Newly-released Genomics industry analysis report by Future Market Insights shows that global sales of Genomics in 2021 were held at USD 24.3 Billion. With 19.8%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth.
Functional Genomics is expected to be the highest revenue-generating type, expected to grow at a CAGR of 23% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Global Genomics Market (2022) | USD 28.5 Billion |
| Global Genomics Market (2032) | USD 170.5 Billion |
| Global Genomics Market CAGR (2022 to 2032) | 19.8% |
| USA Genomics Market CAGR (2022 to 2032) | 22% |
| Key Companies Profiled | Thermo Fisher Scientific; Agilent Technologies; Beijing Genomics Institute; Bio-Rad Laboratories; Danaher Corporation; F. Hoffmann-La Roche Ltd.; GE Healthcare; Illumina Inc.; Oxford Nanopore Technologies; QIAGEN N.V.; Myriad Genetics, Inc.; Quest Diagnostics Incorporated; Eppendorf AG; Eurofins Scientific |
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As per the Genomics industry research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Genomics industry increased at around 16% CAGR, wherein, countries such as the USA, United Kingdom, China, South Korea, and Japan held a significant share in the global market. Owing to this, the Genomics market is projected to grow at a CAGR of 19.8% over the coming 10 years.
Scientists have researched genetic vulnerability and intensity to coronavirus disease 2 by using scientific studies and exploiting existing databases of genetic information. Genome-wide association studies (GWAS) using genomic modeling and multi-omic approaches have revealed different biological networks and social influences on diseases.
Similarly, genomic data such as polygenic risk scores (PRS), ABO blood groups, and HLA haplotypes may be used to discover comorbidities, resistance, and susceptibility to suspected COVID-19 patients. Biobanks that connect electronic health records (EHRs) to genetic data can be utilized to research the association between genomic factors of suspected SARS-CoV-2 patients' health histories.
The COVID-19 Host Genetics Initiative, led by researchers at FIMM, aims to encourage the human genetics community to the analysis of, share, and collect data in order to promote research into elements that explain the severity of COVID-19, the susceptibility of a person to the infection, and its possible outcomes. DeCODE genetics, an Icelandic genomics solutions provider, used SARS-CoV-2 genome analysis to track the virus's propagation.
In addition, the business has also teamed up with the Icelandic government to sequence the genomes of viral hosts. Similarly, the Greek government supported the COVID-19-GR program, which genotyped 3,500 COVID-19 patients, performed WGS on the SARS-CoV-2 genome received from these patients, and performed immunogenomic analysis. The whole collection of these data, as well as extensive clinical information, is available from the Greek COVID-19 registry.
In the foreseeable future, prenatal genetic screening techniques are likely to grow rapidly. Because these programs assist pregnant mothers in spotting genetic problems in their infants, this is the case. Within the next ten years, every newborn's genome is projected to be sequenced and preserved in an electronic medical record.
Emerging firms such as Counsyl and Natera to maintain their competitive advantage in the sector, measuring the future market possibilities of genomics in the newborn screening program, have released several genetic tests.
Research projects in the region involving the use of genomic technology and genomic sequencing are increasing, and the idea is that the growth of one of these initiatives will continue at 20% in the subsequent years. One noteworthy research study is represented by the GenomeAsia 100K Project, which uses whole-genome sequencing (WGS) to facilitate discoveries regarding Asians.
The method was tested throughout the region. Furthermore, by expanding the number of approvals, helpful regulatory authorities contribute to market growth. The National Cancer Center (NCC) of Japan, in collaboration with Foundation Medicine and Chugai Pharmaceutical, Ltd., announced in February 2020 that FoundationOneLiquid would be used in the third stage of Japan's cancer genomic screening consortium. The market for genomic testing services in Japan grew as a result of this.
The USA dominated the global market with a share of over 30% in 2021, due to an increase in the number of research programs, numerous strategic alliances, and a higher share of FDA approvals by the USA FDA. In this market, reimbursement and usage policy decisions may increase the adoption of genetic tests.
In January 2020, Color Genomics, Inc., in collaboration with NorthShore University Health System, implemented clinical genomics into routine care under the United States health program. Furthermore, the company also aided Sanford in its genomics initiative, Imagenetics, to enhance medical decision-making.
The market in the United Kingdom is expected to account for USD 7.5 Billion by 2032. From 2022 to 2032, the market in the country is expected to grow at a CAGR of 20.4% to gross an absolute dollar opportunity of USD 6.3 Billion.
In Japan, the market is projected to reach a valuation of around USD 6 Billion by 2032. The market is expected to score an absolute dollar opportunity of around USD 5 Billion, growing at a CAGR of 19.3% from 2022 to 2032.
The market in South Korea is expected to reach a valuation of USD 2.6 Billion by 2032. Growing at a CAGR of 16.2, the market is expected to register an absolute dollar opportunity of USD 2 Billion.
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Functional genomics, with a revenue share of 32% in 2021, held the highest revenue share. Real-time PCR was the most profitable method in functional genomics. Real-time quantitative PCR has assisted the absolute quantification of genetic components in genomic DNA.
This method was utilized to see if tissue genomic DNA could be used as a global external reference for speeding up the measurement of any target sequence in different species' genomes.
This approach, when combined with reverse transcription PCR, allows researchers to measure low-abundance mRNA, allowing them to calculate relative gene expression at a specific time.
When it comes to detecting minor changes in gene expression, this technique has been shown to be more sensitive than array technology. As a result, its acceptance rate is steadily increasing. In high-throughput research, however, it requires additional input and is found to be less adaptive.
The products category led the market in 2021 owing to the continual launches of nucleic acid extraction reagents and kits by prominent manufacturers. In May 2020, Omega Bio-tek, Inc. introduced the Mag-Bind Viral RNA Xpress Kit. Its kit for isolating viral RNA rapidly and accurately in nasopharyngeal swabs was certified for use in June 2020.
The release of a new purification kit allows an increase in the range of degradation kits used for COVID-19 testing. Similarly, the PHASE Scientific network launched in April 2020 the PHASIFY VIRAL RNA Extraction Kit, which is used to assist in the diagnosis of and pre-emptive control of coronavirus.
This kit helps to purify and concentrate viral nucleic acid found in Patient-Derived Viral Transposon Media (VTM) samples. Similarly, Tent the lack of Omnia Verum was publicized in anticipation of the release of a new kit to simplify the extraction of viral RNA for purposes of helping with the hunt for the coronavirus in October 2020.
Pharmaceutical and biotechnology firms accounted for more than 60% of the market in 2021. Because of the growing number of genetic research investigations, genomic technologies are in high demand among pharmaceutical and biotechnology corporations. Because genomics is important in drug research and development, multiple companies are using genomic approaches to make the process easier and more efficient.
Over the last few years, companies have begun to offer direct-to-consumer genomic tests, resulting in a shift in business methods. Personal genomics companies generate genomic data that pharmaceutical companies are interested in.
Owing to the accessible data analysis and the availability of cheaper data gathering, several new companies joined the genomics market to meet the growing demand. Furthermore, the need for enhanced gene-editing tools in the market is increasing among biotechnology companies.
Biotechnology businesses are forging strategic alliances or licensing agreements to acquire access to this technology. In October 2020, Merck licensed CRISPR technology to Takara Bio USA, Inc. and PanCELLa, Canada. These licenses are intended to boost drug discovery and, as a result, speed up the development of novel treatments.
Key players in the genomics market are purchasing smaller businesses in order to enhance their products in line with the latest innovations. Illumina, Inc., for example, acquired Bluebee in June 2020 to improve genetic analysis. Bluebee's cloud capabilities are projected to lower the costs of sharing, storing, and maintaining genetic data in new products.
The growing number of brands offering cutting-edge technology Genomics, continuous development of characteristics offering the best consumer experience and at prices suitable for different income groups, and a growing e-commerce sector all contribute to market growth.
The key players in the market include Thermo Fisher Scientific, Agilent Technologies, Beijing Genomics Institute, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina Inc., Oxford Nanopore Technologies, QIAGEN N.V., Myriad Genetics, Inc., Quest Diagnostics Incorporated, Eppendorf AG, and Eurofins Scientific.
Some of the recent developments of key Genomics providers are as follows:
Similarly, recent developments related to companies offering Genomics have been tracked by the team at Future Market Insights, which are available in the full report.
The global Genomics market is worth more than USD 24.3 Billion at present.
The value of Genomics is projected to increase at a CAGR of around 19.8% from 2022 to 2032.
The value of Genomics increased at a CAGR of around 16% from 2017 to 2021.
One of the primary driving forces that have boosted genomic companies' investment in the sector is technological breakthroughs in genetic tools and molecular diagnostics.
The top five players in the Genomics market include Thermo Fisher Scientific, Agilent Technologies, Beijing Genomics Institute, Bio-Rad Laboratories, and Danaher Corporation
The top 5 countries driving demand for Genomics are the USA, the United Kingdom, China, Japan, and South Korea.
North America accounted for over 30% of global Genomics demand in 2021.
| Market Expected Value (2023) | USD 202.9 million |
|---|---|
| Market Forecast Value (2033) | USD 394.2 million |
| Market Expected CAGR (2023 to 2033) | 6.9% |
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