Genomics Market by Product & Service (Consumables, Instrument, System & Software), Technology (Sequencing, PCR, Microarray), Study Type (Epigenomics, Biomarker Discovery), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2028
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The global genomics market in terms of revenue was estimated to be worth $46.2 billion in 2023 and is poised to reach $83.1 billion by 2028, growing at a CAGR of 12.4% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The major factors driving the growth of this market include increasing government funding to support genomics projects, rising incidence and prevalence of viral diseases and genetic disorders, growing incidence of cancer and increasing applications of NGS in cancer research, entry of new players and startups in the market, and growing applications of genomics. However, the ethical issues associated with genomics and a dearth of trained professionals are challenging market growth.
Attractive Opportunities in Genomics Market
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Genomics Market Dynamics
DRIVER: Increased government funding to support genomics project
In recent years, governments in various countries have made significant investments in the field of genomics. These government investments have played a major role in the development of new technologies. Mentioned below are some recent examples:
- In December 2022, the UK government announced an investment of USD 190 million (EU 175 million) for genomics research. This research is mainly focused on providing genomic-based diagnosis and treatment options for patients suffering from cancer and children born with treatable rare genetic diseases. The UK government’s initiative “Life Sciences Vision,” launched in 2021, commits to positioning the UK as a global leader in function Genomics.
- In September 2022, the Australian government’s Department of Health announced an investment of USD 500 million over 10 years in genomics research under the Medical Research Future Fund (MRFF). Through this investment, the government plans to support researchers for genomics in medicine (testing, diagnosis, and treatment) and make a positive impact on the lives of more than 200,000 Australians.
- In September 2022, the CDC announced funding of USD 90 million for the Pathogen Genomics Centers of Excellence (PGCoE) network, which will foster and develop pathogen genomics, molecular epidemiology, and bioinformatics in the region.
These funding initiatives are expected to increase the usage of genomics products, which will drive overall market growth.
OPPORTUNITY: Use of genomics in specialized/personalized medicine
Growth in the personalized medicine market is set to offer an array of opportunities for players operating in the market. Various pharmaceutical companies are increasingly investing in personalized medicine research. Personalized medicine enables medical practitioners to identify the exact needs of a patient and then prescribe medicines and treatments accordingly. This approach guarantees better care outcomes. Moreover, it is expected that advancements in the field of gene therapy have the potential to replace traditional drugs and surgeries by enabling doctors to treat a disorder by inserting a gene into a patient’s cell.
In September 2022, QIAGEN (Germany) and Neuron23 Inc. (US), an early-stage biotechnology company engaged in developing precision medicine for genetically defined neurological and immunological diseases, entered into an agreement to develop a companion diagnostic for Neuron23’s brain penetrant leucine-rich repeat kinase (LRRK2) inhibitor for Parkinson’s disease. In May 2022, Illumina (US) announced a long-term strategic partnership with Janssen to accelerate the development of precision medicine. Through this partnership, Illumina will support drug discovery with whole-genome sequencing (WGS) and other multi-omic methodologies using Illumina Lab Services. Such developments are indicative of the significant opportunities related to the use of NGS in precision medicine and molecular diagnostics.
CHALLENGE: Secured storage of large volume of sequenced data
The market has witnessed substantial growth in the past few years as a result of scientific breakthroughs. The market is mainly driven by falling prices of sequencing technologies and initiatives by governments in various countries focusing on the use of genomics in personalized medicine. These factors are increasing the adoption of various genomic tests for diagnosis, owing to which a large amount of data is generated.
The human genome consists of approximately 3 billion DNA nucleotides, and it is estimated that approximately 100 GB of data is stored in all the genomes of an individual. According to Nature Magazine, ~30,000 genomes have been sequenced, representing ~3 PB (petabytes) of data. Cloud computing is the most common method of storing this large volume of data and provides access to scientists, clinicians, and consumers across various geographies. However, the security of genetic data collected and stored is a major concern.
Genomics companies are increasingly focusing on reducing the complexity of data interpretation and management. In May 2020, QIAGEN N.V. (Netherlands) introduced a new QCI Interpret One software solution. It joins the QIAGEN Clinical Insights (QCI) portfolio, which has been used to analyze and interpret next-generation sequencing (NGS) data from 1.6 million clinical cases to date. QCI Interpret One enables molecular pathologists to more rapidly and confidently deliver clinically relevant reports designed to improve patient outcomes based on complex genomic testing data. Also, issues regarding storage have increased; it is estimated that over 100 million genomes will have been sequenced by 2025 as part of genomic projects. However, just one human genome sequence produces approximately 200 gigabytes of raw data, and if the sequencing of 100 million genomes by 2025 is to be done, then there will be over 20 billion gigabytes of raw data that is accumulated. Genomics data analysis also needs to be carried out, which generates an additional 100 gigabytes of data per genome and requires massive computing power, which cannot be feasible economically for many biopharmaceutical companies and research institutes. This large-scale generation of data and data storage may become a challenge in the future.
Genomics Market Ecosystem
The market ecosystem comprises of product and service providers and end users such as Hospital and Clinics, Research Centres, Pharmaceutical and Biopharmaceutical companies, and Academic Research Institute. Raw material suppliers and service providers offers various supplies and services, such as instruments, systems, & software, consumables & reagents, services for genomics application such as diagnostics, precesion medicine, drug discovery and development, Agrigenomics, Animal Research, Forensics applications, and Marine Research & Food Applications.
The prominent genomics product and service providers are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche, Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), Eurofins Scientific (France), Pacific Biosciences (US), Oxford Nanopore Technologies plc (UK), Abbott Laboratories (US), Takara Bio Inc. (Japan), BGI Group (China), Eppendorf AG (Germany), Merck KGaA (Germany), New England Biolabs (US), Promega Corporation (US), Creative Biogene (US), Novogene Co., Ltd. (China), 23andMe, Inc. (US), 10x Genomics (US), Ultima Genomics, Inc. (US), Freenome Holdings, Inc. (US), Helix OpCo, LLC (US), Polaris Genomics (US), Personalis, Inc. (US), Myriad Genetics, Inc. (US), Quest Diagnostics (US), Phalanx Biotech Group (US), and genomiQa Pty Ltd. (Australia).
Ecosystem Analysis: Genomics Market
Source: Annual Reports, SEC Filings, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis
Based on product and service, consumables and reagent segment accounted for the largest market share of the genomics market
Based on product and service, the market is segmented into consumables and reagents, services, and instruments, systems, and software. In 2022, the consumables and reagents segment accounted for the largest share of the market. Consumables are used in large numbers in genomic systems, and their use will continue to increase with the growing number of genomic tests performed across the globe. This is a key factor driving market growth.
Based on technology, sequencing segment accounted for the largest market share of the genomics market
Based on technology, the market is segmented into sequencing, PCR, microarrays, flow cytometry, and other technologies. In 2022, the sequencing segment accounted for the largest share of the market. The advantages associated with sequencing technologies, such as ultra-high-throughput, scalability, and high speed, enable researchers to perform a wide range of applications, including animal breeding, agriculture, and human genomics.
Based on application, drug discovery and development segment accounted for the largest market share of the genomics market
Based on application, the market is segmented into drug discovery and development, diagnostics, agriculture and animal research, and other applications. Drug discovery and development was the largest application segment in the market in 2022. The large share of this segment can be attributed to the increasing research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing.
The North American market is projected to contribute the largest share for the genomics market.
The global market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for genomics, with an estimated share in 2022, while Europe is the second-largest market. Favorable initiatives by government and private bodies for the development and adoption of genomics, wide adoption of NGS and PCR-based diagnostics in the region, an increasing number of genomics startups in the region, growing research on cancer, rising awareness of genomics services, and the presence of prominent players in the market, such as Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), and Danaher Corporation (US), are driving the growth of the market in North America.
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The genomics market is dominated by a few globally established players such as Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany), among others, are the key players that provided genomics product and service in the last few years. Major focus was given to the deals, expansions, and new product and service launches due to the changing requirements of hospital and clinics, pharmaceutical and biopharmaceutical companies, academic and research institutes, and other end users across the world.
Genomics Market Report Scope
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$46.2 billion |
|
Projected Revenue by 2028 |
$83.1 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 12.4% |
|
Market Driver |
Increased government funding to support genomics project |
|
Market Opportunity |
Use of genomics in specialized/personalized medicine |
This report categorizes the genomics market to forecast revenue and analyze trends in each of the following submarkets:
By Product & Services
- Consumables and Reagents
- Services
- Instruments, Systems, and Software
By Technology
- Sequencing
- PCR
- Flow Cytometry
- Microarrays
- Other Technologies (electrophoresis, southern blotting, isothermal nucleic acid amplification, and in situ hybridization)
By Application
- Drug Discovery and Development
- Diagnostics
- Agriculture and Animal research
- Other Applications (marine research, biofuel research, food industry, and forensics)
By Study Type
- Functional Genomics
- Biomarker Discovery
- Pathway Analysis
- Epigenomics
- Other Study Types (structural genomics, comparative genomics, and mutation genomics)
By End User
- Hospitals and Clinics
- Academic and Research Institutes
- Pharmaceutical & Biotechnology companies
- Other End Users (agrigenomics organizations, marine research organizations, forensic organizations, and food organizations)
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
-
Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
Recent Developments
- In March 2023, Illumina, Inc (US) launched Connected Insights, a new cloud-based software that enables tertiary analysis for clinical next-generation sequencing data. This software will help the genomic profiling (CGP) for advanced tumours along with whole-genome sequencing for rare diseases and other advanced applications.
- In February 2023, Thermo Fisher Scientific, Inc. (US) launched TrueMark STI Select Panel, a polymerase chain reaction (PCR) test designed to detect Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium for research applications only.
- In February 2023, Eppendorf AG (Germany) expanded its production facility in China by signing a contract for building a new production site in Shanghai.
- In October 2022, Oxford Nanopore Technologies (UK) collaborated with 10x Genomics (US) to enable a streamlined workflow for sequencing full-length transcripts in single reads on highly accessible Oxford Nanopore devices.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the genomics market?
The genomics market boasts a total revenue value of $83.1 billion by 2028.
What is the estimated growth rate (CAGR) of the genomics market?
The global genomics market has an estimated compound annual growth rate (CAGR) of 12.4% and a revenue size in the region of $46.2 billion in 2023.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
This research study involved the extensive use of secondary sources, directories, and databases to identify and collect valuable information for the analysis of the global genomics market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess growth prospects of the market. The global market size estimated through secondary research was then triangulated with inputs from primary research to arrive at the final market size.
Secondary Research
The secondary sources referred to for this research study include publications from International Chromosome and Genome Society (ICGS), International Mammalian Genome Society (IMGS), International Agency for Research on Cancer (IARC), National Human Genome Research Institute (NHGRI), Centers for Common Disease Genomics (CCDG), National Institutes of Health (NIH), International Service for the Acquisition of Agri-Biotech Applications (ISAAA), Genome Canada, European Society of Human Genetics (ESHG), Genomics England, Genome British Columbia, Beijing Institute of Genomics, Centre for Cellular & Molecular Biology (CCMB), Japan Agency for Medical Research and Development (AMED), Kinghorn Centre for Clinical Genomics (KCCG), King Abdulaziz City for Science and Technology (KACST), São Paulo Research Foundation (FAPESP), Brazilian Agricultural Research Corporation (Embrapa). Secondary sources also include corporate and regulatory filings, such as annual reports, SEC filings, investor presentations, and financial statements; business magazines & research journals; press releases; and trade, business, and professional associations. Secondary data was collected and analyzed to arrive at the overall size of the global genomics market, which was validated through primary research.
Primary Research
Extensive primary research was conducted after acquiring basic knowledge about the global genomics market scenario through secondary research. Several primary interviews were conducted with market experts from the demand side, such as personnel from hospitals and clinics, academic and research institutes, pharmaceutical and biopharmaceutical industries, and experts from the supply side, such as C-level and D-level executives, product managers, marketing & sales managers of key manufacturers, distributors, and channel partners. These interviews were conducted across four major regions, including North America, Europe, the Asia Pacific, Latin America, and Middle East and Africa. Approximately 80% and 20% of primary interviews were conducted with supply-side and demand-side participants, respectively. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews.
The following is a breakdown of the primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The global size of the genomics market was estimated through multiple approaches. A detailed market estimation approach was followed to estimate and validate the value of the market and other dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive primary and secondary research.
- The revenues generated from the genomics business of leading players have been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Approach 1: Bottom-up approach: Company Revenue Analysis
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Approach 2: MnM Repository
For estimating the genomics market, related market reports in the MnM repository, including the next-generation sequencing services market, PCR technologies market, microarray market, flow cytometry market, electrophoresis market, isothermal nucleic acid amplification technology market, and in situ hybridization market, were considered. The global and regional market values of the genomics and dependent submarkets were extracted from the MnM repository and validated through secondary and primary research. The final global market size was triangulated through the average of all approaches and validated through primary interviews with industry experts.
Data Triangulation
After arriving at the market size from the market size estimation process explained above, the total market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Market Definition:
Genomics is a branch of molecular biology that involves the study of the structure, function, evolution, and mapping of genomes. It applies the techniques of genetics, molecular biology, and bioinformatics to sequence, assemble, and analyze the function and structure of the genome of a selected organism for the purpose of analysis. Genomics is widely used in diagnostics, drug discovery and development, animal and agricultural research, forensics, and aquaculture research, among others.
Key Stakeholders
- Genomics Instrument/System Manufacturing Companies
- Suppliers and Distributors of Genomic Instruments/Systems, Consumables, and Services
- Hospitals, Diagnostic Centers, and Medical Colleges
- Research Institutes
- Teaching Hospitals and Academic Medical Centers (AMCs)
- Government Bodies/Municipal Corporations
- Business Research Firms
- Venture Capitalists
- Pharmaceutical and Biopharmaceutical Companies
Report Objectives
- To define, describe, and forecast the genomics market on the basis of product & service, application, technology, study type, end user, and region
- To provide detailed information regarding the factors influencing the market growth (such as drivers, opportunities, challenges, and trends)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To profile the key players in the global market and comprehensively analyze their core competencies and market rankings
- To forecast the size of the market segments in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
- To track and analyze competitive developments such as product and service launches, expansions, acquisitions, partnerships, collaborations, and agreements in the market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Geographical Analysis
- Further breakdown of the RoE market, by country
- Further breakdown of the RoAPAC market, by country
- Further breakdown of the RoLA and MEA markets, by country
Company Information
- Detailed analysis and profiling of additional market players (Up to five)
Segment Analysis
- Further breakdown of the technology segment as per the product and service portfolio of prominent players operating in the market.
Growth opportunities and latent adjacency in Genomics Market
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