Genomics refers to the study of genes and their functions. It involves sequencing and analyzing genomes of organisms such as humans, animals, plants, fungi, and microorganisms to understand how their genes work. Genomics has wide applications in healthcare, agriculture, biotechnology, and other fields. For instance, in healthcare, genome analysis helps in developing personalized medicines and diagnosing rare genetic disorders. In agriculture, genomics assists in developing disease-resistant and high-yield crops. The global genomics market caters to sequencing instruments and consumables, bioinformatics tools and services, sample preparation products, and microarrays used in genome analysis procedures.
The global genomics Market is estimated to be valued at US$ 46.2 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rapid Decline of DNA Sequencing Costs: Significant decline in DNA sequencing costs is one of the key drivers fueling the genomics market growth. For instance, the cost of whole human genome sequencing has dropped from US$ 3 billion in 2001 to around US$ 600 in 2021. Reduced sequencing costs have made genomics applications more affordable and accessible to large population groups and researchers globally, which is increasing market demand. Lower costs are also aiding industry players to develop more advanced genome analysis tools and services. The continuous decline in sequencing costs is expected to promote genomic applications and widespread adoption of personalized medicines over the forecast period.
Another driver is the rising R&D activities in genomics. Researchers, academic institutions, biotech firms and pharmaceutical players are increasingly investing in genomics research and clinical trials to develop novel diagnostics, therapeutics and personalized treatment strategies. According to the Genomic Applications Partnership (GAP) program sponsored by National Human Genome Research Institute (NHGRI), there are over 3,000 genomics studies ongoing globally. Such intensive R&D efforts are anticipated to drive innovation and commercialization of advanced genomics technologies and tests in the market.
The Genomics Market Size is dominated by the diagnostics segment that accounted for nearly 45% share of the global market in 2022. Genomic diagnostics help in disease diagnostics and personalized medicine through predictive, preventive, and participatory healthcare approaches. Next generation sequencing and microarray technologies have enabled large scale analysis of DNA sequences which is fueling growth of the diagnostics segment.
Political: Government initiatives to promote genomic research and funding for development of genomic technologies is driving market growth. However, strict regulatory norms for clinical trials can restrain market growth.
Economic: Rising healthcare expenditure, increasing incidences of chronic diseases, and growing trend of personalized medicine are fueling demand for genomic technologies and services.
Social: Increasing awareness about genomic technology applications, cost effective direct-to-consumer genomics tests, and rising acceptance of personalized medicine is supporting market growth.
Technological: Advancements in sequencing technologies, bioinformatics tools, and declining pricing of genomic services is increasing adoption of genomics in clinical and research applications. Next generation sequencing technologies are enabling large scale genomic analysis.
The global genomics market size was valued at US$ 46.2 Bn in 2023 and is expected to reach over US$ 95 Bn by 2030, expanding at a CAGR of 10% during the forecast period.
North America is expected to continue dominating the genomics market during the forecast period, driven by increasing healthcare investments, favorable government policies for precision medicine, and strong foothold of leading market players in the US. The Asia Pacific region is projected to witness fastest growth during the forecast period supported by rising healthcare spending, expanding biotechnology industry, and growing awareness.
Key players operating in the genomics market are Signify Holding, Illumina Inc, Qiagen N.V., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Agilent Technologies Inc., Bio-Rad Laboratories Inc., BD, and Danaher. Illumina and Thermo Fisher Scientific are the leading players due to their strong product portfolio and global presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it