Genomics Market : The Future of Healthcare

Posted by snehal shaha on March 8th, 2023

Genomics Market growth is growing government investments to support genomics projects and the growing prevalence of various disorders such as cancer and genetic disorders will propel market growth. Moreover, advancements of NGS in cancer research coupled with the entry of various new players and start-ups in the genomics market are driving the growth of the market. Furthermore, increasing the affordability of genomics technology and improving patient outcomes are expected to boost the market growth.

Currently, Genomics Market is growing at a Compound Annual Growth Rate (CAGR) of 19.0 % to reach USD 54.4 billion by 2025. The genomics market is segmented into sequencing technologies, PCR, nucleic acid extraction and purification, microarrays, and other technologies. The sequencing segment is further sub segmented into next-generation sequencing (NGS) and other sequencing technologies. NGS advantages include ultra-high-throughput, scalability, and high speed, enabling researchers to perform a wide variety of applications, including animal breeding, agriculture, and human genomics. In 2019, the next-generation sequencing technology dominated with the largest share of the genomics market. The substantial focus on new targeted therapies and the rising prevalence of cancer offers a lucrative opportunity for the adoption of NGS. 

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Growth Drivers

• Increasing government funding to support genomics projects
• Growing incidence of cancer and increasing applications of next-generation sequencing in cancer research
• Entry of new players and start-ups in the genomics market

Growth Opportunities

• Use of genomics in specialized/personalized medicine

Challenges

• High cost of genomic equipment
• A dearth of trained professionals
• Secure storage of large volumes of sequenced data

Trends

• Partnerships and collaborations for technological advancements in genomics
• Impact of COVID-19 on the global market

The prominent players operating in the Genomics Market are

Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Bio-Rad Laboratories, Inc.

Illumina held the largest share of the genomics market in 2019. The company develops, manufactures, and markets integrated systems for the analysis of genetic variations and biological functions. Its broad portfolio of products includes systems, consumables, and analysis tools designed to simplify genetic analysis. The company also offers software and informatics platforms, including cloud-based computational tools, for its sequencing and array-based systems. Along with significant investments in R&D activities, the company adopts various strategies such as product launches, partnerships, and agreements with leading players in the market to co-develop advanced technologies and strengthen its research and commercialization capabilities.

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Asia Pacific is expected to exhibit the highest growth during the forecast period

• Favorable government support for genomics projects,
• Increasing awareness about newer genomics technologies such as NGS,
• Advancement in bioinformatics and increasing healthcare expenditure in the region.

Recent Developments

• In 2021, Illumina (US) collaborated with Helix OpCo (US) to improve the national surveillance infrastructure in the US so as to track the emergence and prevalence of novel strains of SARS-CoV-2 with support from the CDC. Illumina’s sequencing technology and expertise and Helix’s national COVID-19 testing footprint will significantly expand the country’s existing surveillance efforts to detect and characterize emerging variants of SARS-CoV-2.
• In 2020, BGI (China) expanded its DNA sequencing and laboratory automation products available in Latin America by signing agreements with top distributors in Brazil, Argentina, Peru, Ecuador, Colombia, and Mexico.
• In 2020, QIAGEN (Netherlands) acquired NeuMoDx Molecular (US) to strengthen its leadership position in automated molecular testing. Medium- and high-throughput NeuMoDx automation solutions based on PCR testing technology will now be integrated into QIAGEN’s portfolio
• In 2020, Thermo Fisher Scientific (US) launched the Oncomine Myeloid Assay GX.