The genomics market value was $18.2 billion in 2019, and the market is predicted to advance at a CAGR of 12.7% between 2020 and 2030. The increasing implementation of favorable government initiatives, falling costs of sequencing services, and mushrooming requirement for personalized medicine are the major factors driving the progress of the market.
The COVID-19 pandemic has forced several government organizations and industry players to conduct research and development (R&D) activities in the domain of genomics. Several organizations are tracking the spread of the infection and initiating research projects for analyzing infected patients, thereby driving the expansion of the market across the world.
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The consumables category had the largest share of the market revenue in 2019, under the solution segment. This was primarily due to the huge requirement for consumables on account of the fact that a large number of studies are being carried out at research centers and labs all over the world, wherein numerous samples have to be processed.
The sequencing technology category is predicted to demonstrate the fastest growth in the genomics market in the forthcoming years. This is credited to the surging requirement for this technology and its rapidly falling cost across the globe. As per the National Human Genome Research Institute (NHGRI), the total genome sequencing cost fell from around $10,000 in mid-2011 to approximately $1,000 in 2018.
The diagnostics application category contributed the highest revenue to the market for genomics solutions in 2019. This is ascribed to the extensive research that is being carried out on various genetic disorders around the world. Furthermore, the adoption of next-generation sequencing (NGS) in diagnostic centers and hospitals helps medical practitioners conduct better disease detection and management, which, in turn, leads to better healthcare.
Research centers and academic institutes held the largest share in the market revenue generated from 2014 to 2019, under the end user segment. This is attributed to the fact that a large number of genomics-based projects were conducted at private and public research centers, academic institutes, and universities in the past years.
North America was the largest genomics market during the last few years because of the existence of several established industry players in the U.S. Furthermore, the huge investments being made in this field by both public and private organizations, including in research projects, are fueling the expansion of the market. The U.S. is witnessing huge investments in this field because of the initiatives launched by the NHGRI. These programs aim to identify the various barriers limiting the adoption of genomics in clinical care and formulate the best practices and solutions for attaining their widespread incorporation in the country.
The surging number of research activities being carried out in the domain of genomics in India, Japan, and China and the soaring investments being made by public and private organizations for this purpose are the main factors propelling the advance of the market for genomics solutions in the APAC region. Currently, China is contributing heavily to the regional market, as the Chinese government had announced the launch of the precision medicine initiative (PMI) in 2016. Developed with an investment of nearly $9 billion, it aims to boost genomics research in the country over the next 15 years. Furthermore, Australia and India are predicted to make huge revenue contributions to the regional market, through investments and research projects, in the forthcoming years.
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One of the most-prominent genomics market trends is collaborations and partnerships among market players. With the help of these collaborations, companies are improving their product portfolio, promoting technological advancements, and expanding their operations in new locations. For example, an agreement was signed between NuProbe Inc., which is a molecular diagnostics company, and Oxford Nanopore Technologies Ltd. in February 2020. This agreement permits NuProbe Inc. to use Oxford Nanopore’s sequencing technology in various clinical applications, such as cancer.
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The implementation of favorable government policies and initiatives, such as the provision of funds for genomics research, is fueling the expansion of the genomics industry across the world. For example, the Indian government announced in 2019 that the Department of Biotechnology (DBT) would soon launch its first-ever human genome mapping project. This project will help researchers and scientists get closer to devising effective treatments for various critical diseases, such as cancer. The project will involve the scanning of as many as 20,000 Indian genomes over a period of five years, for the development of effective therapies and diagnostic tests.
Another major factor fueling the surge in the genomics market revenue is the rapidly declining cost of sequencing services. As a result, the services and deoxyribonucleic acid (DNA) test kits are becoming more affordable for people. This is fueling the development of novel treatment procedures, which is, in turn, leading to improvements in disease diagnosis and management processes.
The burgeoning requirement for personalized medicine is also driving the progress of the market. Different people react differently to a particular treatment and disease, and this is the primary reason behind the ballooning popularity of personalized medicine. Many pharma and biotech firms and institutions around the world are initiating research projects in order to develop precision medicine, for catering to the specific treatment requirements of patients.
| Report Attribute | Details |
|---|---|
| Historical Years | 2014-2019 |
| Forecast Years | 2020-2030 |
| Base Year (2019) Market Size | $18.2 billion |
| Forecast Period (2020-2030) CAGR | 12.7% |
| Report Coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies’ Strategic Developments, Competitive Benchmarking, Company Profiling |
| Market Size by Segments | Solution, Technology, End User, Application, Geography |
| Market Size of Geographies | U.S., Canada, Germany, France, Italy, U.K., Spain, Netherlands, Russia, Norway, Japan, China, India, Australia, South Korea, Singapore, Brazil, Mexico, Saudi Arabia, South Africa |
| Secondary Sources and References (Partial List) | Department of Health Canada, European Society of Human Genetics, Indian Society of Human Genetics (ISHG), National Human Genome Research Institute (NHGRI), U.S. Department of Health and Human Services, World Health Organization (WHO) |
The global genomics market is consolidated in nature, with the presence of several key players, such as Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Agilent Technologies Inc., Quest Diagnostics Inc., and Danaher Corporation.
In recent years, players in the genomics industry have launched several solutions to address the different needs of medical centers and patients. For instance:
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| Report Attribute | Details |
|---|---|
| Historical Years | 2014-2019 |
| Forecast Years | 2020-2030 |
| Base Year (2019) Market Size | $18.2 billion |
| Forecast Period (2020-2030) CAGR | 12.7% |
| Report Coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies’ Strategic Developments, Competitive Benchmarking, Company Profiling |
| Market Size by Segments | Solution, Technology, End User, Application, Geography |
| Market Size of Geographies | U.S., Canada, Germany, France, Italy, U.K., Spain, Netherlands, Russia, Norway, Japan, China, India, Australia, South Korea, Singapore, Brazil, Mexico, Saudi Arabia, South Africa |
| Secondary Sources and References (Partial List) | Department of Health Canada, European Society of Human Genetics, Indian Society of Human Genetics (ISHG), National Human Genome Research Institute (NHGRI), U.S. Department of Health and Human Services, World Health Organization (WHO) |
The genomics market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Solution
Based on Technology
Based on Application
Based on End User
Geographical Analysis
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