Genomics Market: Rising Government Expenditure in Genomics R&D to Boost the Global Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: The global genomics market is projected to grow at a promising rate from 2021 to 2031 (forecast period). Genomics has scientifically shown its capabilities in preventing, administering, and treating diseases. The healthcare environment is increasingly transitioning away from traditional methods of treatment and toward precision medicine, and this change has been steered in recent years by extraordinary clinical properties.
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Whole genome sequencing has evolved as a valuable method for the diagnosis of crucial disorders such as cancer. According to the National Cancer Institute, by 2040, the number of new cancer cases is expected to rise by 29.5 million, while cancer-related fatalities will rise by 16.4 million. The requirement for vast amounts of DNA data to be stored, sequenced, and analyzed has opened the way for novel products and software. Such factors are projected to boost the global genomics market during the forecast period.
Genomics Market – Competitive Landscape
Key players operating in the global genomics market are F. Hoffmann-La Roche Ltd. (Switzerland), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific (US), Agilent Technologies, Inc. (US), Illumina, Inc. (US), Bio-Rad Laboratories, Inc. (US), and BGI (China).
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Key players are actively acquiring and forming joint ventures with other companies in order to solidify their market positions around the world. For instance, Illumina (US) partnered with Helix OpCo (US) in 2021 to strengthen the national surveillance infrastructure in the US to monitor the onset and incidence of emerging strains of SARS-CoV-2. The combination of Illumina's sequencing technology and experience, as well as Helix's nationwide COVID-19 testing coverage, will greatly enhance the country's existing surveillance efforts to identify and characterize new SARS-CoV-2 variants.
Genomics Market – Trends and Opportunities
Strong investment in genomic research & development is one of the key factors projected to drive the global genomics market growth over the forecast period. The adoption of groundbreaking technology in genetics is primarily drawing investments in genomics. These investments assist global genomics institutes and organizations in developing individualized medications and therapeutics to treat incurable diseases and adopt therapies.
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Furthermore, rising government expenditure in genomics research and development is likely to boost the global genomics market in the coming years. For example, the Government of Iceland and deCODE genetics have collaborated to perform coronavirus demonic analysis. Similarly, the Government of India is assisting HaystackAnalytics in researching virus transmission by genome sequencing techniques. The expanding number of startups and similar initiatives is expected to drive the global genomics market in the future years.
Moreover, COVID-19 had a favorable impact on the genomics market. Researchers attempted to resolve genetic intensity and vulnerability to coronavirus infection using existing genetic datasets. Genome-wide association studies (GWAS) and multi-omic-based techniques have been employed to identify the common variants underpinning biological networks and host-pathogen interactions. Additionally, data obtained from genomes, such as polygenic risk scores (PRS) and ABO blood classes, can be used to decode COVID-19 vulnerability, difficulties, and tolerance. In addition, biobanks that connect genomic data to electronic health records can be used to investigate the impact of genomic factors on the clinical course of COVID-19 patients.
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Genomics Market – Regional Landscape
The North America genomics market is projected to grow during the forecast period. Increased government initiatives, precision medicine innovation, and the rapid adoption of new sequencing technologies are projected to drive genomics market growth in North America.
Europe is expected to make considerable contributions to the genomics market growth. Increasing adoption of sequencing technologies and increased funding for research programs in nations such as the United Kingdom are projected to help the regional market expand in the future years.
Asia Pacific genomics market is anticipated to experience significant growth during the forecast period. Diverse countries, including China, India, and Vietnam, are boosting the demand for genomic sequencing as a result of various research programs. Moreover, due to increased demand for genetic sequencing and testing in China and advancements in bioinformatics, the genomics market in Asia Pacific is expected to witness a considerable growth rate.
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