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The global genomics market size is estimated to grow by USD 5.21 billion at a CAGR of 3.16% between 2023 and 2028. The market is witnessing robust growth, fueled by escalating investments in research and development and decreasing genetic sequencing costs. This expansion is driven by the burgeoning demand for genome databases, necessitating their creation and enhancement. However, the market confronts challenges, including diverse regulations governing genomics research and testing, a scarcity of proficient genetics experts, and substantial expenses linked to advanced instruments. Key players in the market are focusing on collaborations and partnerships to address these challenges and capitalize on the opportunities presented by this rapidly evolving field.
The introduction of breakthrough technologies in genetics has significantly attracted investments in the research. Investments help research institutes and organizations develop novel therapeutics and personalized medicines for targeted therapies and incurable diseases. Furthermore, the rising focus of researchers on the development of databases such as GenBank and The European Molecular Biology Laboratory (EMBL) Nucleotide Sequence Database has resulted in significant changes in healthcare systems. Further, increasing investments have significantly benefited researchers by enabling easy access to highly advanced products and technologies, such as automated amplification systems and next-generation sequencers. Hence, companies can gain lucrative growth opportunities in the market. Therefore, rising investments in research and development are driving the market growth during the forecast period.
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Technavio has segmented the market into Solution, Application, and Geography.In the product segment of the global market, various tools and technologies are employed to study genetic information and its applications in healthcare and research. Polymerase Chain Reaction (PCR) Biosystems and IsoFast Bst Polymerase reagents are essential for amplifying DNA sequences, aiding in the detection and analysis of genetic variations associated with diseases like cancer and viral infections. Microarrays play a crucial role in analyzing gene expression patterns, enabling researchers to study the genetic basis of chronic diseases and develop personalized treatment strategies. Nucleic acid extraction kits are fundamental for isolating DNA and RNA from biological samples, facilitating genetic testing and sequencing. Flow cytometry, utilized by companies like Singular Genomics Systems, enables the analysis of individual cells based on their genetic and protein characteristics, aiding in the diagnosis and treatment of various diseases.
Additionally, companies like Complete Genomics and Janssen contribute to the market with advanced technologies and solutions for research and therapeutic applications. With the geographic expansion of companies like Eurofins Scientific and Trivitron Healthcare, the products and services are becoming more accessible, especially in low and middle-income countries, where they can address the unique healthcare challenges and provide solutions for improving population health. The market is driven by the adoption of multi-omic-based approaches, combining the use with other -omics technologies like proteomics and metabolomics, to gain comprehensive insights into biological systems and disease mechanisms. Advancements in genomics are significantly enhancing the development of cancer biologics, enabling more precise and effective targeted therapies for cancer treatment.
The Market share growth by the products segment will be significant during the forecast period. The products segment covers the instruments and consumables used in the research and testing. Instruments include Polymerase chain reaction systems, Clustered Regularly Interspaced Short Palindromic Repeats -Cas systems, next-generation sequencers, and microarray instruments, which are routinely used in performing nucleic acid extraction, isolation, purification, gene cloning/amplification, high-throughput sequencing, and gene expression.
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The products segment was the largest and was valued at USD 26.20 billion in 2018. Further, technological advances such as CRISPR Cas9, NGS, high-throughput synthesizers, and universal polymer supports, which are frequently used in primers and probe production, can provide considerable operational and cost benefits to vendors in the market. For example, the use of NGS technology helps companies simplify the construction of primers and probes from designed sequences by determining millions of fragments per run simultaneously. Also, the utilization of the liquid chromatography-mass spectrometry (LCMS) technology, which uses a low level of hexafluoroisopropanol and triethylamine as a mobile-phase buffer, can improve the characterization and quantitation of nucleotides of interest. In addition, the advent of CRISPR Cas9 for editing is considered a revolutionary technology for target editing and the offering of customized products. Thus, the above-mentioned factors will fuel the growth of the market during the forecast period.
Diagnostics is one of the most important market segments by application in the global market. Diagnostics refers to the process of studying and analyzing an individual genetic composition to diagnose and understand a particular disease or condition. Moreover, Next-Generation Sequencing or NGS is a cutting-edge technology that is revolutionizing the field of genomic diagnostics. By sequencing a patient's DNA, healthcare professionals can analyze large amounts of genomic data with an unprecedented level of speed and precision. NGS reduces the cost of genomic sequencing dramatically and opens up new opportunities for precision medicine. NGS enables the identification of biomarkers or specific genetic mutations associated with specific diseases. Such developments, as well as the rising popularity of and attributes of genomic diagnostics, will propel the growth of the diagnostics segment of the market during the forecast period.
Drug discovery is a process that aims at identifying a compound that may have therapeutic uses in treating and curing diseases. Drug discovery usually begins with molecules that either address biological targets, which have been shown to play a role in disease development and progression, or may have interesting biological activities. New technologies have greatly advanced drug discovery-related activities, making the process more sophisticated, more precise, and less time-consuming. Additionally, the demand for personalized medicine and the increasing need for more efficient and safer drugs have also contributed to the growth of this segment. Such factors will drive the growth of the drug discovery segment of the market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America is the dominating region in the global market, with the US being the leading country in the region. An increase in research funding and the growing developments in precision medicine and personalized therapies have driven the demand for analyses in North America. The market in the US is highly competitive, and vendors are consistently focusing on the development and use of proprietary and innovative technologies in oncology, rare disease diagnosis, and prenatal diagnosis applications. The companies in the market are specifically concentrating on increasing the penetration of their products among end-users, such as biopharmaceutical companies, research institutes, and academic institutions involved in cancer-based translation research, clinical research, and core research activities.
In addition, countries such as the US and Canada are witnessing a rise in investments in research. In September 2022, the Centers for Disease Control and Prevention (CDC) announced funding of USD90 to support the Pathogen Genomics Centers of Excellence (PGCoE) network. Thus, a rise in the number of research activities is expected to drive the US market in North America during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
10X Genomics Inc. - The company offers genomics such as single-cell gene expression and single-cell immune profiling.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing robust growth driven by several key drivers and trends. Advances in Genome technologies, including Next-Generation Sequencing (NGS) and Genome-wide association studies (GWAS), have revolutionized research and diagnosis in areas such as genetic disorders, cancer, and rare disorder diagnosis. These technologies enable more accurate and comprehensive analysis of genetic data, leading to better understanding and treatment of diseases. Additionally, the emergence of Polygenic risk scores (PRS) and the application of Artificial Intelligence (AI) in genomic data analysis enhance predictive capabilities, aiding in disease risk assessment and personalized medicine. As the demand for precision medicine grows, there is a rising need for trained professionals in bioengineering, synthetic biology, and genomics, driving investments in research and development.
Moreover, the increasing focus on ethical issues surrounding genomic research and the development of sensitive instruments ensure responsible and accurate data analysis, bolstering consumer confidence and regulatory compliance. Key stakeholders, including research institutions, pharmaceutical companies, and healthcare providers, collaborate to optimize the genomics value chain and streamline processes. The Life Sciences Vision outlined by organizations like the Science Council and Front Line Genomics guides the market industry efforts toward innovation and collaboration. Conference and webinar materials facilitate knowledge exchange and networking, fostering a dynamic ecosystem conducive to market growth. Overall, the market is propelled by technological advancements, ethical considerations, and collaborative efforts to harness genomic data for improved healthcare outcomes and disease management.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The market is experiencing significant growth due to the increasing necessity to develop and enhance genome databases. These databases serve as vital repositories of genetic information, catering to various research endeavors in genome informatics. With a rising emphasis on reference-based approaches in research, there's a surging demand for accurate and comprehensive genetic databases spanning humans, microbes, viruses, plants, and animals. Notable databases such as GeneBank, EMBL Nucleotide Sequence Database, and NCBI Assembly database are instrumental in advancing genomic research by providing valuable genetic insights.
Private pharmaceutical companies are also investing in population projects aimed at enhancing drug discovery and development efforts. Both government and private entities are prioritizing the creation and improvement of genomic databases, fueling demand for products and services offered by market players. This concerted focus on database development and enhancement is anticipated to drive sustained market growth, offering new avenues for innovation and research in genomics.
Growing demand for direct-to-consumer genetic testing is an emerging trend shaping the market growth. In recent years, there has been a surge in the demand for direct-to-consumer (DTC) genetic testing around the world. This has been driven by a variety of factors, including advances in technology, increased awareness of genetic disorders, and the emergence of personalized healthcare options. The term direct-to-consumer is used to describe the process by which genetic information can be accessed and analyzed without the need for healthcare professionals or third-party intermediaries.
Additionally, most DTC genetic testing is offered by private vendors like 23andMe Inc., Living DNA, and many others. A DTC test provides consumers with information about their genetic background, predisposition to specific diseases, and personalized advice related to the diet, exercise, and lifestyle they need to follow. Such factors will thereby spur the growth of the market during the forecast period.
Varying regulations in research and testing are a significant challenge hindering market growth. Variation in regulatory standards and compliances globally is among the primary challenges faced by vendors in the global market. Vendors offer products that are used in highly regulated applications such as diagnostics, research, therapeutics, and drug discovery, which expose their products to strict compliance requirements in terms of accuracy, quality, safety, and performance. Further, lack of specificity and variation in regulatory standards can create confusion during product compliance among market vendors.
Moreover, to get approval in such a complex regulatory structure, market companies largely depend on third parties that offer consulting services for regulatory compliance. This increases their reliance on third parties and creates a demand for additional investments, resulting in a financial burden and hindering the growth of the market in focus during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Billion for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
The Market is experiencing significant growth driven by advancements in Artificial Intelligence (AI) and Bioengineering, facilitating breakthroughs in drug discovery and development. Companies like Complete Genomics and Janssen are at the forefront, utilizing Next-Generation Sequencing (NGS) and PCR Biosystems for genome-wide studies and gene therapy. Ethical considerations accompany this progress, while conferences by Front Line Genomics and resources from the Science Council aid in training professionals. Geographic Expansion targets low and middle-income countries, addressing rare disorder diagnosis and viral diseases. However, challenges persist in regulatory compliance, skilled labor shortages, and ensuring the availability of sensitive instruments and reagents.
Also, the market is witnessing a surge in demand driven by factors such as multi-omic-based approaches and advancements in Next-Generation Sequencing (NGS) technology. Companies like Eurofins Scientific and Trivitron Healthcare are innovating with DNA sequencing kits and Polymerase Chain Reaction (PCR) solutions. Ethical considerations surrounding genetic data usage are addressed through conferences and materials discussing ethical issues. Genome-wide association studies (GWAS) and polygenic risk scores (PRS) aid in understanding chronic diseases, while synthetic biology and flow cytometry enhance research capabilities. However, regulatory compliance and the availability of trained professionals remain crucial for value chain optimization and sustainable growth. On the other hand, pharmacogenomics as a sub-sector is seeing an uprise in the overall market.
In the ever-evolving landscape of the market, key players leverage innovative technologies like NGS (Next-Generation Sequencing) and PCR (Polymerase Chain Reaction) to decode the DNA Code. Companies like Singular Genomics Systems offer cutting-edge solutions, while suppliers ensure the availability of essential nucleic acid extraction kits and IsoFast Bst Polymerase reagents. Trade Regulations and buying behavior shape market dynamics, while Conference and webinar materials and Life Sciences Vision drive knowledge dissemination. Microarrays and NGS technologies empower researchers, highlighting the market's reliance on advanced tools and materials. As the market expands, adherence to trade regulations and access to quality raw material suppliers remain pivotal. Spatial genomics and transcriptomics is another such advanced technology that highlights the market's resilience.
Genomics Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.16% |
Market Growth 2024-2028 |
USD 5.21 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.5 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 33% |
Key countries |
US, UK, Germany, France, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks, genomics industry market size |
Key companies profiled |
10X Genomics Inc., Abcam plc, Agilent Technologies Inc., Becton Dickinson and Co., BGI Group, Bio Rad Laboratories Inc., Danaher Corp., Eppendorf SE, F. Hoffmann La Roche Ltd., Hamilton Bonaduz AG, Illumina Inc., Myriad Genetics Inc., New England Biolabs Inc., Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., Promega Corp., QIAGEN NV, Standard BioTools Inc., Thermo Fisher Scientific Inc., and PerkinElmer Inc |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period, genomics market share |
Customization purview |
If our genomics market growth rate report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Solution
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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