Genomics Market to Expand at 18.89% CAGR from 2023 to 2030

Genomics Market Snapshot

“The global Genomics market is expected to grow at a CAGR of 18.89% from 2023 to 2030, from USD 29.45 billion in 2023 to USD 97.45 billion in 2030.”

Genomics is the study of an organism's genetic or epigenetic sequence information, aiming to understand its structure and function. It is particularly relevant in health research, examining the genetic mechanisms of disease and the interactions between this information and health therapies and environmental factors.

Human genomics is crucial for public health as it interacts with the genomes of various creatures, including plants, vectors, and infections. Genomics is used to study genes and their functions, as well as related tools. Genetics studies inheritance, while genomics examines genes and their interrelationships to determine their cumulative influence on growth and development.

Technologies that use genomics knowledge in addition to genetics knowledge are discussed. Both fields are essential for understanding the interplay between genes and their impact on human health.

Human genomics research and biotechnologies can significantly reduce global health inequalities by offering efficient, cost-effective, and robust methods for preventing, diagnosing, and treating major diseases in developing countries.

Genetics is a rapidly expanding field with potential to provide novel methods for disease prevention and management. However, its full future significance in healthcare provision is unclear. It is crucial to prepare society for the complexities of genomics, ensure fair distribution of benefits, and not neglect conventional medical research and practice while exploring genomics' medical potential. This will help prevent neglect of well-tested approaches in medical research and practice.

Genomics is a field of study that uses human genetics to understand disease response and disease-related traits. It has applications in health, biotechnology, anthropology, and social sciences.

Next-generation genomic technology in medicine can integrate large amounts of genomic data, improving researchers' understanding of drug response and disease. As technology advances, more healthcare providers will use this data to diagnose, treat, and support patients, making clinical decision support more efficient.

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Key Takeaway:

The North American genomics market, valued at USD 13.5 billion in 2022, is dominated by pharmaceutical and biotechnology firms, with a significant revenue share of over 56.6%, with a projected rapid growth in the hospital and clinic segment.

COVID-19 Impact

Advances in genomic competence have improved the speed and reliability of whole genome sequencing (WGS), which has the potential to provide real-time contributions to technical understanding and public health response to the COVID-19 pandemic. In March 2020, the COG-UK Consortium announced large-scale and rapid WGS for SARS-CoV-2 across the UK.

Technological Progress

Nanotechnology significantly enhances genomics research by improving biotransformation processes and manufacturing genetically altered plants. It also offers integrated management techniques in various fields, including agriculture, reducing uncertainty and expanding possibilities in genomics research. This advancement also opens up new possibilities in the development of GMOs and eliminating existing restrictions.

Growth Drivers

Genetics is increasingly being used in medication research and development due to advancements in genomic technologies. Researchers analyze genome data to identify disease-associated genes, understand disease mechanisms, and develop targeted therapeutics.

Genomics accelerates drug discovery by identifying and prioritizing therapeutic targets based on genomic data. This allows for the discovery of new therapeutic targets and the development of precision medicines tailored to an individual's genomic profile.

Genomics is being utilized in clinical trials to stratify patients and optimize treatment methods based on their genomic profile.

This data helps identify patient populations more likely to respond to a specific medicine, leading to more targeted and personalized treatments, potentially improving patient outcomes and trial success rates.

Restraints

Despite advancements in DNA sequencing technologies, genomic testing and analysis remain expensive, especially for whole-genome sequencing and genetic profiling. This high cost hinders the widespread use of genomics in clinical practice, especially in resource-constrained settings or for patients with limited financial resources. Additionally, these costs affect the availability and accessibility of genomic products and services, stifling the genomics market's growth.

Opportunity

Precision medicine involves adjusting medical treatments based on a person's genomic information, enabling personalized healthcare. As our understanding of the human genome advances, genomics can play a crucial role in directing treatment decisions, improving patient outcomes, and lowering healthcare costs, presenting a significant opportunity for the genomics market to thrive.

Genomics Market Segment Analysis

segmented by Component Type

The global genomics market is categorized into segments based on product and services, technology, application, and end-users. The equipment sector dominates the market, accounting for over 38% of the share in 2022. Consumables include channel pipettes, PCR plates, assay kits, and centrifuges. The service segment is expected to grow rapidly, driven by increased interest among experts and improved service availability. The market is expected to expand at a rapid pace.

segmented by Technology Type

The genome technology market comprises sequencing, PCR, and Microarray. PCR is the most widely used procedure in the lab, with the largest market share in 2021. The growth of this segment is driven by lowering cell involvement costs and the high frequency of infectious diseases, along with advancements in PCR technology. The market is expected to continue expanding in the coming years.

segmented by Application Type

The genomic market is primarily used for diagnostics, drug discovery, precision medicine, agriculture, and animal research. The diagnostics category is the fastest-growing, with decreasing costs promoting market expansion. Increased genomic research and development aid in synergies in the sales of genomic-based products and services, making it a promising area for future growth.

Genomics Market key vendors

The global Genomics market key vendors include

• Thermo Fisher Scientific, Inc.
• Illumina, Inc.
• Oxford Nanopore Technologies
• QIAGEN N.V.
• BGI
• Eurofins Scientific
• GE Healthcare
• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Hoffmann-La Roche Ltd

New Developments

January 23, 2023 QIAGEN Digital Insights launches ultra-fast NGS analysis able to process a whole genome in 25 minutes for a $1 in cloud computing costs.

January 23, 2023 -- QIAGEN Digital Insights (QDI), the bioinformatics business of QIAGEN, today announced their enhanced QIAGEN CLC Genomics Workbench Premium that removes the data-analysis bottleneck of next-generation sequencing (NGS) by adding game-changing analysis speed to analyze and interpret whole genome sequencing (WGS), whole exome sequencing (WES) and large panel sequencing data.

In March 2023, Illumina, Inc (US) launched Connected Insights, a new cloud-based software that enables tertiary analysis for clinical next-generation sequencing data. This software will help the genomic profiling (CGP) for advanced tumours along with whole-genome sequencing for rare diseases and other advanced applications.

In February 2023, Thermo Fisher Scientific, Inc. (US) launched TrueMark STI Select Panel, a polymerase chain reaction (PCR) test designed to detect Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium for research applications only.

Genomics Market Regional Analysis

North America is predicted to dominate the genomics market due to rising chronic diseases, government investment in research, consumer awareness, and advanced healthcare infrastructure. This is due to technological advances and demand for biotechnological practices in the region. The presence of major players in the region's domicile also ensures the dominance of the genomics market.

Emerging market players like Element Biosciences and Singular Genomics Systems are expected to contribute to market expansion in this area through product launches, collaborations, and mergers. Element Biosciences introduced the Element AVITI System in March 2022, offering high-performance, affordable, and flexible sequencing. Singular Genomics Systems will deploy the G4 sequencing platform in December 2021, producing up to three times more data per hour.

South Korea and China offer significant market opportunities due to their large populations and per capita expenditures, while Brazil, the largest country in Latin America, dominates over half of the market.

Segments Covered in the Genomics Market

By Product and Services

• Consumables
• Systems and software
• Services Equipment

By Technology

• PCR (polymerase chain reaction)
• Sequencing
• Microarray
• Nucleic acid extraction and purification
• Other technologies (branched DNA analysis, single-cell genomics analysis, and flow cytometry)

By Application

• Drug discovery and development
• Diagnostics
• Precision medicine
• Agriculture and animal research
• Other applications

By Regional Outlook

North America

• U.S
• Canada

Europe

• UK
• Germany
• France

Asia Pacific

• China
• India
• Japan
• Southeast Asia

Middle East and Africa

• GCC
• North Africa
• South Africa
• Rest of MEA

Frequently Asked Questions

What is the worth of the Genomics market?

The global Genomics market is expected to grow at a CAGR of 18.89% from 2023 to 2030, from USD 29.45 billion in 2023 to USD 97.45 billion in 2030.

What is the share of the Asia-Pacific Genomics industry?

North America dominates the Genomics market, with a market share of over 44%. 

Which are the top companies to hold the market share in the Genomics market?

Thermo Fisher Scientific, Inc., Illumina, Inc.,Oxford Nanopore Technologies,QIAGEN N.V.,BGI,Eurofins Scientific,GE Healthcare,Agilent Technologies, Inc.,Bio-Rad Laboratories, Inc.,Hoffmann-La Roche Ltd are among the leading players in the global Genomics market.

What is the CAGR of Genomics market?

The global Genomics market registered a CAGR of 18.89% from 2023 to 2030.