The global genomics market size was valued at USD 28.05 billion in 2022 and is projected to reach USD 107.5 billion by 2031, with a CAGR of 16.1 % during the forecast period, 2023–2031.
The field of genomics focuses on genes and their function, structure, evolution, and mapping of genomes in short organisms of the entire gene. Typically, genomic testing is performed to gain insight into disease susceptibility, drug response, and human biology. The study of genomics entails the examination of structure and function, the sequencing of DNA, the use of bioinformatics to sequence DNA, and the creation of recombinant DNA. The market is segmented by product and service into Systems & Software, Consumables, and Services. The market is segmented by technology into Sequencing, Microarray, and PCR.
Diagnostic Applications and Precision Medicine are two applications of genomics. The genomics market is growing due to its applications in various fields of study, such as intragenomic phenomena such as epistasis, pleiotropy, heterosis, and other interactions between loci and alleles within the genome. In this era of medical and life science innovations that are establishing themselves as a prerequisite for the survival of humanity, genomic research is poised for exponential growth due to genetic innovations that are indispensable for human survival. Healthcare, agriculture, biotechnology, DNA sequencing, and diagnostics rely heavily on genomics. In the healthcare industry, genomics is used to develop vaccines and medications. Thanks to genomics, numerous genetic abnormalities can be diagnosed in large part. Utilizing clinical data and AI, it can provide medical management based on a person's genetic profile. Thus, it has numerous applications in personalized medicine. In addition, it has applications in bioengineering and synthetic biology.
The increasing number of government-funded genome projects is one of the most significant contributors to the market's expansion. Genomic research is an indispensable tool that can aid in developing effective therapies; this is why numerous government agencies invest in genome projects. In collaboration with the NHS, Genomics England launched the Genomic Medicine Service, which incorporated whole genome sequencing into routine medical care. Similar to The Saudi Human Genome Program, Personalized Medicine Program, France Génomique, and other similar projects exist. According to the Press Information Bureau, in March 2020, the Department of Biotechnology (DBT) approved a three-year project to catalog the Genetic Variation in Indians at 20 diverse institutions across the country. This project aims to recruit 10,000 individuals representative of the country's diverse population in three years. The data generated by whole genome sequencing can expedite future human genetics research in the country with greater precision and be used to design a genome-wide association array for the Indian population to develop cost-effective precision healthcare and diagnostics for major diseases. This will result in market expansion during the forecast period.
Several new products and services have resulted from the shift toward personalized medicine and the decline in sequencing costs brought about by the advent of NGS technology. The market is gradually becoming more competitive as new players enter, and as a result, businesses are introducing innovative products and services to strengthen their standing. In July of 2020, for instance, Illumina announced the release of the e TruSight Software Suite and provided infrastructure for whole genome sequencing that can be used to identify genetic diseases. This is expected to contribute to market expansion.
Despite the enormous potential, the lack of trained technicians is a significant factor impeding the expansion of the market in developing nations. Many developing nations either have fewer technicians or lack the skill set to operate sophisticated sequencers. In addition, the high price of instruments is another factor that inhibits market expansion.
In addition, the stringent regulatory framework for developing new products restrains market expansion. Demand for improved, safer, and earlier detection instruments to successfully treat patients has wreaked havoc due to the global increase in COVID-19 infections; however, manufacturers must pass stringent regulatory requirements before launching new products. For instance, each nation has a regulatory authority that applies different manufacturer rules and guidelines. The Centers for Disease Control and Prevention, the U.S. Food and Drug Administration, and other regulatory bodies have restructured their guidelines to ensure product safety.
The growth of the market can be attributed to the extensive research and development strategies implemented by biopharmaceutical firms for drug discovery and technological advancements that enable personalized medicine. For instance, in August 2022, Clemson University researchers released an open-source model designed to assist researchers in developing prediction models to represent extensive cellular interactions and permit the integration of large datasets for personalized medicine applications such as drug-mating for cancer therapeutics.
The market participants heavily focus on collaborations, expansions, acquisitions, and massive capital investments to advance genomics research to comprehend rare diseases and aid in drug discovery. PacBio, for instance, announces a partnership with the Genomics England society to use PacBio's technology to detect genetic variation in rare, unexplained disorders. The purpose of the study is to resequence a selection of samples collected during Genomics England's 100,000 genomes project to determine the potential operational and clinical benefits of long-read sequencing for identifying mutations associated with rare diseases.
The global market is segmented into Application and Technology, Deliverables, and End-use.
The market is segmented by Application and Technology into Functional Genomics, Epigenomics, Pathway analysis, Biomarker discovery, and others.
In 2021, the functional genomics segment held the largest revenue share of the overall market, at 31.9%. The segment's dominance can be attributed to studies aiming to comprehend a particular disease's phenotypic manifestation. Numerous cancer gene therapies are designed using functional genomics. In June 2020, for instance, researchers at the European Molecular Biology Laboratory (EMBL) in Heidelberg will increase the scalability and precision metrics of functional genomics CRISPR/Cas9 gene-based screens by means of targeted single-cell RNA sequencing. Single-cell RNA sequencing provides profound insights into gene expression levels in individual cells and can competently analyze CRISPR/Cas9 functional genomics screens.
Due to the favorable outcomes and high level of efficacy offered by genomics in a variety of diagnostic applications, the biomarker discovery market is anticipated to experience a substantial growth rate over the forecast period. Researchers from around the world are identifying novel biomarkers that could accurately indicate a disease condition, such as a particular form of cancer. For example, in September 2022, researchers at the University of Cincinnati published their research on biomarkers that could accurately predict the progression of breast cancer and could be potential treatment targets. They discovered that the oncogenes Ron and DEK can regulate certain metabolites that accelerate cancer cell growth.
The market is segmented by Deliverables into Products and services.
In 2021, the product segment dominated the market and accounted for 69.5% of market revenue. The two main categories of genomics-related products are instruments or systems necessary for synthesizing and sequencing nucleic acid sequences. The increase in demand for personalized medicines and decrease in sequencing costs resulting from the introduction of NGS technology led to the creation of novel products or systems. New product launches are gradually increasing competition in the market. For instance, PerkinElmer introduced an automated benchtop system for NGS in June 2022. Only the BioQule NGS System was used to automate library preparation for the study.
The service segment is anticipated to record a substantial CAGR by 2031. The primary factors driving the services segment are the high cost of products, the need for genomics-related expertise, and the end user's concentration on core operations. Due to the rapid adoption of Whole Genome Sequencing (WGS) and the applications of sequence databases for disorder screening and prognosis, NGS-based services held a significant market share in the genomics services segment. However, data processing and interpretation, not data production, has become the focus of modern application development.
The market is segmented by End-use into Clinical Research, Academic & Government Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and Other End Users.
In 2021, the pharmaceutical and biotechnology companies segment led the market with a 57.3% revenue share. This is a result of the growing demand for genomics in drug discovery. In addition, the market is driven by novel therapeutic options, such as gene editing, and the consequent demand for precision and individualized medicine. Numerous trials for the discovery of novel drugs based on genomics are currently underway. In June 2022, for instance, Illumina Inc. will present seven of its abstracts on key oncology research at the American Society of Clinical Oncology (ASCO) 2022 in conjunction with a symposium on the transformative impact of comprehensive genomic profiling in precision medicine.
During the forecast period, the hospital and clinic segment is anticipated to grow at a significant rate. Several hospitals and clinics offer genomic sequencing services to patients and are evaluating the application of this technology in daily medical practice. Stanford Medicine is one of these facilities that offers genomic sequencing services to patients with rare or unidentified genetic conditions. U.S.-based Partners HealthCare is the first hospital system to offer the general public genetic sequencing, analysis, and interpretation. Over 200 patients and physicians have been enrolled in a study funded by the NIH to examine the integration of whole genome sequencing into clinical medicine.
The global market for Genomics has been segmented based on geography into North America, Europe, Asia Pacific, and LAMEA.
In 2021, North America held the largest market share, at 42.5%. This is a result of the funding provided by research institutes and pharmaceutical companies. Due to the implications of genetic expression on human health, genomics is now an integral part of all disease research and drug discovery. As a result of collaborative efforts, genomics' practical applications are advancing in the region. For example, Illumina, Inc. collaborated with Nashville Biosciences, LLC (a division of Vanderbilt University Medical Center in Tennessee) in January 2022 for drug development using genomics and to establish a preeminent clinical-genomic resource.
Due to the growing demand for genomics applications in diagnostics and novel therapeutic drugs to combat the rising prevalence of diseases in the region, Asia Pacific is anticipated to be the segment with the highest growth rate over the forecast period. Several significant human genome sequencing projects are currently underway, with Genome Asia 100K being one of the most recent. Under this project, one hundred thousand Asian genomes would be sequenced and analyzed, thereby accelerating population-specific medical advancements and precision medicine. GA 100K was expected to identify new potential therapeutic drugs and understand the biology of disease through this project.
European nations have developed new breeding techniques for advancing the market to address nutritional security, food safety, climate change, and population growth. The opportunities include plant breeding, the development of climate-resilient agriculture, and increased stress resulting from the reform of the EU's regulatory framework. This market's research efforts and growth have been accelerated by a modified and enhanced regulatory framework. During the forecast period, it is anticipated that the market revenue in this region will exhibit a consistent growth rate.
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