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Driven by rising emphasis on personalized treatment, research activities, and technical breakthroughs, the genomics industry is undergoing significant alterations. The quick development of next-generation sequencing (NGS) technologies, which make genetic analysis quicker and more affordable, is a significant trend. Thanks to its ability to facilitate large-scale DNA sequencing and aid in the study of genetic variants linked to illnesses, next-generation sequencing (NGS) has emerged as a key component of genomics research and clinical applications.
The market for genomics is expanding due to the growing need for precision medicine, which focuses on customizing medical treatments based on a patient's genetic composition. The use of genomic data to influence therapeutic choices, forecast illness risk, and pinpoint specific therapy alternatives is growing. This development underscores the significance of tailored and efficacious treatment approaches, in line with the larger push for customized healthcare.
With the growing popularity of direct-to-consumer (DTC) genetic testing, anyone may now obtain their genetic information to learn more about their heritage, characteristics, and health concerns. Direct-to-consumer (DTC) genetic testing firms provide easily navigable platforms that allow customers to see their genetic information. This trend is a reflection of the public's increased interest in genomics and desire to actively connect with their genetic information.
The genomics market is being shaped by developments in the analytics and interpretation of genetic data. To extract relevant insights from genetic data, advanced analytic techniques and algorithms are needed. For researchers and clinicians to evaluate large-scale genomic data, find pertinent genetic markers, and comprehend the consequences for patient treatment, integrative genomics platforms and bioinformatics solutions are becoming indispensable.
As genomes-based diagnostics and screening gain traction, the use of genomics into standard clinical treatment is becoming increasingly common. Genomic testing is used in cancer, pharmacogenomics, and uncommon genetic illnesses, among other fields. It gives doctors useful information to improve diagnosis, prognosis, and therapy choices. This pattern indicates a change toward the use of genetics in general healthcare procedures.
Drug research and discovery procedures are moving more quickly because to alliances and collaborations between genomics businesses and pharmaceutical corporations. Understanding the genetic foundation of illnesses, finding new therapeutic targets, and refining treatment plans are all made possible by genomic data. The goal of this movement is to bring more effective and focused treatments to market by fostering a synergistic approach between genetics and pharmacological research.
Large-scale genomics research projects are being aided by the growth of genetic data repositories and biobanks. Large volumes of genomic and clinical data are stored in these archives, which supports cooperative research projects and deepens our knowledge of the hereditary causes of disease. This pattern emphasizes how crucial it is for researchers to collaborate and share data in genomics in order to get new understanding and insights.
Technologies for genome editing, such CRISPR-Cas9, are transforming the field by making precise changes to the DNA sequence possible. Gene therapy, the treatment of genetic abnormalities, and the creation of innovative therapeutic techniques are all greatly enhanced by these technologies. The aforementioned tendency is indicative of the ongoing development of genomic instruments, which enable scientists and medical professionals to modify genetic data for remedial objectives.
In genomics, an emphasis on privacy issues and ethical issues is becoming more and more important. Concerns around permission, data privacy, and appropriate use of genetic information are becoming more and more pressing as the use of genomic data grows. This trend highlights how crucial it is to set moral standards and legal frameworks to protect the privacy and rights of people taking part in genomics research.
Globalization of research and cooperation is taking place in the genomics business, with multinational activities leading to a more thorough understanding of genetic variation. Global cooperation is required for large-scale genomics studies like the Human Genome Project and the Global Alliance for Genomics and Health in order to investigate various populations and find genetic variances. This pattern emphasizes how genomics research is an international field with potentially wide-ranging effects on many populations.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | · Growing advancement in technology |
| Market Dynamics | · Rising need for individualized medicine · Government financing for genomics is increasing |
Genomics Market Highlights:
Genomics Market Overview
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
Genomics Market Trends
- Growing number of government-funded genome projects is driving the market growth
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.
Genomics Market Segment Insights
Genomics Application & Technology Insights
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.
Genomics End-Use Insights
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.
Genomics Deliverables Insights
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
Genomics Regional Insights
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
- Agilent Technologies
- Bio-Rad Laboratories, Inc.
- BGI Genomics
- Color Genomics, Inc.
- Danaher Corporation
- Eppendorf AG
- Eurofins Scientific
- 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.
- 23andMe, Inc.
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.
Genomics Market Segmentation
Genomics Application & Technology Outlook (USD Billion, 2018-2032)
- Functional Genomics
- Epigenomics
- Pathway Analysis
- Biomarker Discovery
Genomics End-use Outlook (USD Billion, 2018-2032)
- Clinical Research
- Academic & Government Institutes
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Other End Users
Genomics Deliverables Outlook (USD Billion, 2018-2032)
- Products
- Services
Genomics Regional Outlook (USD Billion, 2018-2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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