Genomics Market Size Projected to Reach Around USD 1,27,160 Million by 2032

The global genomics market size was estimated at USD 28,900 million in 2022 and is projected to reach around USD 1,27,160 million by 2032, growing at a CAGR of 16.1% from 2023 to 2032.

The global genomics market size was estimated at USD 28,900 million in 2022 and is projected to reach around USD 1,27,160 million by 2032, growing at a CAGR of 16.1% from 2023 to 2032.

The global genomics market is projected to surpass around USD 84,470 million by 2029, as a result of rising technology advancements and increasing demand for personalized medicine.

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Precision Medicine and Genomic Data Integration: Driving Market Growth

Precision medicine adoption, coupled with the integration of genomic data for personalized care, is propelling the growth of the genomics market. Genomics, the study of an individual’s genetic material, plays a pivotal role in comprehending the genetic foundations of diseases, developing targeted therapies, and facilitating precision medicine.

Diverse Applications Driving Market Expansion

The genomics market is witnessing significant expansion due to

  • the increasing prevalence of genetic disorders
  • rising adoption of genomic medicine in clinical practice
  • expanding applications in areas such as oncology, rare diseases, pharmacogenomics, and agriculture.

Technological Advancements and Market Transformation

The genomics market is undergoing rapid growth and transformation, spurred by technological advancements, decreasing sequencing costs, and an escalating demand for personalized medicine. Various technologies, including next-generation sequencing (NGS), polymerase chain reaction (PCR), microarray analysis, and gene editing tools such as CRISPR-Cas9, are contributing to the market’s evolution. These technologies empower researchers and clinicians to analyze and interpret genetic information, offering crucial insights into disease mechanisms, drug discovery, and patient care.

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Role of Genetic Diseases in Market Growth

The growing prevalence of genetic diseases is a key driver for the genomics market. Genetic disorders, including cancer, cardiovascular disorders, rare genetic disorders, and inherited diseases, significantly impact global health. With approximately 10,000 types of single-gene diseases, affecting around 10 out of every 1000 people globally, the demand for genomic solutions and services is on the rise.

Genomics in Diagnosis and Treatment of Genetic Diseases

Genomics plays a pivotal role in diagnosing, predicting, and treating genetic diseases. The increasing understanding of the genetic basis of these diseases, such as Down syndrome, emphasizes the importance of genomics. In the U.S., around 6,000 babies are born with Down syndrome annually. Genomics aids in identifying genetic variants associated with diseases, enabling personalized medicine approaches.

Affordability and Accessibility Driving Adoption

The decreasing costs of genomic sequencing and the availability of large-scale genomic databases have made genetic testing and genomic profiling more accessible and affordable. This accessibility benefits both healthcare providers and patients, underscoring the importance of genomics in population health management and public health initiatives.

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The Role of PCR Technology in the Genomics Market

The PCR technology holds the largest market share and is projected to be the fastest-growing technology over the forecast period.

The genomics market is driven by various technologies, and one prominent technology in this field is Polymerase Chain Reaction (PCR). PCR is a widely used technique that allows for the amplification and analysis of specific DNA sequences. It plays a crucial role in genomics research and applications.

In the genomics market, PCR technology has witnessed significant advancements, leading to the development of various PCR-based techniques. These include real-time PCR (qPCR), digital PCR (dPCR), reverse transcription PCR (RT-PCR), and multiplex PCR, among others. Each technique has its advantages and applications, catering to different research and diagnostic needs. The adoption of PCR technology in the genomics market is driven by factors such as its accuracy, versatility, and cost-effectiveness. PCR-based assays are extensively used in academic research, pharmaceutical and biotechnology companies, clinical laboratories, and forensic laboratories.

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Geographical Landscape of the Genomics Market

North America, particularly the United States, dominates the genomics market and holds the largest market share. The region’s leadership can be attributed to factors such as strong research infrastructure, significant investments in genomics research, and the presence of key market players. The United States has a robust genomics ecosystem, including academic research institutions, pharmaceutical companies, and genomics service providers.

Following the passage of the Fiscal Year 2022 federal budget by the U.S. Congress on March 11, the National Institutes of Health (NIH) received approximately $45 billion, representing a $2.03 billion increase in funding. Specifically, the National Human Genome Research Institute (NHGRI) has been allocated a budget of $639 million, reflecting a 3.8% increase compared to the previous year. This positive development allowed NHGRI to proceed with its planned research activities for 2022, ensuring continued progress in the field of genomics.

The country has been at the forefront of large-scale genomics initiatives, such as the Precision Medicine Initiative and the All of Us Research Program, driving the adoption of genomics in healthcare.

In addition to the United States, Europe is a prominent market for genomics, with countries like the United Kingdom, Germany, and France leading in terms of research and clinical implementation. Europe has a strong regulatory framework for genetic testing and personalized medicine, supporting the integration of genomics into healthcare systems.

Asia-Pacific is a rapidly growing market for genomics, driven by increasing investments in genomics research, the rising prevalence of genetic diseases, and the expanding demand for personalized medicine. Countries like China, Japan, and India are making significant strides in genomics research, fueling market growth in the region. In the upcoming years, Asia-Pacific is projected to be the fastest-growing region in the genomics market. The region’s large population, growing healthcare infrastructure, and government initiatives to promote genomics research and precision medicine contribute to its growth potential. The increasing focus on precision healthcare and personalized medicine in emerging economies presents lucrative opportunities for market players in the region.

Some major market players involved in the genomics market are Thermo Fisher Scientific, Inc., Illumina, Inc., Oxford Nanopore Technologies, QIAGEN N.V., BGI, Eurofins Scientific, GE Healthcare, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., and Hoffmann-La Roche Ltd.

SWOT Analysis of Genomics Market

Recent Developments by Key Market Players

  • In February 2023, Roche announced an expansion of its collaboration with Janssen Biotech Inc. The aim of this collaboration is to develop companion diagnostics that can be used alongside targeted therapies.
  • In September 2022, Thermo Fisher Scientific collaborated with the Taiwan Precision Medicine Initiative (TPMI) to advance a large-scale genomics study and assist in genotyping one million individuals in Taiwan.
  • In April 2022, Thermo Fisher Scientific introduced the Ion Torrent Genexus Dx Integrated Sequencer with the CE-IVD grading, a rapid, platform for next-generation sequencing (NGS) which is automated and enabling same-day results.
  • In December 2021, Roche announced the launch of the AVENIO Edge System, an integral part of the company’s strategy to advance sequencing technologies. The AVENIO Edge System is a fully-automated, integrated sequencing solution that is built on top-notch foundational capabilities.

Market Segments:

By Product and Services

  • Consumables
  • Systems and software
  • Services Equipment

By Technology

  • PCR (polymerase chain reaction)
  • Sequencing
  • Microarray
  • Nucleic acid extraction and purification
  • Other technologies (branched DNA analysis, single-cell genomics analysis, and flow cytometry)

By Application

  • Drug discovery and development
  • Diagnostics
  • Precision medicine
  • Agriculture and animal research
  • Other applications

By End-Users

  • Hospitals & clinics
  • Research centers and academic & government institutes
  • Pharmaceutical & biotechnology companies
  • Other end users

By Regional Outlook

  • North America
    • US.
    • Canada
  • Europe
    • UK.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • Southeast Asia
  • Middle East and Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of MEA

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