The global genomics market size was valued at USD 33.90 billion in 2023 and is poised to grow from USD 39.53 billion in 2024 to USD 157.47 billion by 2033, growing at a CAGR of 16.6% in the forecast period (2024-2033).
The global genomics market size was valued at USD 33.90 billion in 2023 and is poised to grow from USD 39.53 billion in 2024 to USD 157.47 billion by 2033, growing at a CAGR of 16.6% in the forecast period (2024-2033).
Request PDF Sample Copy of Report: (Including Full TOC, List of Tables & Figures, Chart) @ https://www.novaoneadvisor.com/report/sample/6825
The increasing demand for novel therapeutic and research applications in genomics. Moreover, it is extensively used for a wide variety of applications, such as pharmacogenomics, and metagenomics. The emerging applications of genomics are braced up by industrial collaborations and expansions. For instance, in June 2020, Merck & Co., Inc., and 10x Genomics, Inc., collaborates to develop powerful genomics-based experiments to better understand the relationship between specific genes and disease by using 10x Genomics’ barcode technology to screen single cells using CRISPR libraries.
Technological advancements in the genomics market such as research on chromosomal instability and gene signatures utilizing unique samples from huge databases give out comprehensive insights into their clinical applicability. For instance, in June 2022, researchers from Cambridge University and the National Cancer Research Center (at Madrid, Spain) deduced to track chromosomal instability and copy number variations to understand the role of internal factors in driving such genomic alterations in cancers that are fatal in nature.
Diseases caused by genetic inheritance can cause a wide range of disease conditions such as cardiovascular, diabetes, and cancer conditions. Genetic disorders can be effectively combatted by understanding specific characteristics of an individual’s genome sequence. For instance, in November 2021, Illumina, Inc. and the Genetic Alliance, collectively declared the launch of the iHope genetic health program so as to facilitate access to whole-genome sequencing to survivors of genetic disorders across the globeDee with one-third of the efforts to support subjects in Africa.
The market is positively driven by the lucrative support from the government and other research organizations for advancement in research on the genome sequence. There has been an increasing focus on funds for data-driven initiatives on genome sequence research to derive outcomes that are helpful for the treatment of rare diseases, infectious diseases, inherited disorders, and cancers. For instance, in August 2022, Medical Device Innovation Consortium launched its somatic reference samples initiative to develop clinically relevant samples and public genomic datasets to aid the enhancement of NGS-based cancer diagnostics. Similarly, in September 2022, the Centres for Disease Control (CDC) declared 5-year awards to establish the pathogen genomics centers of excellence (PGCoE) network to foster innovation and capabilities in bioinformatics, pathogen genomics, and molecular epidemiology.
One of the most important factors anticipated to impact the genomics market is how much and to what extent the medical community will make use of available genomic information in personalized medicine. Furthermore, plummeting costs of sequencing support an increase in the adoption of whole genome sequencing. Scientists are combining the data generated from sequencing with diagnostics, which has proven effective in enhancing the personalized treatment landscape. According to a report published by OGL, as of July 2021, the UK exceeded 600,000 SARS-CoV-2 genomically sequenced tests. Genomic sequencing has been helpful in the fight against SARS-CoV-2 by quickly identifying variations that are of concern, elucidating how they spread, and halting them.
Key Takeaways:
- North America accounted for the largest market share of 42.69% in 2023.
- Asia Pacific is estimated to be the fastest-growing segment over the forecast period
- Indian market is anticipated to grow at significant growth rate over the forecast period.
- The functional genomics segment dominated the overall market with the largest revenue share of 32.9% in 2023.
- The product segment dominated the market in 2023.
- The service segment is expected to register a steady CAGR by 2033.
- The pharmaceutical and biotechnology companies segment led the market in 2023.
- The hospital and clinic segment is estimated to grow at a substantial pace during the forecast period.
Immediate Delivery Available, Get Full Access@
https://www.novaoneadvisor.com/report/checkout/6825
Genomics Market Dynamics
DRIVER: Increased government funding to support genomics project
In recent years, governments in various countries have made significant investments in the field of genomics. These government investments have played a major role in the development of new technologies. Mentioned below are some recent examples:
- In December 2022, the UK government announced an investment of USD 190 million (EU 175 million) for genomics research. This research is mainly focused on providing genomic-based diagnosis and treatment options for patients suffering from cancer and children born with treatable rare genetic diseases. The UK government’s initiative “Life Sciences Vision,” launched in 2021, commits to positioning the UK as a global leader in function Genomics.
- In September 2022, the Australian government’s Department of Health announced an investment of USD 500 million over 10 years in genomics research under the Medical Research Future Fund (MRFF). Through this investment, the government plans to support researchers for genomics in medicine (testing, diagnosis, and treatment) and make a positive impact on the lives of more than 200,000 Australians.
- In September 2022, the CDC announced funding of USD 90 million for the Pathogen Genomics Centers of Excellence (PGCoE) network, which will foster and develop pathogen genomics, molecular epidemiology, and bioinformatics in the region.
These funding initiatives are expected to increase the usage of genomics products, which will drive overall market growth.
OPPORTUNITY: Use of genomics in specialized/personalized medicine
Growth in the personalized medicine market is set to offer an array of opportunities for players operating in the market. Various pharmaceutical companies are increasingly investing in personalized medicine research. Personalized medicine enables medical practitioners to identify the exact needs of a patient and then prescribe medicines and treatments accordingly. This approach guarantees better care outcomes. Moreover, it is expected that advancements in the field of gene therapy have the potential to replace traditional drugs and surgeries by enabling doctors to treat a disorder by inserting a gene into a patient’s cell.
In September 2022, QIAGEN (Germany) and Neuron23 Inc. (US), an early-stage biotechnology company engaged in developing precision medicine for genetically defined neurological and immunological diseases, entered into an agreement to develop a companion diagnostic for Neuron23’s brain penetrant leucine-rich repeat kinase (LRRK2) inhibitor for Parkinson’s disease. In May 2022, Illumina (US) announced a long-term strategic partnership with Janssen to accelerate the development of precision medicine. Through this partnership, Illumina will support drug discovery with whole-genome sequencing (WGS) and other multi-omic methodologies using Illumina Lab Services. Such developments are indicative of the significant opportunities related to the use of NGS in precision medicine and molecular diagnostics.
CHALLENGE: Secured storage of large volume of sequenced data
The market has witnessed substantial growth in the past few years as a result of scientific breakthroughs. The market is mainly driven by falling prices of sequencing technologies and initiatives by governments in various countries focusing on the use of genomics in personalized medicine. These factors are increasing the adoption of various genomic tests for diagnosis, owing to which a large amount of data is generated.
The human genome consists of approximately 3 billion DNA nucleotides, and it is estimated that approximately 100 GB of data is stored in all the genomes of an individual. According to Nature Magazine, ~30,000 genomes have been sequenced, representing ~3 PB (petabytes) of data. Cloud computing is the most common method of storing this large volume of data and provides access to scientists, clinicians, and consumers across various geographies. However, the security of genetic data collected and stored is a major concern.
Genomics companies are increasingly focusing on reducing the complexity of data interpretation and management. In May 2020, QIAGEN N.V. (Netherlands) introduced a new QCI Interpret One software solution. It joins the QIAGEN Clinical Insights (QCI) portfolio, which has been used to analyze and interpret next-generation sequencing (NGS) data from 1.6 million clinical cases to date. QCI Interpret One enables molecular pathologists to more rapidly and confidently deliver clinically relevant reports designed to improve patient outcomes based on complex genomic testing data. Also, issues regarding storage have increased; it is estimated that over 100 million genomes will have been sequenced by 2025 as part of genomic projects. However, just one human genome sequence produces approximately 200 gigabytes of raw data, and if the sequencing of 100 million genomes by 2025 is to be done, then there will be over 20 billion gigabytes of raw data that is accumulated. Genomics data analysis also needs to be carried out, which generates an additional 100 gigabytes of data per genome and requires massive computing power, which cannot be feasible economically for many biopharmaceutical companies and research institutes. This large-scale generation of data and data storage may become a challenge in the future.
Personalized your customization here: https://www.novaoneadvisor.com/report/customization/6825
Application Insights
The functional genomics segment dominated the overall market with the largest revenue share of 32.9% in 2023. The dominance of the segment can be attributed to research studies aiming to understand a particular phenotypical expression of a given disease condition. Many gene therapies for cancers are designed on the basis of functional genomic technology. For instance, in June 2020, researchers at European Molecular Biology Laboratory (EMBL) at Heidelberg increased the scalability and precision metrics of functional genomics CRISPR/Cas9 gene-based screens through targeted single-cell RNA sequencing. Single-cell RNA sequencing gives deep insights into levels of gene expression in individual cells and can capably analyze CRISPR/Cas9 functional genomics screens.
Pathway analysis segment is predicted to emerge as the most lucrative of all by 2033. Usage of pathway analysis in developing next-generation therapeutics has emerged one of the most growing applications. Pathway-based analysis has gained more attention after the emergence of clinical genomics and personalized therapies. This is mainly because genomics and personalized therapies aid in the in-depth analysis of the ability to navigate signaling pathways and disease networks.
Deliverables Insights
The product segment dominated the market in 2023. The products used in genomics are broadly segmented into two categories—instruments or systems that are required for the synthesis and sequencing of the nucleic acid sequences and consumables & reagents.
The increase in preference for personalized medicines and decline in costs of DNA sequencing owing to the launch of NGS technology resulted in the development of novel products or systems. The genomics market is gradually becoming more competitive with new product launches. For instance, in June 2022, PerkinElmer introduced an automated benchtop system for NGS, the research-use only BioQule NGS System to automate library preparation.
The service segment is expected to register a steady CAGR by 2033. The high cost of products, the demand for expertise required for genomics, and the focus on core operations by the end user are the major factors driving the services segment. NGS-based services held a major share in the genomics services segment due to the rapid adoption of Whole Genome Sequencing (WGS) and applications of sequence databases for disorder screening and prognosis. However, data processing and interpretation, rather than data production has become the need for current development and application.
End-user Insights
The pharmaceutical and biotechnology companies segment led the market in 2023. This is attributed to the increasing demand for use of genomics in drug discovery. Moreover, the market is driven by increasing adoption of spatial genomics & transcriptomics technologies. Numerous trials are underway for novel drug discovery using underlying knowledge from genomics. For instance, in June 2022, Illumina Inc., declares that it will present seven of their abstracts regarding the key oncology research at the American Society of Clinical Oncology (ASCO) 2022 in further to an event to discuss the transformational impact of comprehensive genomic profiling in precision medicine.
The hospital and clinic segment is estimated to grow at a substantial pace during the forecast period. Several hospitals and clinics are currently offering genomic sequencing services to patients and are using this technology in the daily practice of medicine. Stanford Medicine is one such facility that provides genomic sequencing services to patients with a rare or unidentified condition that is thought to be genetic. The first hospital system to offer the general public services for genetic sequencing, analysis, and interpretation is Partners HealthCare based in the U.S. It has enrolled over 200 patients and physicians in a study funded by NIH to study the integration of whole genome sequencing in clinical medicine.
Regional Insights
North America accounted for the largest market share of 42.69% in 2023. This is attributed to the support of research institutes and pharmaceutical giants. Genomics is now an integral part of any disease research and drug discovery due to the implications of genetic expression on human health. There are emerging advancements in the region for the utility of genomics with collaborative efforts. For instance, in January 2022, Illumina, Inc. collaborated with Nashville Biosciences, LLC, (part of Vanderbilt University Medical Center at Tennesee), for drug development by using genomics and to establish a preeminent clinico-genomic resource.
Asia Pacific is estimated to be the fastest-growing segment over the forecast period due to increased demand for genomics applications in diagnostics and the growing demand for novel therapeutic drugs to fight the increased incidence of diseases in the region. Several major human genome sequencing projects are being performed, one of the most recent projects is Genome Asia 100K. Under this project, 100,000 Asian genomes would be sequenced and analyzed, which can help accelerate population-specific medical advances and precision medicine. With this project, GA 100K was expected to identify new possible therapeutic drugs and understand the biology of diseases.
India Genomics Market
Indian market is anticipated to grow at significant growth rate over the forecast period. Over the past few decades, India has become a hub for pharmaceutical and biotechnology and has gained global attention due to the presence of skilled & knowledgeable manpower and low capital investments. Owing to the presence of rich resources and a large pool of existing R&D institutions in the country, India has become one of the key areas for setting up research laboratories & manufacturing units by multinational companies. Thus, rapidly growing pharmaceutical & biotechnology industries and frequent government initiatives to boost R&D activities in the country are expected to create lucrative opportunities in India genomics market.
Recent Development
- In November 2023, Fabric Genomics collaborated with DNAnexus and Oxford Nanopore Technologies for deployment of CLIA/CAP labs in pediatric and neonatal ICU’s. The labs will use Oxford Nanopore’s platforms to study genetic disorders in infants.
- in February 2023, Illumina, Inc. entered into a collaboration with African Centre of Excellence for Genomics of Infectious Diseases to start a training institute to increase genomic capabilities in African region
- In January 2023, SOPHiA GENETIC collaborated with the Memorial Sloan Kettering Cancer Center (MSK), a U.S. Cancer Center, to offer researchers and clinicians solutions to expand analytical and testing capabilities.
- In January 2023, Agilent Technologies, Inc. announced acquisition of Avida Biomed, a company that develops target enrichment workflows for clinical researchers utilizing NGS methods to study cancers.
- In April 2022, QIAGEN launched the Biomedical Knowledge Base in Europe, Japan, North America, and Australia to support data science applications in biotech companies
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Genomics market.
By Application & Technology
- Functional Genomics
- Transfection
- Real-Time PCR
- RNA Interference
- Mutational Analysis
- SNP Analysis
- Microarray Analysis
- Epigenomics
- Bisulfite Sequencing
- Chromatin Immunoprecipitation (ChIP & ChIP-Seq)
- Methylated DNA Immunoprecipitation (MeDIP)
- High-Resolution Melt (HRM)
- Chromatin Accessibility Assays
- Microarray Analysis
- Pathway Analysis
- Bead-Based Analysis
- Microarray Analysis
- Real-time PCR
- Proteomics Tools (2-D PAGE; yeast 2-hybrid studies)
- Biomarker Discovery
- Mass Spectrometry
- Real-time PCR
- Microarray Analysis
- Statistical Analysis
- Bioinformatics
- DNA Sequencing
- Others
By Technology
- Sequencing
- PCR
- Flow Cytometry
- Microarrays
- Other technologies
By Deliverables
- Products
- Instruments/Systems/Software
- Consumables & Reagents
- Services
- NGS-based Services
- Core Genomics Services
- Biomarker Translation Services
- Computational Services
- Others
By End-use
- Clinical Research
- Academic & Government Institutes
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Other End Users
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Immediate Delivery Available | Buy This Premium Research
https://www.novaoneadvisor.com/report/checkout/6825
Call: USA: +1 650 460 3308 | IND: +91 87933 22019 |Europe: +44 2080772818
Email: sales@novaoneadvisor.com