Genomics Market Growing at 13.1% CAGR to Reach US$ 49,996.15 Mn by 2027 , Says The Insight Partners

The growth of the genomics market is attributed to the increasing prevalence of chronic diseases, declining cost of sequencing procedures, and growing funding for genomics. However, the lack of skilled professionals hinders the growth of this market.

NEW YORK, Dec. 8, 2021 /PRNewswire/ -- According to The Insight Partners study on "Genomics Market to 2027 – Global Analysis and Forecast – by Technology, Product and Sevice, Application and End User" the Genomics market was valued at US$ 23,568.66 million in 2019 and is projected to reach US$ 49,996.15 million by 2027; it is expected to grow at a CAGR of 13.1% during 2019–2027. The growth of the market is attributed to the increasing prevalence of chronic diseases, declining cost of sequencing procedures and growing funding for genomics fuel the growth of the market. However, the dearth of skilled professionals is the major factor hindering the market growth.

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In 2019, North America dominated the genomics market. The market growth in the region is attributed to the increase in the demand for gene synthetic techniques from biopharmaceutical and biotechnology companies, key market players, and extensive R&D conducted by various academic and research institutes. Moreover, increasing focus on advanced method incorporation in healthcare, government, and private initiatives to promote precision medicine and massive funds from government and private bodies for genomic research is further expected to stimulate growth and contribute to exceptional revenue generation for the genomics market in North America. The increasing demands from the U.S.-based pharmaceutical and biotechnology companies for genomics technology are expected to foster the market's growth. Moreover, significant steps are undertaken by the U.S. based laboratories and gene DNA manufacturing companies to fill the read-write gap, as DNA synthesis in general scenario lags behind the ability to sequence it. Thus, the scaling up of gene synthesis, which is a necessary method to improve gene therapy's fidelity, is undertaken by the US-based organizations through techniques such as multiplexing and the application of microfluidics. For instance, in 2018, Temasek supported with US$ 200 million ($273.6m) Series B funding for Helix (U.S.). The investment is said to be used for the improvement of consumer adoption of genomics through expansion. In addition, various new players in the country are venturing to build synthetic DNA platforms due to their high potential abilities in different clinical and medical sectors. For instance, in January 2017, Synthomics, Inc., an emerging player involved in the development of next-generation systems, announced its completion of seed round funding and the launch of an early access program for its end-to-end DNA synthesis platform. . Thus, to the factors mentioned above, the U.S.'s genomics market is expected to be the largest and fastest-growing in the global scenario.

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The COVID-19 outbreak has disturbed various trades and businesses across the world. Across the various healthcare sectors, the effect of a pandemic can be felt, resulting in various changes in the health care industry. Scientists are collaborating to generate and share genomic sequence data information and apply it to disease diagnosis and control efforts. The US is increasing its ability to track coronavirus mutations with genomic sequencing as experts warned that new variants drive up number of cases and hospitalizations. For instance, the US ranked 43rd in genome sequencing project by sequencing 3% of the sample, according to the GISAID Initiative, a global genome sequencing database project. The sequencing of the genome can aid in the fight against Covid-19 and the newly emerging variants. Moreover, in April 2020, genome Canada launched the Canadian COVID Genomics Network, an initiative backed with USD 40 million funding. The initiative includes a partnership between Genome Canada and six regional Genome centers, genome sequencing centers through CGEn, national and regional public health labs, universities, hospitals, and the private sector, for scaling up existing genome-based COVID-19 research in globally. All such developments will add to the future demand for the genomic market.

The genomics market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due to increasing investments by the governments in the region. The rise in the development and research for the genomics. In addition, the initiatives by the government of India for the startups in biotechnology sectors are likely to foster the growth of the genomics market in the country.

Based on technology, the genomics market is segmented into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment accounted for more than 38.08% of the market share in 2019. In terms of product & service, the genomics market is segmented into instruments/systems, consumables, and services. The consumables segment held the largest share of the market in 2019.In terms of Application, the genomics market is segmented into diagnostics, drug discovery & development, precision/personalized medicine, agriculture & animal research and others. The diagnostics segment held the largest share of the market in 2019. In terms of end users, the genomics market has been segmented research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The research centers segment held the largest share of the market in 2019.

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Growing funding for Genomics Market

Five years ago, genomic sequencing was restricted to the research environment. Now, it is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within healthcare. Genomic sequencing is rapidly transitioning into clinical practice, and implementation into healthcare systems has been supported by substantial government investment, totaling over US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implementation and gathering evidence for broader adoption, thereby driving the market growth.

The UK has announced the world's largest genome project as part of 200 million public–private collaboration between charities and pharma. The UK has already developed the largest genome database in the world through the 100,000 Genomes Project. Led by Innovate UK as part of UK Research and Innovation, the project will fund researchers and industry to combine data and real-world evidence from UK health services and create new products and services that diagnose diseases earlier and more efficiently.

In November 2018, Stilla Technologies announced that it had completed a US$ 18.3 million (€16 million) Series A financing round led by Illumina Ventures. The company will use the funds to commercialize its Naica digital PCR system and develop clinical applications. Further, on June 2020, Base Genomics, an Oxford, England, UK-based epigenetics company, closed a seed funding round of $11m USD (£9m GBP).

Genomics Market: Segmental Overview

In terms of technology, sequencing segment is anticipated to register the highest CAGR during the forecast period. Sequencing refers to the techniques used to determine the primary structure of an unbranched biopolymer (DNA, RNA, protein, carbohydrate) resulting in a symbolic linear depiction of the monomeric subunits which summarizes much of the atomic-level structure of the molecule. The various types of NGS product & services that are used for the genome sequencing available in the market. For instance, KAPA Hyper Prep Kits from Kapa Biosystems, is a multipurpose, modernized solution for DNA library preparation. In terms of product & service, the genomics market is segmented into instruments/systems, consumables, and services. The consumables segment held the largest share of the market in 2019.In terms of Application, the genomics market is segmented into diagnostics, drug discovery & development, precision/personalized medicine, agriculture & animal research and others. The diagnostics segment held the largest share of the market in 2019. In terms of end users, the genomics market has been segmented research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The research centers segment held the largest share of the market in 2019.

Genomics Market: Competition Landscape and Key Developments

 llumina, Inc., Danaher, F. HOFFMANN-LA ROCHE LTD., BIO-RAD LABORATORIES INC., General Electric Company, THERMO FISHER SCIENTIFIC INC., Agilent Technologies, Inc., Eurofins Scientific, QIAGEN, BGI are among the key companies operating in the genomics market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

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• In February 2021, Thermo Fisher Scientific launched its CE-IVD-Marked, applied Biosystems TaqPath COVID–19 HT Kit compatible with the Amplitude platform.
• In December 2020, Beckman Coulter launched a new test that addresses the three main barriers currently facing businesses, schools, hospitals, and communities with the rollout of mass COVID-19 testing.
• In November 2020, QIAGEN N.V. announced the European launch of the NeuMoDx Flu A-B/RSV/SARS-CoV-2 Vantage Test that will assist healthcare professionals quickly identify and distinguish between patients with common seasonal respiratory infections and COVID-19.

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