The dynamics and expansion of the genomics industry are shaped by a complex web of interrelated elements. The growing awareness of the relevance of genomics in customized medicine and healthcare is one of the main motivators. The promise of genetics to transform illness diagnosis, treatment, and prevention is becoming increasingly apparent as genomic research progresses, which is fueling demand for genomic services and technology.
Innovation in technology has a significant influence on the genomics business. The advancement of sequencing technology, bioinformatics, and data analysis tools leads to the continuous innovation that brings forth more economical and effective genomic solutions. These technical advances not only speed up genomic research but also improve its use and relevance across a range of industries, from agriculture to healthcare.
A key element affecting market dynamics is government financing and programs for genomics research. An environment that is favorable for growth is created by policies that support and allocate funds to genomics studies, particularly those focused on population genomics and precision medicine. Large-scale genomics programs are driven by collaborations between governments, research institutions, and private organizations, which furthers our understanding of genetic variants and their ramifications.
The adoption of genomics varies geographically due to economic considerations, one of which being the cost of genetic technology. As DNA sequencing and related technology become more affordable, genomic services become more widely available and are adopted in both clinical and scientific contexts. The market environment is shaped by economic factors that affect the affordability and use of genetic testing.
Initiatives for public education and awareness are crucial in influencing how genomics is adopted. The need for genetic testing services is rising as more people become aware of genomics and its potential advantages. By raising public awareness of the role genomics plays in illness prevention, diagnosis, and treatment, educational initiatives help to create a more knowledgeable and involved citizenry.
Regulation and ethical issues have a major role in shaping the genomics industry. Retaining public confidence requires resolving ethical issues, safeguarding privacy, and ensuring the correct use of genetic data. Global variations in the legal frameworks controlling the gathering, storing, and distribution of genomic data have an impact on the advancement and uptake of genomic technologies.
One significant element in the genomics industry is the expanding trend of direct-to-consumer (DTC) genetic testing. DTC genetic testing services help to democratize genomic information by providing people with information about their history, characteristics, and health concerns. But this movement also brings up privacy and ethical issues, which sparks debates over DTC genetic testing legislation and responsible use.
Report Attribute/Metric | Details |
---|---|
Market Size Value In 2022 | USD 46 Billion |
Market Size Value In 2023 | USD 51.79 Billion |
Growth Rate | 12.60% (2023-2032) |
The Genomics Market Size was valued at USD 46 Billion in 2022 and is projected to grow from USD 51.79 Billion in 2023 to USD 133.84 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.60% during the forecast period (2023 - 2032). The rising demand for gene therapy, customized medicine, drug development, rising cancer incidence, and a notable rise in consumer genomics demand in recent years are some of the market drivers contributing to the genomics market's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rising number of government-funded genome projects is one of the major drivers that has fueled the market's expansion. A major reason why various government organizations are funding genome studies is because genomic research is a crucial instrument that can help with the creation of successful treatments. For instance, the Genomic Medicine Service, which integrated whole genome sequencing into standard medical care, was established through a partnership between Genomics England and the NHS. The Saudi Human Genome Program, Personalized Medicine Program, France Génomique, and other initiatives fall within this category. During the anticipated timeframe, this shall begin to favor market growth.
The rise in cancer cases and the expansion of next-generation sequencing applications in cancer research are key drivers of the market's expansion. Cancer diagnosis and treatment are changing as a result of genomics. The ability to diagnose cancer from a blood sample is being improved through genome research. Due to genomics, the number of screening tests to detect inherited cancer is rising. Therefore, the rise in cancer cases and the effective use of genomics in cancer diagnosis and treatment are fueling the market's expansion.
Genome sequencing has enormous potential, which has led to a recent surge of new businesses. Due to the enormous potential of genome sequencing, a number of businesses have begun offering sequencing services for a range of purposes, including ancestry, hereditary illnesses, nutrition, and others. One such business that has experienced significant expansion. In order to support market expansion, start-up companies are anticipated to receive more capital. For instance, consumer genomics startup Ancestry planned to introduce a new product that includes next-generation sequencing. With the use of Next Generation Sequencing (NGS), a new product called Ancestry Health, which can check for genes linked to blood diseases, colon cancer, breast cancer, and heart disease, seeks to help clients gain insights into their health and risk factors. Thus, driving the genomics market revenue.
The Genomics Market segmentation, based on application & technology includes Functional Genomics, Epigenomics, Pathway Analysis and Biomarker Discovery. The functional genomics segment dominated the market. Research projects seeking to comprehend a certain phenotypical manifestation of a given illness state can be attributed for the segment's prominence. Functional genomic technology is the foundation for several gene treatments for cancer.
For instance, in June 2020, researchers at the European Molecular Biology Laboratory (EMBL) in Heidelberg improved the precision and scalability metrics of functional genomics CRISPR/Cas9 gene-based screens by targeted single-cell RNA sequencing.
The Genomics Market segmentation, based on end-use, includes Clinical Research, Academic & Government Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies and Other End Users. The pharmaceutical & biotechnology companies category generated the most income. The rising need for the use of genomes in drug discovery is to blame for this. Additionally, the market is being stimulated by the growing use of spatial genomics and transcriptomics technologies. There are numerous studies 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 Genomics Market segmentation, based on deliverables, includes Products and Services. The products category generated the most income. The high volume demand and consumption of consumables, together with the launch of various new items in recent years, are factors that can be ascribed to the rise of this market. New software and completely automated products have been introduced as a result of the growing demand for new platforms to analyze the enormous volume of genetic data.
Figure 1: Genomics Market, by Deliverables, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American genomics market area will dominate this market. This is a result of research organizations' and pharmaceutical industry titans' backing. Because of the effects of genetic expression on human health, genomics is now a crucial component of all illness research and therapeutic development. There are new developments in the area for the application of genomics thanks to cooperative efforts.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GENOMICS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe genomics market accounts for the second-largest market share. It is anticipated that active government support through research funding, genomic analysis, and academic institutions, particularly in the U.K. and England, will encourage the growth of the business in Europe. Further, the German genomics market held the largest market share, and the UK genomics market was the fastest growing market in the European region
The Asia-Pacific Genomics Market is expected to grow at the fastest CAGR from 2023 to 2032 because of the rise in genetic testing and sequencing in China and developments in bioinformatics. Additionally, the market is expanding due to rising demand for pharmaceuticals to treat rare diseases and technological advancements brought on by the combination of next-generation sequencing and companion diagnostics in this industry. Moreover, China’s genomics market held the largest market share, and the Indian genomics market was the fastest growing market in the Asia-Pacific region.
Genomics Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the genomics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, genomics industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global genomics industry to benefit clients and increase the market sector. In recent years, the genomics industry has offered some of the most significant advantages to medicine. Major players in the genomics market that are attempting to increase market demand by investing in research and development operations includes Agilent Technologies, Bio-Rad Laboratories, Inc., BGI Genomics, Color Genomics, Inc., Danaher Corporation, Eppendorf AG, Eurofins Scientific, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina, Inc., Myriad Genetics, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific, Inc., and 23andMe, Inc.
Agilent Technologies Inc is a supplier of equipment, chemicals, consumables, services, and software for complete lab workflow. Its product line includes, among other things, automation systems, microarray solutions, clinical and diagnostic tests, liquid and gas chromatography systems, and components. In January 2023, Agilent Technologies purchased Avida Biomed, a company that creates technologies that allow for the simultaneous analysis of DNA methylation and genomic profiles from a single sample. The organization's global oncology clients are benefited by this purchase, which aims to advance cancer research, cancer diagnostics, and patient care. It aids the company in attracting new clients.
In order to meet the demands of complex analytical problems in research, diagnostics, and clinical laboratories, Thermo Fisher Scientific Inc. provides medical devices, analytical instruments, reagents and consumables, software, and services. It provides answers for flow cytometry, synthetic biology, and cellular biology. In March 2020, genetic testing company Qiagen NV's acquisition by Thermo Fisher Scientific Inc. was approved. The acquired organization used these genetic tests to aid in research and the treatment of genetic illnesses, cancer, and infectious diseases.
Key Companies in the genomics market include
Genomics Industry Developments
August 2022: In India, Trivitron Healthcare established the Center of Excellence with cutting-edge R&D and production facilities. This center will carry out research and innovation in the fields of genetics and others.
July 2022: With the help of connecting technological platforms, Replay was established with a startup investment of USD 55 million. A multinational syndicate of investors, including KKR, OMX Ventures, ARTIS Ventures, and Landsdowne Partners, are supporting the launch.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)