Genomics Market worth $83.1 billion | MarketsandMarkets

CHICAGO, April 27, 2023 /PRNewswire/ -- The genomics industry is expected to experience a major boom in the near future. This is due to the increasing demand for personalized medicines and therapies, as well as the development of more advanced genomic sequencing technologies. As a result, genomic research and development will continue to be a major focus for many companies, as well as for government agencies and academic institutions. Additionally, the industry is expected to benefit from advancements in data analysis and artificial intelligence, which will enable the industry to analyze large genomic datasets more efficiently. Finally, the rise of consumer genomics, which allows individuals to access their personal genomic information and compare it to that of others, is expected to open the door to a new era of personalized healthcare.

Genomics Market in terms of revenue was estimated to be worth $46.2 billion in 2023 and is poised to reach $83.1 billion by 2028, growing at a CAGR of 12.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as funding provided by government for genomics projects, which is helping support the development and commercialization of new genomics technologies and will create new opportunities for companies operating in the genomics market and rising incidence of cancer and growing application of next generation sequencing for cancer research is driving the genomics market growth.  Also, there is significant growth in the number of genomic startup players and funding offered to these start up players which is supporting research and development, driving innovation, increasing competitiveness in the genomics market.

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Browse in-depth TOC on "Genomics Market" 
238 - Tables 
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391 - Pages

Genomics Market Scope:

The services segment accounted for the second largest share of the product & service segment in the genomics market in 2022.

Based on product and service, the genomics market is segmented into consumables and reagents, services, and instruments, systems, and software. In 2022, the services segment accounted for the largest share of the genomics market. Genomics services generally include data quality assessment, comprehensive analysis, interpreting results, and communicating & presenting results to customers. Many times, outsourced bioinformatics platforms are preferred by researchers and biotechnology companies as they allow them to design and implement their own queries. This allows researchers to focus more on generating results and biostatistics rather than maintaining and managing bioinformatics. Thus, preference to outsource service is promoting market growth.

The biomarker discovery segment accounted for the second largest share of the study type segment in the genomics market in 2022.

Based on study type, the genomics market is segmented into functional genomics, biomarker discovery, pathway analysis, epigenomics, and other study types. Biomarker discovery accounted for the second largest share of the genomics market in 2022. The reason for the large share of this market is genomics technology being rapidly adopted in biomarker discovery for the predicament of individuals at risk of diseases, early detection of diseases, and for advanced diagnostics to understand the prognosis of diseases and to provide personalized disease treatment.

The Europe region is the second fastest-growing region of the genomics market in 2022.

Based on the region, the genomics market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.  The Europe market is estimated to register the second highest growth during the forecast period. The '1+ Million Genomes' Initiative was introduced in Europe in 2018 to gain access to at least 1 million sequenced genomes in the EU. Since Digital Day 2018, 24 EU countries, the UK, and Norway, have signed member state declarations on inducing efforts toward creating a European data infrastructure for genomic data and implementing the common nation rule to enable federated data access. Such one-of-a-kind initiatives by European countries are expected to propel the growth of the genomics market in this region.

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Genomics Market Dynamics:

Drivers:

1. Increasing government funding to support genomics projects
2. Rising incidence and prevalence of viral diseases and genetic disorders
3. Growing incidence of cancer and increasing applications of next-generation sequencing in cancer research
4. Robust investments in genomics startups
5. Growing applications of genomics

Trends:

1. Partnerships and collaborations for technological advancements in genomics
2. AI in genomics
3. Following are the application of AI in genomics

Opportunities:

1. Use of genomics in specialized/personalized medicine

Challenges:

1. Ethical issues
2. Dearth of trained professionals
3. Secure storage of large volumes of sequenced data

Key Market Players:

Key players in the genomics Market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche, Ltd. (Switzerland),

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Recent Developments:

• 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.
• In February 2023, Eppendorf AG (Germany) expanded its production facility in China by signing a contract for building a new production site in Shanghai.
• In October 2022, Oxford Nanopore Technologies (UK) collaborated with 10x Genomics (US) to enable a streamlined workflow for sequencing full-length transcripts in single reads on highly accessible Oxford Nanopore devices.

Genomics Market Advantages:

• Improved Diagnosis and Treatment: Genomics can provide more accurate diagnoses and treatments, leading to improved patient outcomes. By using genomic data, medical professionals can better understand the cause of a disease, as well as the best methods for treating it.
• Reduced Cost of Healthcare: Genomics can help reduce the cost of medical treatments, as it reduces the need for numerous tests that would otherwise be required. This can help to reduce healthcare costs, particularly for those with chronic illnesses.
• Targeted Therapy: Genomics can be used to provide personalized treatments, tailored to the genetic makeup of the patient. This can help to reduce the risk of adverse reactions to treatments, while also increasing the effectiveness of the treatment.
• Improved Disease Prevention: Genomics can provide insights into the genetic composition of a person, which can help to identify potential risks for developing certain diseases. This can then be used to develop preventive measures, thereby reducing the risk of the disease.
• Improved Drug Development: Genomics can help to speed up the development of new drugs and treatments, as it can be used to identify the most effective components of a drug and the best targets for treatment. This can reduce the time and cost associated with drug development.

Genomics Market - Report Highlights:

• In the previous edition of the report, the base year was 2018, and the forecast period was 2020–2025. The updated study has 2022 as the base year, and the forecast period is 2023–2028.
• This study includes updated product/service portfolios of players, as well as updated financial information in the context of the genomics market from 2021 to 2028 for each listed company in a graphical representation.
• The new research study includes the impact of the recession on the genomics market. The recession will have a mild impact on the market.
• The new study includes updated market developments of profiled players from January 2020 to April 2023.
• In the updated study, the technology chapter includes an additional segmentation—flow cytometry.
• The updated study includes an additional segmentation—study type.
• The updated study also includes additional pricing analysis and key buying criteria by stakeholders and end users in the market overview section.
• The startup/SME evaluation quadrant, top company evaluation matrix, and competitive benchmarking have also been added to the report.
• In the earlier version of the report, 20 companies were profiled. In the updated version, a total of 32 companies have been profiled.

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Mass Spectrometry Market - Global Forecasts to 2028

Bioinformatics Market - Global Forecasts to 2027

Genome Editing Market - Global Forecasts to 2026

Proteomics Market - Global Forecasts to 2026

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