Genomics Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)

As per the research report, Global Genomics Market is expected to reach the market valuation of USD 57,237.1 million by 2027 expanding at a reasonable CAGR of 15.1% during the forecast period (2021-2027) from USD 21,312.6 million in 2020.

The study of genomics is receiving immense attention from investors as well as from the public as it impacts the very core of the lives and all living things around globe. Completing the sequencing of the first human genome in 2003 was a key breakthrough that took over 10 years and cost approximately USD 3 billion. Since then, the sequencing speed of a genome has more than doubled, significantly outpacing Moore's Law. Today’s high throughput sequencing machines process the human genome in a matter of hours at a cost approaching USD 1,000. These advancements have allowed researchers to run more genome analysis in less time, greatly increasing the pace of scientific discovery.

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The surging cancer incidence and reduced sequencing costs is anticipated to boost the market growth. The cost of whole genome sequencing has dropped rapidly over the last decade because of the evolution of the next generation sequencing. The rapid evolution of DNA sequencing technologies in recent years has meant that the cost of sequencing one mega-base of DNA has decreased by almost 60% CAGR over the past decade, from over USD 4,953.6 (£3,600) down to USD 0.041 (£0.03) per mega-base of DNA in April 2015. Few fixed costs are anticipated to be reduced through greater automation, however, other costs such as reagents are unlikely to fall at the same rate.

The rising interest in biomarkers is also driving interest in genomics-related pharmaceutical R&D, which has grown significantly since 2000. Several companies have invested in genomics either through collecting genomic information for databases or by generating research. For instance, Illumina estimated the number of genomes sequenced to be doubled every year, up to 1.6 million genomes in 2017. Furthermore, the increasing government funded initiatives are also anticipated to boost the market. Recently in 2020, the Department of Biotechnology (DBT) initiated the ambitious “Genome India Project” (GIP) to collect 10,000 genetic samples of citizens across India to build a reference genome. This project is led by the Indian Institute of Science's Centre for Brain Research in Bengaluru, which serves as the central coordinator for a collaboration of 20 leading institutions, each of which collects samples and conducts its own research. The precision health, rare genetic disorders, mutation spectrum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research are some of the priority areas.

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Agilent Technologies, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche, Illumina, Myriad Genetics, Oxford Nanopore Technologies, QIAGEN N.V., Thermo Fisher Scientific, and BGI Genomics are some of the prominent players operating in the global Genomics market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst product/services, consumables segment holds the major share”

Based on the product/services type, the market is fragmented into consumables, systems & software, and services. The consumables segment dominated the market with a share of 53.9% in 2020 and is expected to maintain its dominance during the forecast period owing to the increasing number of genomic tests worldwide.

“Amongst technology, sequencing dominated the market in 2020”

The technology type segment is further divided into sequencing, polymerase chain reaction, nucleic acid extraction and purification, microarray, and others. The sequencing segment dominated the market in 2020 generating a revenue of USD 8,388.6 million and is expected to maintain its dominance during the analyzed period. Over the last quarter-century, developments in genomics have resulted in significant cost reductions in genome sequencing leading to the increased utilization of genome sequencing. However, the polymerase chain reaction segment is anticipated to witness the highest CAGR of 15.8% during the forecast period (2021-2027).

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“Amongst application, diagnostics is anticipated to grow at the highest CAGR during the analyzed period”

Further based on application, the market is fragmented into diagnostics, drug discovery and development, personalized medicine, agriculture & animal research, and others. In 2020, diagnostics accounted for a maximum market revenue share of 32.1% and is expected to remain dominant during the analyzed period. However, personalized medicine is anticipated to grow at the highest CAGR over the forecast period and reach a market evaluation of USD 11,001.3 million.

Amongst end-user, pharmaceutical & biotechnology companies segment holds the major share”

Based on the end-user type, the market is fragmented into pharmaceutical & biotechnology companies, hospitals & clinics, academic & government institutes, clinical research, others. The pharmaceutical & biotechnology companies dominated the market in 2020 with revenue of USD 12,991.7 million and is anticipated to maintain its dominance during the analyzed period. However, the hospitals & clinics segment is expected to grow at the highest CAGR during the period.

“North America signifies one of the largest markets of Genomics Market”

For a better understanding of the market dynamics of the Genomics market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD 8,982.8 million in 2020 owing to the increasing cancer incidence and higher government-funded initiatives. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of 16.51% during the forecast period.

Customization Options:

The Genomics Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.