May 22, 2024
Genomics Market

The Global Genomics Market Is Driven By Increasing Adoption Of Precision Medicine

Genomics involves the study of genomes, which is set of genes in living organisms. It involves various techniques such as DNA sequencing, gene expression profiling, and others to study genomes of humans, plants, and animals. With growing adoption of precision medicine globally, demand for genomics techniques has been increasing significantly. Precision medicine uses genomics and other omics data to customize the treatment for each individual patient based on their genetic makeup. This allows for more effective treatment options tailored specifically for a patient. Growing use of precision medicine in oncology is a major driver for genomics market growth.

The global genomics market size offers techniques and tools to researchers and medical professionals for studying genomes. These help in understanding genetic variations better, which can be useful in disease diagnosis and developing new treatment plans. Genomics techniques enable targeted drug development by identifying molecular targets and biomarkers. They help understand disease predisposition, progression, and outcomes at individual level. Growing applications in forensics, ancestry testing, and agriculture are further boosting the genomics market. The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Next generation sequencing (NGS) is experiencing rise in adoption. NGS techniques such as whole genome sequencing help analyzing complete set of DNA including genes rapidly and at lower costs compared to Sanger sequencing. Genome sequencing plays a major role in precision medicine by detecting genetic variations related to diseases. Growing clinical applications of NGS is a major trend in the genomics market. Partnerships between research institutes and industry players are also on a rise to accelerate genomics research and its applications. Genome analysis startups are emerging which offers genomics services to various end users globally. However, challenges around data analysis, storage and handling of large genomic datasets generated through NGS exist.

Porter’s Analysis
Threat of new entrants: The genomics market requires huge capital investments and R&D efforts. Also, the market is dominated by few large established players making entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products offered by vendors.
Bargaining power of suppliers: A few global players control the supply of raw materials and technologies used in genomics market giving them higher bargaining power.
Threat of new substitutes: There exists a low threat from substitutes due to lack of replacement for genomics in various applications.
Competitive rivalry: The market is competitive due to presence of global players adopting strategies like mergers, acquisitions and partnerships.

Key Takeaways

The global genomics market is expected to witness high growth over the forecast period supported by increasing demand for personalized medicine, reduction in sequencing costs and increasing applications in non-invasive prenatal testing.

Regional analysis: North America dominates the market currently due to presence of leading genomics players, high adoption rates and availability of reimbursements. Asia Pacific is expected to witness fastest growth fueled by increasing healthcare investments, growing genomics research and large patient pool.

Key players: Key players operating in the genomics market are R1 RCM, Oracle, Optum, AdvantEdge Healthcare, McKesson Corporation, Change Healthcare, 3M, Experian plc, Conifer Health Solutions, and GE Healthcare . These players are focusing on strategies like partnerships, collaborations and new service launches to expand their offering and market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it