruSight Software Suite, which supplies ready-made infrastructure to recognize the potentiality of whole-genome sequencing for odd diseases.
• In June 2019, BGI Genomics and Eluthia partnered to develop reproductive genetics for the German market. The agreement offers the nonintrusive prenatal NIFTY test in Germany in the name of “PreviaTest.”
• In November 2018, Illumia, Inc. acquired Pacific Biosciences at USD 8.00 per share. The acquisition complements Illumina sequencing with appropriate long-read sequencing abilities to answer the genomic-related questions.
• In March 2017, Bristol-Myers Squibb Company collaborated with Foundation Medicine Company to deploy comprehensive genomic profiling and molecular information solutions offered by Foundation Medicine to identify the predictive biomarkers like TMB and MSI to escalate its immunotherapy clinical trials.  
• In January 2017, BD launched WTA reagents. These are used for single-cell analysis as they offer uncomplicated quantification of genetic information and high accuracy.
• In June 2016, VWR entered a distribution agreement with SGI-DNA to distribute reagents in Europe and North America.