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Valued at $18.2 billion in 2019, the global genomics market size is projected to witness a CAGR of 12.7% during the forecast period (2020–2030). The rising government support and initiatives, reducing cost of sequencing services, and increasing demand for personalized medicine are the key growth factors driving the market.
The COVID-19 pandemic across the world has impelled various market players and government organizations to undertake extensive research in the field of genomics. Many organizations are monitoring the spread of the virus and have initiated research studies to analyze the infected patients.
In 2019, the consumables category generated the highest revenue in the genomics market, on the basis of solution. This was mainly because of the growing number of research projects and surge in the number of samples being processed at labs, research centers, and various other end-use settings, thus generating a high demand for consumables in the market.
The sequencing category, based on technology, is projected to witness the fastest growth in the genomics market during the forecast period. This can be attributed to the increasing demand for this technology and its continuously reducing cost, globally. According to the National Human Genome Research Institute (NHGRI), the cost of genome sequencing had come down to nearly $1,000 in 2018, from approximately $10,000 in mid-2011.
The diagnostics category made the largest revenue contribution to the genomics market in 2019, under the application segment. The market dominance of this category can be attributed to the growing research on various diseases and genetic disorders. Moreover, next-generation sequencing (NGS) in diagnostic facilities helps advance disease detection and management, thus supporting the category’s market dominance.
Among all end users, research centers and academic institutes accounted for the largest share in the overall revenue generation, for the genomics market, during the historical period (2014–2019). This can be ascribed to the fact that most of the genomics-related projects are being conducted at government and non-government research centers and academic institutes and universities, globally.
North America held the largest share in the genomics market during the historical period. The large share of the regional market is mainly due to the presence of established market players in the U.S. Further, several ongoing genomics research projects and huge investments in the field by private and government organizations are strengthening its dominance on the global market. The country has both public and private healthcare systems, and it has been witnessing investments in genomics, particularly as a result of the initiatives by NHGRI. The NHGRI’s genomic medicine programs aim to identify the barriers in the implementation of genomics in clinical care and develop solutions and best practices for widespread dissemination.
The major factors responsible for driving the market growth in APAC are the increasing research activities in the field of genomics, in countries such as China, India, and Japan, and growth in funding from both private and public organizations, for advancing genome research. China is currently contributing significantly to the regional genomics industry. For instance, in 2016, the Chinese government launched the precision medicine initiative (PMI), with an investment of around $9 billion. The initiative was aimed at boosting the country’s research in genomics, over the next 15 years. Moreover, countries such as India and Australia are also expected to make significant revenue contributions to the regional genomics market, through related research projects and investments, in the coming years.
The genomics industry has been witnessing a rise in the number of partnerships among the players. With such collaborations, companies are focusing on enhancing their product portfolio, expanding into new geographies, and promoting innovation and development. For instance, in February 2020, NuProbe Inc., a global molecular diagnostics company, signed an agreement with Oxford Nanopore Technologies Ltd., for the use of Oxford Nanopore’s sequencing in applications such as cancer.
The growth in funding and other initiatives from governments is currently playing a major role in driving the genomics industry, globally. For instance, in 2019, the Indian government announced that the country would launch its first human genome mapping project with the Department of Biotechnology (DBT), to help researchers get closer to developing effective therapies for critical diseases, such as cancer. The project involves the scanning of 20,000 Indian genomes (over a five-year period), for the development of diagnostic tests and effective therapies for disease management. Hence, such government initiatives are expected to provide a boost to the industry.
The genomics industry is witnessing the continuously falling cost of sequencing services. With the falling cost, the services and deoxyribonucleic acid (DNA) kits have become widely available to consumers. This is expected to lead to the development of new treatments and, ultimately, improve the diagnosis and disease management for patients. Hence, it can be concluded that the reducing cost of sequencing services is driving the genomics market, globally.
The increasing demand for personalized medicine is currently boosting the growth of the genomics market. Different patients demonstrate different responses to a particular treatment for the same disease, thereby generating the need for personalized medication, for disease management. The scenario is encouraging institutions and biotech and pharma firms to launch new research projects for the development of precision medicine, to cater to the specific treatment needs of patients, thus driving the industry.
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:
|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
The increasing number of acquisitions, propelled by heavy investments, can be viewed as a major trend in the genomics market.
The rising government support and initiatives, reducing cost of sequencing services, and growing demand for personalized medicine are the major factors driving the growth of the global genomics market.
The U.S. is the largest genomics market, due to the presence of a large number of research centers and innovation labs targeting the sequencing of a large number of human genomes.