USD 27.81 billion
Genomics Market Size, Share, Growth Analysis, By Product & Service(Consumables and Reagents, Services, Instruments, Systems), By Technology(Sequencing, PCR, Flow Cytometry, Microarrays), By End Use(Government and Academic Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Others), By Application(Drug Discovery & Development, Diagnostics, Agriculture & Animal Research, Other Applications), By Study Type(Functional Genomics, Biomarker Discovery, Pathway Analysis, Epigenomics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2173 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
121
|Figures:
77
Genomics Market Insights
Genomics Market size was valued at USD 27.81 Billion in 2022 and is poised to grow from USD 33.25 Billion in 2023 to USD 411.35 Billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031).
Genomics is the study of genomes, which is the structure, function, evolution and mapping of an organism’s DNA. Overall, the market has influenced this area of human life in a great way over the years. Hence, medicine and biomedical sciences are in the process of a rapid transformation due to the genomics revolution. The increasing global cancer incidence has led to higher levels of government support in the form of grants for genomics projects. The idea of personalized medicine has been made possible by studying the Human Genome and has revolutionized the way clinical oncology and rare genetic disorders are managed/ treated.
Academics are increasingly exploring the link between genetics and cognitive disorders, to better understand the brain's role in these conditions. Because of the increasing amount of research conducted on cancer and cancer therapy, the growing need for simple and rapid clinical diagnosis, and increased investment in R&D by government organizations and biopharmaceutical companies, the genomics market is experiencing rapid revenue growth.
US Genomics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Service
Fastest Growth
Service
Growth Rate
19.4% CAGR
Global Genomics Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Genomics Market Segmental Analysis
The genomics market is segmented into Product & Service, Technology, Study Type, Application, End Use, and Region. Based on Product and Service, the market is segmented into Consumables and Reagents, Services, Instruments, Systems, and Software. Based on Technology, the market is segmented into Sequencing, PCR, Flow Cytometry, Microarrays, Other Technologies. Based on Study Type, the market is segmented into Functional Genomics, Biomarker Discovery, Pathway Analysis, Epigenomics, and Other Study Types. Based on Application, the market is segmented into Drug Discovery and Development, Diagnostics, Agriculture and Animal Research, and Other Applications. Based on End User, the market is segmented into Government and Academic Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and Other End Users. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Genomics Market Analysis by Study Type
The market was dominated by the functional genomics segment in 2023 with a significantly large revenue share of 32%. 1%. This segment has gained much importance because of research activities conducted to decipher phenotypical manifestations of various ailments. Most of the cancer gene therapies are based on functional genomic technologies. For instance, in June 2023, scientists from the European Molecular Biology Laboratory EMBL in Heidelberg improved the performance of CRISPR/Cas9-based functional genomics screens from the single-cell level by employing targeted single-cell RNA sequencing. It provides deep insights into gene expression level measurement from single cells, enabling the analysis of CRISPR/Cas9 functional genomics screens.
The segment in the pathway analysis is projected to exhibit the highest growth potential by 2031. Pathway analysis as applied to the development of next generations of therapeutics is perhaps one of the most rapidly growing fields. Pathway analysis gathered popularity with clinical genomics and with the emergence of personalized therapies. This is because genomics and personalized medicine form a wide approach to analysing signalling pathways and disease networks that is critical in coming up with unique therapeutic solutions.
Genomics Market Analysis by End User
The pharmaceutical and biotechnology companies segment is further dominating the genomics market in 2023 due to escalating need for genomics in drug development and emerging spatial genomics and transcriptomics solutions. Many trials are being conducted using genomic yields in relation to new drug finding. For instance, in June 2022, Illumina Inc. revealed that it will deliver seven abstracts on core oncology studies at the ASCO 2022 meeting showcasing the CGP revolution in precision medicine.
Hospital and clinic segment is expected to show a considerable growth as compared to the previous years in the near future. The cost of conducting genomic sequencing has lowered and most hospitals and clinic are now providing this service to patients. For example, Stanford Medicine offers genetic sequencing for patients with unrecognized or rare disorders.
Global Genomics Market By Deliverables , 2021(%)
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Genomics Market Regional Insights
North America dominated the market in terms of genomics market share in 2023 with a share of 42%. 65%, due mostly to the increased backing from research organizations and pharmaceutical companies. They keep changing the genetics, expression and health and therefore their influence makes genomics important in disease and drugs development. Some examples include the combination project initiated in January 2022 between Illumina, Inc. and Nashville Biosciences, LLC which is affiliated to the Vanderbilt University Medical Center. This collaboration will employ genomics for the purposes of drug discovery and create the best clinico-genomic resource.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to the increasing use of genomics for diagnostics as well as the development of new therapeutic drugs to tackle high disease rates in this region. The large-scale genome sequencing of thousands of Asian samples through projects like Genome Asia 100K, plan to sequence and analyse 100,000 genomes. It is believed that this project could bring progress for medical science especially in terms of developing new drugs for the population and creating comprehensive knowledge about diseases.
Global Genomics Market By Geography, 2021 - 2028
- Largest
- Fastest
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Genomics Market Dynamics
Genomics Market Driver
NGS Applications Propel Genomics Market Growth
- Genomics market is being driven by increased application Next-Generation Sequencing (NGS) which is becoming more widely used in cancer research. Whole-genome sequencing, genome diversity inquiry, metagenomics, epigenetics, the discovery of non-coding RNAs and protein-binding sites, and gene-expression profiling by RNA sequencing are all applications of NGS technologies contributing to Genomics market growth.
Boost in Government Funding Propels Genomics Market
- Funding for genomics activities is increasing to be supported by the government. The Economic Survey brings on record 200 percent increase in FDI in India pharma sector. According to the Union Budget 2022, ‘Genomics and Pharmaceuticals’ has been considered as emerging sectors by providing a encouraging environment for augmentation of domestic competence and encouraging research and development. This increase is expected to foster the growth of the global genomics market in the coming years.
Restraints
Shortage of Skilled Professionals and High Costs Challenge Genomics Market Growth
- There is demand present for genetic workforce. Potential limitation: Like most markets, the genomics market may be limited by the availability of competent personnel. Moreover, the expensive cost of genomic equipment and the problem of data storage due to sequenced data from 2023 to 2031 is expected to affect growth of this market. The integration of genomic approaches and technology in healthcare systems has the potential of enhancing safety, quality, efficiency, and cost-effectiveness. However, the fact that these benefits can be attained is highly dependent on the availability of skilled professionals.
Data Integration Challenges in Genomics Due to Massive Data Generation
- A genetic examination of a single patient can produce around 1 terabyte of data in one encounter. Since genomics can be analysed before or during diagnosis and multiple times during treatment, and can be combined with lab data, clinical observations, tissue biopsy, morphologic data, and imaging data, the volume of new data generated necessitates developing roadmaps and big data solutions for effective integration.
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Genomics Market Competitive Landscape
The genomics market is vast in nature with the presence of major companies in the market using operational strategies to promote their items and develop their market positions. One such strategy is to create new goods in collaboration with other firms in order to broaden their reach to end consumers. In August 2023, Genome Medical Announces the Acquisition of Gene Matters and the Closing of $60 Million Series C Financing.
Genomics Market Top Players Company Profiles
- Illumina, Inc. (US)
- Thermo Fisher Scientific (US)
- Qiagen N.V. (Netherlands)
- BGI Group (China)
- F. Hoffmann-La Roche AG (Switzerland)
- Danaher Corporation (US)
- Pacific Biosciences of California, Inc. (US)
- Oxford Nanopore Technologies, Ltd. (United Kingdom)
- Agilent Technologies, Inc. (US)
- Eurofins Scientific SE (Luxembourg)
- Bio-Rad Laboratories, Inc. (US)
- Myriad Genetics, Inc. (US)
- Fluidigm Corporation (US)
- PerkinElmer, Inc. (US)
- Twist Bioscience Corporation (US)
- Natera, Inc. (US)
- Veracyte, Inc. (US)
- Personalis, Inc. (US)
- 10x Genomics, Inc. (US)
- Quest Diagnostics (US)
Genomics Market Recent Developments
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In May 2024, SOPHiA GENETICS (Nasdaq: SOPH), a cloud-native healthcare technology company renowned for its leadership in data-driven medicine, announced a collaboration with Microsoft and NVIDIA. This partnership aims to utilize their combined expertise in technology and genomics to develop a streamlined and scalable whole genome sequencing (WGS) analytical solution for healthcare institutions, with plans to make the solution available to customers by the end of the year.
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In March 2023, Illumina, Inc. (US) introduced Connected Insights, a cloud-based software designed for tertiary analysis of clinical next-generation sequencing data. This innovative tool aids in genomic profiling for advanced tumors and whole-genome sequencing for rare diseases, among other advanced applications.
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In February 2023, Thermo Fisher Scientific, Inc. (US) unveiled the TrueMark STI Select Panel, a PCR test intended for the detection of Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium, specifically for research purposes.
Genomics Key Market Trends
- Switch to a customised Illumina global screening array (GSA) microarray instead of the Illumina OmniExpress chip. The OmniExpress chip from Illumina will be phased out in favour of the GSA chip. As a result, organisations like Ancestry.com will be obliged to convert to the GSA, acquire Thermo Fisher Scientific goods, or implement next-generation sequencing technology if they continue to utilize this equipment.
- Third-Generation Sequencing (TGS) marks the third revolution in sequencing technology. To stay up with the shifting trends, several firms began developing TGS technology. These new tools allow us to examine genomes in higher detail than ever before. Next-generation sequencing (NGS) has raised the bar in genomic research by allowing for high-throughput sequencing that is quicker, more efficient, and less expensive than Sanger sequencing.
Genomics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, segmentation of the genomics market encompasses product and service, technology, study type, application, end-use, and region. Notably, functional genomics led the market in 2023, driven by research endeavours deciphering disease phenotypes and informing cancer gene therapies. The pathway analysis segment is anticipated to emerge as the most lucrative by 2031, propelled by its vital role in developing next-generation therapeutics. Regionally, North America held the largest market share in 2023, buoyed by robust support from research institutions and pharmaceutical giants. Meanwhile, Asia Pacific is poised to witness the fastest growth, driven by increasing demand for genomics in diagnostics and therapeutic drug development to combat rising disease incidence.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27.81 Billion |
| Market size value in 2031 | USD 411.35 Billion |
| Growth Rate | 19.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Genomics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Genomics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Genomics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Genomics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Genomics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Genomics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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