As per our research report, the global genomics market is predicted to be worth USD 31.89 billion by 2028 from USD 19.89 billion in 2023, growing at a CAGR of 9.9% during the forecast period.
The growth of the genomics market is majorly driven by increasing technological developments and their rapid adoption among developed and developing countries.
Technological developments such as DNA sequencing have promoted the usage of genomics. In the olden days, genome sequencing consumed significant time and cost. Technological developments such as DNA sequencing have helped notably to reduce the time and cost involved in sequencing the genomes, which has resulted in the growing number of genomes that can be sequenced. In addition, CRISPR gene editing, synthetic biology, and bioinformatics are other notable technological developments that favored the adoption of genomics and have boosted the growth of the genomics market. Likewise, technological developments have generated numerous growth possibilities in the genomics market.
The rising adoption of personalized medicine is anticipated to fuel the genomics market growth.
The adoption and preference towards personalized medicine are growing significantly worldwide. Personalized medicine is a new approach in the healthcare industry. Genomics plays a vital role in developing personalized treatment plans for patients. In this process, the healthcare providers study the patient's genetic makeup and prepare the treatment plan that gives the best outcome and reduces side effects. Personalized medicine is believed to be cost-effective and deliver improved patient safety.
Growing support and investments from governments and private organizations for the R&D of genomics are fuelling the market's growth rate.
In addition, the growing patient population suffering from cancer is expected to boost the growth rate of the genomics market. According to the statistics published by the American Cancer Society, 1.9 million people new cancer cases were expected in 2022. Furthermore, according to the data given by the National Cancer Institute, an estimated 29.5 million people are anticipated to diagnose with cancer every year by 2040. Furthermore, the increasing awareness among healthcare providers regarding the advantages of genomics and the growing demand for genomic services are anticipated to result in market growth during the forecast period.
However, the lack of training programs on genomics technologies in research centers significantly hinders the market's growth. In addition, the high cost of genomic research equipment and the lack of trained technicians hamper the growth rate of the genomics market worldwide. In addition, people diagnosed with might be susceptible to developing some diseases in the future. Furthermore, people with genetic disorders may become under pressure not to have children as they can't pass the faulty gene to the next generation, and rigorous rules and regulations by the government regarding the overuse of genetics are some factors impeding the market's growth. Furthermore, concerns associated with ethics and privacy, limited awareness and understanding of genomics, and issues associated with reimbursements in some countries are inhibiting the growth rate of the global genomics market.
Impact of covid-19 on the global genomics market:
The world health organization announced COVID-19 as an emergence in healthcare. The pandemic has shown profound changes in healthcare. COVID-19 has had a favorable impact on the global genomics market growth. 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. In addition, the researchers used the virus genome to track the coronavirus infection's origin to develop medicine to treat the virus.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Application, Technology, Process, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
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:
Based on the product, the consumables segment accounted for the leading share in the global genomics market in 2022 and is likely to display a high growth rate during the forecast period. The increasing number of patients with chronic diseases such as diabetes, cancer, and others is one of the key factors propelling segmental growth. In addition, the prevalence of R&D activities in developing new drugs escalates the segment's growth rate. Furthermore, the growing need for genomic services and rising usage of genomic technologies are expected to result in the segment's growth during the forecast period.
On the other hand, the instruments segment is predicted to witness a healthy CAGR in the coming years owing to the rapid adoption of technological developments to deliver effective genomic services.
The services segment is expected to have an improved occupancy in the global genomics market during the forecast period due to the growing need for data analysis in genomic research.
Genomics Market - By Technology:
Based on technology, the PCR segment occupied the largest share of the global genomics market in 2022, and the domination of the segment is likely to continue during the forecast period owing to factors such as increasing adoption of PCR for DNA amplification at reduced costs, technological enhancements, and increasing research investments in genomics. In addition, the growing usage of PCR technology in genomic research is one of the notable factors contributing to segmental growth.
On the other hand, segments such as sequencing and microarray technology are anticipated to hold a considerable share of the global market during the forecast period.
Genomics Market - By Process:
Based on the process, the data analysis segment captured the major share of the global genomics market in 2022 and is expected to continue its domination during the forecast period. The growing usage of genomic technologies releases a huge volume of data. In addition, the complexities associated with the genomics data and the increasing need for data analysis in research are majorly propelling the growth rate of the global genomics market.
The imaging segment is estimated to register a healthy CAGR during the forecast period owing to the rising importance of imaging in genomic research and the increasing number of developments in genomic technologies.
Genomics Market - By Application:
Based on application, the diagnostic testing segment held the major share of the global genomics market. Factors such as increasing health consciousness and growing deaths from genetic diseases are fuelling segmental growth. In addition, increasing disposable income and rising healthcare expenditure contribute to the segment's growth rate.
On the other hand, the personalized medicine segment is projected to showcase the highest CAGR in the global genomics market during the forecast period.
Genomics Market - By End User:
Based on end-users, the hospitals and clinics segment occupied a major share of the global genomics market in 2022. The growing competition between the key market participants, the increasing number of hospitals and clinics, and improvements in the healthcare infrastructure in emerging economies are primarily propelling segmental growth.
On the other hand, the research centers segment is predicted to have a notable share in the global market during the forecast period owing to increasing R&D investments, and the growing focus of research centers and key market players to develop innovative technologies and products are the contributions to the growth rate of the segment.
Genomics Market - By Region:
The North American genomics market was the largest regional segment worldwide in 2021 and is predicted to occupy the most significant share globally during the forecast period. An increasing number of initiatives and research funding by the North American governments are majorly fuelling regional market growth. In addition, the increasing incidence of genetic disabilities and abnormalities among the population of North American countries is booting the genomics market in North America. The presence of sophisticated healthcare infrastructure in North American countries is another notable factor promoting the genomics market growth in this region. In 2021, the U.S. had the largest share of the North American market, followed by Canada.
Europe's genomics market captured a substantial share of the worldwide genomics market in 2021 and is forecasted to register a noteworthy CAGR between 2022 to 2027. The rapid adoption of technological developments in the genomics field, availability of substantial funding for genomic R&D, and increasing adoption of personalized medicine propel the European genomics market growth. In addition, the rising patient population suffering from chronic diseases is contributing to the growth of the European market. Companies such as Illumina, QIAGEN, and Thermo Fisher Scientific play a notable role in the European genomics market.
The Asia Pacific genomics market is a potential market for genomics and is anticipated to showcase the fastest CAGR during the forecast period. The presence of a large patient population and the increasing adoption of technological advancements in the healthcare industry is favoring the market growth in APAC. In addition, increasing government support in investments and favorable policies for genomic research is promoting the growth rate of the genomics market in the APAC region.
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 during the forecast period.
The MEA genomics market is 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:
In this report, companies playing a promising role in the global genomics market are Affymetrix, Inc., Agilent Technologies, BGI, Thermo Fisher Scientific, Bio-Rad Laboratories Inc., G.E. Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid.
RECENT HAPPENINGS IN THIS MARKET:
The global genomics market size was worth USD 18.1 billion in 2022.
The APAC market is estimated to grow at the fastest CAGR in the worldwide market during the forecast period.
Affymetrix, Inc., Agilent Technologies, BGI, Thermo Fisher Scientific, Bio-Rad Laboratories Inc., G.E. Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid are some of the notable companies in the global genomics market.
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