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Home ➤ Life Science ➤ Biotechnology ➤ Genomics Market
Genomics Market
Genomics Market
Published date: April 2024 • Formats:
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  • Home ➤ Life Science ➤ Biotechnology ➤ Genomics Market

Global Genomics Market By Application (Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery) By Deliverables (Products, Services), By Technology (Sequencing, PCR, Flow Cytometry, Microarray, Other Technologies), By End-User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, Hospitals & Clinics, Other End Users), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

  • Published date: April 2024
  • Report ID: 117750
  • Number of Pages: 217
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • By Application Analysis
    • By Deliverables Analysis
    • By Technology Analysis
    • By End-User Analysis
    • Key Market Segments
    • Drivers
    • Restraints
    • Opportunities
    • Latest Trends
    • Regional Analysis
    • Key Regions and Countries
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    Global Genomics Market size is expected to be worth around USD 159.5 Billion by 2033 from USD 32.9 Billion in 2023, growing at a CAGR of 17.1% during the forecast period from 2024 to 2033.

    The genomics market is a rapidly evolving sector at the intersection of biology, technology, and healthcare. It involves the study of an organism’s entire genome, including genes and their functions, genetic variations, and interactions. Genomics has revolutionized various aspects of healthcare, including disease research, drug discovery, personalized medicine, and genetic testing. Key components of the genomics market include next-generation sequencing (NGS) technologies, bioinformatics, genetic testing services, and research applications.

    The market is driven by factors such as the increasing prevalence of genetic disorders, advancements in genomic technologies, growing awareness and acceptance of personalized medicine, and supportive government initiatives and funding for genomics research. The market is segmented based on application areas such as oncology, reproductive health, rare diseases, agriculture, and forensic sciences.

    Genomics Market Size

    Geographic regions like North America, Europe, Asia Pacific, and Latin America play significant roles in driving market growth, with Asia Pacific emerging as the fastest-growing segment due to increased demand for genomics applications in diagnostics and drug discovery. Collaborative efforts between companies, research institutions, and government bodies further contribute to advancements and market expansion in genomics.

    • The “All of Us Research Program” has identified more than 1 billion genetic variants, including over 275 million previously unreported genetic variants. Among these, more than 3.9 million variants were found to have coding consequences, highlighting the program’s extensive contribution to genomic research and understanding genetic diversity.
    • Estimates by the National Human Genome Research Institute suggest that the field of genomics is poised to generate an enormous amount of data in the coming decade, ranging from 2 to 40 exabytes.

    Key Takeaways

    • Market Size: Genomics Market size is expected to be worth around USD 159.5 Billion by 2033 from USD 32.9 Billion in 2023.
    • Market Growth: The market growing at a CAGR of 17.1% during the forecast period from 2024 to 2033.
    • Application Analysis: The functional genomics segment held the largest market share of 34.4% in 2023.
    • Deliverables Analysis: The product segment was the dominant force in the genomics market in 2023 with a market share of 63.4%.
    • Technology Analysis: Sequencing technology has emerged as dominant with a market share of 42.0% in 2023.
    • By End-User Analysis: pharmaceutical and biotechnology companies dominate the segment secured a market share of 47.2% in 2023.
    • Regional Analysis: North America held the largest market share of 43.5% in 2023.

    By Application Analysis

    The functional genomics segment held the largest market share of 34.4% in 2023, driven by research focusing on understanding specific disease phenotypes. Functional genomics technologies are crucial for developing gene therapies, particularly for cancers. For example, in June 2020, researchers at the European Molecular Biology Laboratory (EMBL) in Heidelberg improved the scalability and precision of CRISPR/Cas9 gene-based screens through targeted single-cell RNA sequencing, enabling deep insights into gene expression levels in individual cells.

    The pathway analysis segment is anticipated to become highly lucrative by 2030, driven by its application in developing advanced therapeutics. Pathway-based analysis has gained prominence with the rise of clinical genomics and personalized therapies, allowing for in-depth exploration of signaling pathways and disease networks.

    By Deliverables Analysis

    The product segment was the dominant force in the genomics market in 2023 with a market share of 63.4%, categorized into instruments/systems for nucleic acid synthesis/sequencing and consumables/reagents. The market witnessed growth and claimed a market share due to increased demand for personalized medicine and decreased DNA sequencing costs, driven by advancements like NGS technology.  Conversely, the service segment is projected to see a steady growth rate by 2030.

    Factors like high product costs, demand for genomics expertise, and end-user focus on core operations propel this segment. NGS-based services hold a significant share due to WGS adoption and database applications for disorder screening. However, emphasis has shifted to data processing and interpretation for current developmental needs.

    By Technology Analysis

    Based on technology, the segments observed in the market are sequencing, pcr, flow cytometry, microarray and others. Among these segments, sequencing technology has emerged as dominant with a market share of 42.0%, due to several factors. First, advancements in next-generation sequencing (NGS) have significantly reduced the cost and time required for genome sequencing, making it more accessible for research and clinical applications.

    Second, the expanding applications of sequencing in oncology, infectious diseases, and rare genetic disorders have increased its demand. Third, government initiatives and funding support for large-scale genomic projects have boosted the adoption of sequencing technology. Overall, sequencing’s versatility, scalability, and decreasing costs have positioned it as the dominant technology in the healthcare industry’s technology outlook.

    By End-User Analysis

    The pharmaceutical and biotechnology companies segment emerged as the leader in the genomics market in 2023, driven by the increasing use of genomics in drug discovery and the adoption of spatial genomics & transcriptomics technologies. The segment secured a market share of 47.2% in 2023. This segment is witnessing numerous trials for novel drug discovery based on genomic knowledge.

    For example, Illumina Inc. presented seven abstracts on oncology research at ASCO 2022, highlighting the impact of genomic profiling in precision medicine. Similarly, the hospital and clinic segment is expected to experience significant growth, with many facilities offering genomic sequencing services to patients as part of routine medical practice.

    Genomics Market Share

    Key Market Segments

    By Application

    • Functional Genomics
      • Transfection
      • RNA Interference
      • Mutational Analysis
      • SNP Analysis
      • Others
    • Epigenomics
      • Bisulfite Sequencing
      • Chromatin Immunoprecipitation (ChIP & ChIP-Seq)
      • Methylated DNA Immunoprecipitation (MeDIP)
      • High-Resolution Melt (HRM)
      • Chromatin Accessibility Assays
      • Others
    • Pathway Analysis
      • Bead-Based Analysis
      • Microarray Analysis
      • Real-time PCR
      • Proteomics Tools
    • Biomarker Discovery
      • Mass Spectrometry
      • Statistical Analysis
      • Bioinformatics
      • DNA Sequencing
      • Others

    By Deliverables

    • Products
      • Instruments/Systems/Software
      • Consumables & Reagents
    • Services
      • NGS-based Services
      • Core Genomics Services
      • Biomarker Translation Services
      • Computational Services
      • Others

    By Technology

    • Sequencing
    • PCR
    • Flow Cytometry
    • Microarray
    • Other Technology

    By End-User

    • Pharmaceutical & Biotechnology Companies
    • Academic & Research Institutes
    • Hospitals & Clinics
    • Other End Users

    Drivers

    Advancements in Technology and Research

    The rapid advancements in genomics technology, particularly in next-generation sequencing (NGS), have revolutionized the field of genetics and genomics research. NGS techniques allow for high-throughput sequencing of DNA, RNA, and other biomolecules, enabling researchers to analyze genetic variations, gene expression patterns, and genomic structures with unprecedented speed and accuracy. These technological advancements have significantly reduced the cost of sequencing, making genomics more accessible to researchers, clinicians, and healthcare providers.

    Additionally, innovations in bioinformatics tools and computational biology have enhanced data analysis and interpretation capabilities in genomics research. The development of sophisticated algorithms, machine learning models, and data visualization techniques has facilitated the identification of genetic variants associated with diseases, drug responses, and personalized medicine applications. These technological advancements have accelerated genomics research across various domains, including oncology, rare diseases, infectious diseases, pharmacogenomics, and agricultural genomics.

    Rising Demand for Precision Medicine and Personalized Healthcare

    Genomics plays a pivotal role in the era of precision medicine and personalized healthcare. The ability to sequence and analyze an individual’s genome allows healthcare providers to tailor medical treatments, therapies, and interventions based on the patient’s genetic profile, disease susceptibility, and molecular characteristics. This approach enables more targeted and effective treatments, minimizes adverse drug reactions, and improves patient outcomes.

    The increasing prevalence of complex and genetically heterogeneous diseases, such as cancer, cardiovascular disorders, neurodegenerative diseases, and rare genetic conditions, has heightened the demand for genomics-based diagnostics, prognostics, and therapeutic strategies. Genomic sequencing and molecular profiling enable clinicians to identify biomarkers, genetic mutations, and molecular signatures that inform diagnosis, prognosis, treatment selection, and disease monitoring.

    Restraints

    Cost and Affordability

    One of the primary restraints for the genomics market is the high cost associated with genomic sequencing, testing, and analysis. Despite advancements in technology that have reduced sequencing costs over the years, genomic testing and analysis still require substantial investment in equipment, reagents, software, and skilled personnel. This can make genomic services and products prohibitively expensive for some healthcare providers, research institutions, and consumers.

    The cost of whole-genome sequencing (WGS) and whole-exome sequencing (WES) remains relatively high, limiting their widespread adoption in clinical settings and routine healthcare. Additionally, the complexity of data analysis, interpretation, and storage adds to the overall cost of genomic services, especially for large-scale projects, population studies, and longitudinal research.

    Data Privacy, Security, and Ethical Considerations

    Genomic data contains highly sensitive and personal information, including an individual’s genetic code, health risks, family history, and ancestry. Therefore, data privacy, security, and ethical considerations are major restraints for the genomics market. Concerns about data breaches, unauthorized access, data sharing practices, and potential misuse of genetic information can hinder patient trust, regulatory compliance, and industry collaboration.

    Opportunities

    Expansion of Precision Medicine

    Genomics plays a pivotal role in advancing precision medicine by enabling tailored treatments based on individual genetic profiles. As the understanding of genetic factors influencing diseases improves, there is a growing opportunity to develop targeted therapies, preventive measures, and personalized healthcare interventions. This includes pharmacogenomics for optimizing drug efficacy and safety, genetic testing for disease risk assessment, and molecular diagnostics for early disease detection.

    Integration with Digital Health

    The integration of genomics with digital health technologies, such as telemedicine, mobile health apps, and electronic health records (EHRs), presents a significant opportunity. Genomic data integration into EHRs allows healthcare providers to access and utilize genetic information seamlessly in clinical decision-making. This integration enhances patient care, facilitates genotype-guided treatment strategies, and supports population health management initiatives.

    Advancements in Bioinformatics and AI

    The rapid advancements in bioinformatics tools, artificial intelligence (AI), and machine learning (ML) present opportunities to analyze large-scale genomic data efficiently. AI algorithms can identify patterns, predict disease risks, and extract meaningful insights from genomic datasets. These technologies enable researchers and clinicians to leverage genomics data for biomarker discovery, drug development, disease modeling, and precision oncology.

    Impact of Macroeconomic / Geopolitical Factors

    Government policies, individual disposable incomes, taxation, inflation rates, and other macroeconomic factors play crucial roles in shaping the genomics market. Government policies related to healthcare funding, research grants, and regulatory frameworks significantly impact the market’s growth and innovation. Policies that support genomics research, such as funding for genomic studies, incentives for biotechnology companies, and streamlined regulatory pathways for genetic testing and therapies, can foster market expansion and technological advancements.

    Individual disposable incomes also influence the market by determining the affordability of genomic services and products. Higher disposable incomes often translate to increased spending on healthcare, including genetic testing, personalized medicine, and genomic data analysis. On the contrary, economic downturns or reduced disposable incomes may lead to a slowdown in consumer adoption of genomic services. Taxation policies can affect the financial viability of genomics companies and investment in research and development. Favorable tax incentives for healthcare innovation, research tax credits, and tax breaks for medical device manufacturers can stimulate market growth and encourage investments in genomics technologies.

    Inflation rates impact the overall cost structure of genomics products and services. High inflation rates can lead to increased production costs, which may be passed on to consumers, potentially affecting affordability and market demand. Conversely, stable or controlled inflation rates contribute to a more predictable business environment for genomics companies and investors. Overall, macroeconomic factors interact with market dynamics in complex ways, influencing investment decisions, consumer behavior, regulatory compliance, and technological innovation within the genomics market. Understanding and navigating these factors are essential for stakeholders to capitalize on growth opportunities and mitigate potential risks.

    Latest Trends

    The genomics market is witnessing several latest trends that are shaping the industry’s trajectory and driving innovation. Single-cell genomics has emerged as a cutting-edge technology, allowing researchers to study individual cells’ genetic makeup and functional characteristics. This trend enables in-depth analysis of cellular heterogeneity, disease mechanisms, and cell-to-cell interactions, leading to advancements in personalized medicine, cancer research, and developmental biology.

    Integrating genomics data with other omics data such as transcriptomics, proteomics, metabolomics, and epigenomics is a growing trend. This holistic approach, known as multi-omics integration, provides comprehensive insights into biological systems, disease pathways, and molecular interactions. It enhances understanding of complex diseases, biomarker discovery, and identification of therapeutic targets for precision medicine applications.

    CRISPR-Cas9 and other CRISPR-based technologies continue to revolutionize genomics research and therapeutic development. These tools offer precise genome editing capabilities, facilitating gene knockout, gene insertion, and gene modification. The ongoing advancements in CRISPR technology are driving innovation in gene therapy, functional genomics, and disease modeling, with potential applications in treating genetic disorders and addressing unmet medical needs.

    Regional Analysis

    North America is leading the Genomics Market

    North America held the largest market share of 43.5% in 2023, driven by strong support from research institutions and pharmaceutical companies. Genomics has become indispensable in disease research and drug development due to its impact on genetic expression. The region is witnessing ongoing advancements in genomics, facilitated by collaborative initiatives.

    The Asia Pacific region is expected to experience the highest CAGR during the forecast period

    On the other hand, Asia Pacific is projected to be the fastest-growing market segment, fueled by rising demand for genomics applications in diagnostics and the need for innovative therapeutic drugs to address growing disease rates. Several significant human genome sequencing projects are underway in the region, contributing to its rapid growth in genomics utilization.

    Genomics Market Region

    Key Regions and Countries

    North America

    • US
    • Canada

    Europe

    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Russia
    • Netherland
    • Rest of Europe

    Asia Pacific

    • China
    • Japan
    • South Korea
    • India
    • New Zealand
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC

    Latin America

    • Brazil
    • Mexico
    • Rest of Latin America

    Middle East & Africa

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA

    Key Players Analysis

    Market players in the genomics market are leveraging product approvals to expand their market reach and enhance the availability of their products and services across various regions. Additionally, they are employing expansion strategies to bolster their production and research capabilities. Furthermore, many companies are engaging in acquisitions of smaller players to reinforce their market positions, which enables them to enhance their capabilities, diversify their product portfolios, and strengthen their overall competencies.

    Top Key Players

    • Agilent Technologies
    • Bio-Rad Laboratories, Inc.
    • BGI Genomics
    • QIAGEN
    • Eurofins Scientific
    • Hoffmann-La Roche Ltd.
    • GE Healthcare
    • Illumina, Inc.
    • Myriad Genetics, Inc.
    • Oxford Nanopore Technologies
    • Thermo Fisher Scientific, Inc.
    • 23andMe, Inc.
    • Other Key Players

    Recent Developments

    • In November 2023, QIAGEN and Element Biosciences, Inc. have joined forces in a strategic partnership to provide comprehensive next-generation sequencing (NGS) workflows for the AVITI™ System. This system is an innovative sequencing platform built on Element’s unique Avidity sequencing chemistry.
    • In March 2024, MGI Tech recently announced a major collaboration with Eurofins Genomics Europe Genotyping A/S, marking the first corporate order of the DNBSEQ-T20×2 ultra-high throughput sequencer in Europe. This collaboration includes the genomics data center ZTRON Appliance and various laboratory automation products from MGI, indicating a significant step forward in precision health initiatives across Europe.

    Report Scope

    Report Features Description
    Market Value (2023) USD 32.9 Billion
    Forecast Revenue (2033) USD 159.5 Billion
    CAGR (2024-2033) 17.1%
    Base Year for Estimation 2023
    Historic Period 2018-2022
    Forecast Period 2024-2033
    Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments
    Segments Covered By Application – Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery; By Deliverables – Products, Services; By Technology – Sequencing, PCR, Flow Cytometry, Microarray, Other Technology; By End-User – Academic & Research Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Other End Users
    Regional Analysis North America-US, Canada, Mexico;Europe-Germany, UK, France, Italy, Russia, Spain, Rest of Europe;APAC-China, Japan, South Korea, India, Rest of Asia-Pacific;South America-Brazil, Argentina, Rest of South America;MEA-GCC, South Africa, Israel, Rest of MEA
    Competitive Landscape Agilent Technologies, Bio-Rad Laboratories, Inc., BGI Genomics, QIAGEN, Eurofins Scientific, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina, Inc., Myriad Genetics, Inc., Oxford Nanopore Technologies, Thermo Fisher Scientific, Inc., 23andMe, Inc., and Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
    Genomics Market
    Genomics Market
    Published date: April 2024
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    • Agilent Technologies Inc. Company Profile
    • Bio-Rad Laboratories, Inc. Company Profile
    • BGI Genomics
    • QIAGEN NV Company Profile
    • Eurofins Scientific
    • Hoffmann-La Roche Ltd.
    • GE Healthcare
    • Illumina, Inc.
    • Myriad Genetics, Inc.
    • Oxford Nanopore Technologies
    • Thermo Fisher Scientific, Inc.
    • 23andMe, Inc.
    • Other Key Players
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