Genomics Market Growth 2022-2030: Increased Demand For Genomics As Personalized Medicine
The global genomics market size is expected to reach USD 129.34 Billion in 2030 and register a revenue CAGR of 19.0% over the forecast period, according to the latest report by Reports and Data. Increase in number of government-sponsored genome project is expected to boost the market revenue growth during forecast period. Demand for genomics is increasing further with introduction of novel equipment and increasing research investment. Government has taken initiatives to boost market's growth. For instance, as of January 2020, the Department of Biotechnology (DBT) announced the making of "Genome India Project" (GIP). Project's objective is to gather 10,000 genetic samples from Indian people in order to create a reference genome that can be used for research.
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Development of personalized medication is driving market revenue growth and the ability to tailor medications to each patient's specific needs is quickly becoming one of the field's most attractive features. Clinicians can examine a person's genetic code in order to better determine what type of therapy is appropriate for them. It also has the power to improve the health and well-being of entire patient groups by enhancing therapy at a level higher than that of the individual.
A number of factors, such as high price of genomics kits and lack of skilled professionals, are expected to restrain the market's growth. Technological advancements have made it possible for the instruments in use to give an analysis; nonetheless, in most cases, readers provide the interpretation. A qualified expert is required to evaluate and interpret the findings of genomics sequence analysis because of the complexity included and the requirement for extensive knowledge in genomics. However, due to a scarcity of appropriately qualified specialists, a considerable majority of end-users are faced with severe difficulties when attempting to analyze genetic data.
Some Key Highlights in the Report
- PCR segment accounted for a significantly large revenue share in global genomics market in 2021 owing to increased demand for testing of COVID-19 virus. It offers several benefits such as faster results, shorter time to optimal therapy, improved treatment decisions, the ability to detect rare viruses, and other research applications. As a result, it finds use in the study of gene expression changes in cancers, bacteria, and other disease states.
- Next Generation Sequencing (NGS) segment revenue is expected to register a steady growth rate during the forecast period as the approach is utilized to determine the nucleotide sequence of entire genomes or specific portions of Deoxyribonucleic Acid (DNA) or Ribonucleic Acid (RNA). NGS has transformed biological sciences by enabling laboratories to conduct a broad range of applications and research biological systems on a scale never achieved before.
- Pharmaceutical firms are using accessible genetic data in customized treatment, which is expected to have a substantial influence on the market's growth. The costs of sequencing have decreased significantly, making whole-genome sequencing more appealing to biotechnology and pharmaceutical firms, increasing R&D expenditure by pharmaceutical giants for discovering innovative gene treatments to fight cancer and immunological illnesses.
- Genomics market in Asia Pacific is expected to account for largest revenue share in the global market over the forecast period owing to increased demand from China for genetic sequencing and testing, as well as improvements in bioinformatics research in the region. To reach its objective of becoming a worldwide biotech leader, the People’s Republic of China (PRC) is significantly investing in the "biotech revolution" and has adopted national laws favoring the collecting of healthcare data, both at home and abroad. The PRC recognizes that collecting and analyzing huge genetic data sets from a variety of population aids in the development of novel medical discoveries and treatments with significant economic value, as well as the advancement of its artificial intelligence and precision medicine sectors.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Illumina, Inc, 10X Genomics, GenScript, Intellia Therapeutics, Inc, CRISPR Therapeutics, Thermo Fisher Scientific, BGI Genomics, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., and Myriad Genetics, Inc.
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Genomics Market Segmentation:
Product & Services Outlook (Revenue, USD Billion; 2019 – 2030)
- System & Software
Technology Outlook (Revenue, USD Billion; 2019 – 2030)
- Extraction and Purification of Nucleic Acid
- Other Technologies
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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