Genomics is a field of science that deals with the genetic material of an organism, which includes understanding the structure, function, evolution, mapping, and editing of the genomes. Genomics involves collective characterization and quantification of genes and their interrelations and impact on the organism. Genomics research deals with genome sequencing and analysis by bioinformatics and DNA sequencing uses to collect and analyze the function and structure of entire genomes. Advances in genomics have led to a science-focused revolution in discovery and complex biological systems. It also involves studies of intragenomic phenomena such as the influence of one gene on another (epistasis), one gene that affects more than one phenotype (pleiotropy), and other interactions between loci and alleles within the genome.
The genomics market was valued at USD 17,500 million in 2019 and is expected to grow with a CAGR of 8.0% during the forecast period, 2020–2029.
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Noninvasive cancer screening-based research is one of the prime factors driving the market growth. Gene-based liquid biopsy tests are commonly used by researchers engaged in clinical cancer diagnostics as they aid in the early detection of cancer by identifying cancer-causing DNA mutations. Several market players have started leveraging applications of genomics to develop efficient DNA liquid biopsy tests in order to detect cancer at an early stage. Apart from this, implementation of human genomics studies across public health programs such as population screening and consumer wellness programs provide an impetus to the market growth.
Increasing investments in R&D activities, rising demand for upgrading genome databases, and surging adoption of single cell-based genomic provide an impetus to the market growth. For instance, in October 2019, the Department of Biotechnology launched the Genome India project, aiming to catalog the genomic data of about 100,000 Indians. Similarly, governments in developed countries such as the U.S., the U.K., Canada, and Japan are also upgrading their existing genomic databases.
The private organizations are engaging in collaborations to focus on the development and upgradation of genomic projects and support drug discoveries and development. The growing focus on the creation and upgradation of genomic databases is subsequently surging the demand for genomics products and services offered by market players. In March 2017, Foundation Medicine collaborated with Bristol-Myers Squibb Company to execute molecular information solutions and comprehensive genomic profiling from Foundation Medicine to identify predictive biomarkers such as Microsatellite Instability (MSI) and Tumor Mutational Burden (TMB).
Globally, the prevalence of genetic diseases is increasing at a concerning rate. As per the World health organization (WHO), in the U.K., sickle cell anemia affects around 72,000 newborns, and about 6000 people suffer from hemophilia A. Other genetic diseases such as color blindness, Down syndrome, cystic fibrosis, and disorder of synthesis of DNA, RNA, and protein prompt the dire need for effective genomics for early diagnosis of these diseases. Some of the other diagnostic applications of genomics include inherited disorder testing, pharmacokinetic testing (PGx), human leukocyte antigen (HLA) testing, and oncology testing. Inherited disorder testing includes bloom syndrome, Gaucher’s disease, Tay-Sachs disease, and fragile x-syndrome.
The consumables and reagents segment holds the largest market share on account of its rising adoption by end-users in multiple applications of genomics and increasing research activities. Some of the common reagents used in the field of genomics include antibodies, PCR reagents, histones, primers, electrophoresis reagents, nucleic acid analysis reagents, and buffers. PyroMark Q24 is one of the advanced reagents, featuring pyrosequencing chemistry to provide real-time sequence-based detection and quantification.
The computational services segment is projected to grow at a considerable CAGR on account of the increasing demand for computational sequence alignment and analysis among molecular biologists. Computational genetics include the sequencing of genomes to understand homology and internal biological mechanisms. The Human Genome Project is one of the prominent examples where the whole human genome was sequenced successfully.
Leading market players are actively working to provide efficient reagents to clinicians and researchers around the world in order to understand COVID-19 and develop treatments for the disease. Genomics services are a vital resource for the research of several infectious diseases as they provide a thorough understanding of how people become infected with the virus, how the immune system is activated, what immune cells respond to pathogens, and many other aspects of the disease. Moreover, genomic data is essential for testing, drug discovery, and vaccine development.
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North America dominates the genomics market on account of rising patient awareness, increasing investments in research by government organizations, availability of advanced healthcare infrastructure, and favorable reimbursement policies. In addition, a strong presence of key players such as Bio-Rad Laboratories, Inc., Cepheid, Inc., Agilent Technologies, and Danaher Corporation provide an impetus to the regional market growth. Illumina, Genomic Health, and Bluebird Bio, based in the U.S., are at the forefront to revolutionize the genomics industry.
Asia-Pacific is projected to exhibit the fastest growth during the forecast period on account of increasing awareness regarding the latest genomics technologies to detect and treat genetic disorders effectively. China spearheads Asia-Pacific’s genomics market on account of the launch of several initiatives such as the Precision Medicine Initiative (PMI) launched in 2017 for genomics use in healthcare. Additionally, government-funded population-based genomics studies and foreign investments provide an impetus to the regional market growth. For instance, New South Wales (NSW) provincial government funded the Garvan Institute of Medical Research in Australia to perform genomic medicine research.
| Report Metric | Details |
|---|---|
| Market Size | USD in Billion By 2030 |
| CAGR | CAGR 8% |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Segments Covered | by Product (Instruments and Software), Services (Core Genomics Services), Application (Functional Genomics), End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Agilent Technologies, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Hoffmann-La Roche Ltd., Myriad Genetics, Inc., Foundation Medicine, Inc., Danaher, Pacific Biosciences, Illumina, Inc., Stratos Genomics, Inc., Qiagen, Oxford Nanopore Technologies, BGI |
| Key Market Opportunities | Rising Demand For Genomics In Healthcare It Industry |
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