Genomics Market Size To Reach $94.86 Billion By 2030 | CAGR: 16.5%

Genomics Market Growth & Trends

The global genomics market size is expected to reach USD 94.86 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 16.5% in the forecast period owing to the increasing demand for novel therapeutic and research applications in genomics. Moreover, it is extensively used for a wide variety of applications, such as pharmacogenomics, and metagenomics. The emerging applications of genomics are braced up by industrial collaborations and expansions. For instance, in June 2020, Merck & Co., Inc., and 10x Genomics, Inc., collaborates to develop powerful genomics-based experiments to better understand the relationship between specific genes and disease by using 10x Genomics’ barcode technology to screen single cells using CRISPR libraries.

Technological advancements in the genomics market such as research on chromosomal instability and gene signatures utilizing unique samples from huge databases give out comprehensive insights into their clinical applicability. For instance, in June 2022, researchers from Cambridge University and the National Cancer Research Center (at Madrid, Spain) deduced to track chromosomal instability and copy number variations to understand the role of internal factors in driving such genomic alterations in cancers that are fatal in nature.

Diseases caused by genetic inheritance can cause a wide range of disease conditions such as cardiovascular, diabetes, and cancer conditions. Genetic disorders can be effectively combatted by understanding specific characteristics of an individual’s genome sequence. For instance, in November 2021, Illumina, Inc. and the Genetic Alliance, collectively declared the launch of the iHope genetic health program so as to facilitate access to whole-genome sequencing to survivors of genetic disorders across the globeDee with one-third of the efforts to support subjects in Africa.

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The market is positively driven by the lucrative support from the government and other research organizations for advancement in research on the genome sequence. There has been an increasing focus on funds for data-driven initiatives on genome sequence research to derive outcomes that are helpful for the treatment of rare diseases, infectious diseases, inherited disorders, and cancers. For instance, in August 2022, Medical Device Innovation Consortium launched its somatic reference samples initiative to develop clinically relevant samples and public genomic datasets to aid the enhancement of NGS-based cancer diagnostics. Similarly, in September 2022, the Centres for Disease Control (CDC) declared 5-year awards to establish the pathogen genomics centers of excellence (PGCoE) network to foster innovation and capabilities in bioinformatics, pathogen genomics, and molecular epidemiology.

One of the most important factors anticipated to impact the genomics market is how much and to what extent the medical community will make use of available genomic information in personalized medicine. Furthermore, plummeting costs of sequencing support an increase in the adoption of whole genome sequencing. Scientists are combining the data generated from sequencing with diagnostics, which has proven effective in enhancing the personalized treatment landscape. According to a report published by OGL, as of July 2021, the UK exceeded 600,000 SARS-CoV-2 genomically sequenced tests. Genomic sequencing has been helpful in the fight against SARS-CoV-2 by quickly identifying variations that are of concern, elucidating how they spread, and halting them.

Market Concentration & Characteristics

Market growth stage is moderate, and pace of the market growth is accelerating. The genomics market is characterized by a moderate-to-high degree of growth owing to increasing investment in R&D programs, advancements in technology, decreasing costs of sequencing, and increasing applications in various fields such as healthcare, agriculture, and personalized medicine. Furthermore, the market is also characterized by ongoing research and development activities, with companies investing in new technologies, methodologies, and applications. This included the development of cell genomics, proteomics, and advancements in bioinformatics. As per IQVIA, the number of genomes studied is predicted to increase to 52 million by 2025, bringing us new potential to treat chronic diseases and assess patient vulnerability to infections like COVID-19.

Growth of genomic data pool from research studies has helped biologists, patients, and physicians to investigate the genetic predisposition for some of the diseases. The clinical application of this data pool is expected to transform the healthcare system related to the provision of more effective, reliable, and accurate, disease management solutions. Although the clinical use of genomic data is still in the nascent stage, the industrial and healthcare communities are making efforts to successfully incorporate genetic data into clinical workflows.

Application Insights

The functional genomics segment dominated the overall market with the largest revenue share of 32.1% in 2023. The dominance of the segment can be attributed to research studies aiming to understand a particular phenotypical expression of a given disease condition. Many gene therapies for cancers are designed on the basis of functional genomic technology. For instance, in June 2020, researchers at European Molecular Biology Laboratory (EMBL) at Heidelberg increased the scalability and precision metrics of functional genomics CRISPR/Cas9 gene-based screens through targeted single-cell RNA sequencing. Single-cell RNA sequencing gives deep insights into levels of gene expression in individual cells and can capably analyze CRISPR/Cas9 functional genomics screens.

Deliverables Insights

The product segment dominated the market in 2023. The products used in genomics are broadly segmented into two categories—instruments or systems that are required for the synthesis and sequencing of the nucleic acid sequences and consumables & reagents.

The increase in preference for personalized medicines and decline in costs of DNA sequencing owing to the launch of NGS technology resulted in the development of novel products or systems. The genomics market is gradually becoming more competitive with new product launches. For instance, in June 2022, PerkinElmer introduced an automated benchtop system for NGS, the research-use only BioQule NGS System to automate library preparation.

End-user Insights

The pharmaceutical and biotechnology companies segment led the market in 2023. This is attributed to the increasing demand for use of genomics in drug discovery. Moreover, the market is driven by increasing adoption of spatial genomics & transcriptomics technologies. Numerous trials are underway for novel drug discovery using underlying knowledge from genomics. For instance, in June 2022, Illumina Inc., declares that it will present seven of their abstracts regarding the key oncology research at the American Society of Clinical Oncology (ASCO) 2022 in further to an event to discuss the transformational impact of comprehensive genomic profiling in precision medicine.

Regional Insights

North America accounted for the largest market share of 42.65% in 2023. This is attributed to the support of research institutes and pharmaceutical giants. Genomics is now an integral part of any disease research and drug discovery due to the implications of genetic expression on human health. There are emerging advancements in the region for the utility of genomics with collaborative efforts. For instance, in January 2022, Illumina, Inc. collaborated with Nashville Biosciences, LLC, (part of Vanderbilt University Medical Center at Tennesee), for drug development by using genomics and to establish a preeminent clinico-genomic resource.

Key Companies & Market Share Insights

The market players operating in the genomics market are adopting product approval to increase the reach of their products in the market and improve the availability of their products & services in diverse geographical areas, along with expansion as a strategy to enhance production/research activities. In addition, several market players are acquiring smaller players to strengthen their market position. This strategy enables companies to increase their capabilities, expand their product portfolios, and improve their competencies.

Key Genomics Companies:

• Agilent Technologies
• Bio-Rad Laboratories, Inc.
• BGI Genomics
• Color Genomics, Inc.
• Danaher Corporation
• Eppendorf AG
• Eurofins Scientific
• F. Hoffmann-La Roche Ltd.
• GE Healthcare
• Illumina, Inc.
• Myriad Genetics, Inc.
• Oxford Nanopore Technologies
• Pacific Biosciences of California, Inc.
• QIAGEN N.V.
• Quest Diagnostics Incorporated
• Thermo Fisher Scientific, Inc.
• 23andMe, Inc.

Recent Development

• In November 2023, Fabric Genomics collaborated with DNAnexus and Oxford Nanopore Technologies for deployment of CLIA/CAP labs in pediatric and neonatal ICU’s. The labs will use Oxford Nanopore’s platforms to study genetic disorders in infants.
• in February 2023, Illumina, Inc. entered into a collaboration with African Centre of Excellence for Genomics of Infectious Diseases to start a training institute to increase genomic capabilities in African region
• In January 2023, SOPHiA GENETIC collaborated with the Memorial Sloan Kettering Cancer Center (MSK), a U.S. Cancer Center, to offer researchers and clinicians solutions to expand analytical and testing capabilities.

Genomics Market Report Highlights

• The overall growth of the genomics market is attributed to the rising dependence of novel therapeutics for genetic disorders and cancers on genomics-based understanding
• Functional genomics held the largest market share in the year 2023, owing to the demand for rising applications in diagnostics and gene therapy. Biomarker discovery is anticipated to be the fastest-growing segment in the forecast period due to rising applications of biomarkers in disease and therapeutics research
• North America dominated the market in 2023 due to the presence of key players and rising support from the government and research institutes to advance the research on Genomics in the region

Genomics Market Segmentation

Grand View Research has segmented the global genomics market based on application, technology, deliverables, end-use, and region:

Genomics Application & Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Functional Genomics
• Real-Time PCR
• Transfection
• SNP Analysis
• Mutational Analysis
• Microarray Analysis
• RNA Interference
• Epigenomics
• Bisulfite Sequencing
• Chromatin Immunoprecipitation (ChIP & ChIP-Seq)
• Methylated DNA Immunoprecipitation (MeDIP)
• High Resolution Melt (HRM)
• Chromatin Accessibility Assays
• Microarray Analysis
• Pathway Analysis
• Microarray Analysis
• Bead-Based Analysis
• Real-time PCR
• Proteomics tools (2-D PAGE; yeast 2-hybrid studies)
• Biomarker Discovery
• DNA Sequencing
• Microarray Analysis
• Real-time PCR
• Mass Spectrometry
• Statistical Analysis
• Bioinformatics
• Others

Genomics Deliverables Outlook (Revenue, USD Million, 2018 - 2030)

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

Genomics End-use Outlook (Revenue, USD Million, 2018 - 2030)

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

Genomics Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Denmark
• Sweden
• Norway
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Thailand
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait

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