The global genomics market was estimated at USD 21.06 billion in 2021 and is expected to surpass USD 72.13 billion by 2030, growing at a CAGR of 13.65% between 2021 and 2030.
The global genomics market was estimated at USD 21.06 billion in 2021 and is expected to surpass USD 72.13 billion by 2030, growing at a CAGR of 13.65% between 2021 and 2030.
The study of a person’s genomes (genes), structure, function, and evolution is known as genomics. For diagnostics, drug discovery, the development of precision medicine, and agricultural research, it depends on consumables, systems, software, and services. It assists in offering diagnostic and predictive insights that benefit healthcare practitioners in investigating and deciding on treatment choices for diseases including Alzheimer’s, diabetes, and cancer. In hospitals, private clinics, diagnostic centers, and research facilities all around the world, it is used to study biological systems and resolve complex genetic problems.
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Market Growth
The market development is further supported by falling human genome sequencing costs. According to the NHGRI-funded genome-sequencing organizations, the cost has decreased from 2015 to 2020, and the current cost of production is less than $1,000. Additionally, the average commercial price is far lower than the present prices. The market’s growth has recently been accelerated by the significant entry of new market participants and a number of startups. For instance, Oxford Nanopore Technologies from the UK, Freenom, Allogene Therapeutics, and Guardant from the United States are some of the leading startups in the genomic sector. Major factors supporting the demand for personalized medications include significant developments in the field of genomics, the rising frequency of chronic and infectious diseases among the general population, and rising preferences for such treatments.
Regional Analysis
In 2021, North America held the greatest market share with 42.5% of the total. This is credited to the assistance of major pharmaceutical companies and research organizations. Due to the effects of genetic expression on human health, genomics is now a crucial component of all illness research and therapeutic development.
Due to the rising need for novel therapeutic medications to combat the region’s rising disease prevalence, as well as increased demand for genomics applications in diagnostics, Asia Pacific is anticipated to have the fastest expanding segment over the course of the projection period. One of the most recent efforts, Genome Asia 100K, is one of several significant human genome sequencing initiatives. 100,000 Asian genomes would be sequenced and evaluated as part of this initiative, which could hasten population-specific medical advancements and precision medicine.
Report Segmentation
- Component Insight: The global genomics market is segmented according to factors such as goods and services, technology, applications, and end users. Consumables, services, systems, and software are other categories under which the goods and services are divided. The consumables sector and equipment segment, which together accounted for more than 40% of the market share in 2020, dominated the market. Consumables such as channel pipettes, PCR plates, assay kits, assay tubes, centrifuges, and many others are frequently used products. Additionally, it is anticipated that during the projected period, the service category will increase at a rapid speed.
- Technology Insight: Sequencing, PCR, Microarray, and other technologies are divided into categories in the technology-based genome market. The industry frequently uses the PCR technique. The procedure used in the lab to create several copies of a particular DNA. In terms of revenue, only the same segment will have the biggest market shares in 2020. The key to the cell’s importance and expansion is lowering the cost of implication. One of the main driving factors that encourage the growth of the market is the high prevalence of infectious diseases along with PCR technology advancement.
- End-user Insight: The market is split into hospitals & clinics, academic pharmaceutical and biotechnology businesses, research centers, and other end users in terms of end users. In 2020, the highest percentages are held by research institutions, governmental agencies, and academic institutions. More than half of the global market shares are held by the biggest end users. The market is expanding because academic research is becoming more practically applicable.
- Application Insight: Numerous important applications in the genome industry are being evaluated, including those for diagnostics, drug discovery and development, precision medicine, agriculture, and animal research. According to a research report, the diagnostics industry is the one with the fastest expanding applications, and this growth is projected to continue in the years to come. The cost-cutting in the diagnostic sector is the key driver of market expansion. Additionally, expanding genomics research and development helps to increase the sales of genomic-based goods and services.
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Market Report Scope
| Report Coverage | Details |
| Market Size By 2030 | US$ 72.13 Billion |
| Growth Rate From 2022 to 2030 | CAGR of 13.65% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered |
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| Regions Covered |
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Competitive Landscape
There are a number of significant participants in the fairly competitive genomics sector. Few significant firms now control the majority of the market in terms of market share. A select group of significant corporations is actively acquiring and forming joint ventures with other businesses to strengthen their market positions globally. Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, Luminex Corporation, and Myriad Genetics Inc. are a few businesses now ruling the market.
Market Dynamics
Market Drivers
The global rise in the demand for gene therapy, customized medicine, drug development, and an increase in cancer cases are some of the factors driving the genomics market’s expansion. The expansion of the genomics market is also anticipated to benefit from the rising number of joint ventures and collaborations among industry players. The growing use of the genome and genomic-based materials is a result of technological improvement. This element is seen to be one of the key stimuli for the market’s uptake. Additionally, the development of next-generation sequencing technology is being greatly aided by startup biotech firms and businesses based on genetics.
Market Restraints
High investment costs are another significant element that restrains the market’s expansion. The business is currently facing a severe issue due to the shortage of trained workers globally.
Market Opportunities
A positive picture for the market is being created by growing investments in biotechnology research and development (R&D), together with significant advancements in medical infrastructure and diagnostic technologies. In addition, the incorporation of genomics-based tests and apps to detect DNA mutations is providing industry investors with significant opportunities for growth.
Recent Development
- In June 2022, For NGS, PerkinElmer unveiled an automated benchtop system. Only the BioQule NGS System was utilized in the study to automate library preparation.
In August 2020, Reagents for the automated isolation of high-quality SARS-CoV-2 RNA from virus particles in human respiratory specimens were released by Eurofins Technologies.
In August 2020, the Launch of the NovaSeqTM 6000 v1.5 Reagent Kit by Illumina Inc. The launch of the new NovaSeq 6000 v1.5 Reagent Kits aims to increase the availability and affordability of whole genome sequencing for labs of all sizes.
Market Segmentation
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
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