Genomics Market Dynamics, Size, and Trends by 2027

The genomics market is projected to reach US$ 49,996.15 million by 2027 from US$ 19,084.74 million in 2019; it is estimated to grow at a CAGR of 13.1% during 2020–2027.

Genomics revolves around understanding genes and their functioning, interaction with other genetic and environmental factors which can then be used in diagnostics, drug discovery, and development, personalized medicine, agriculture & animal research, among others. The applications of genomics ranges from medicine to biotechnology to various social sciences. The market report aims to develop an understanding of the genomics market scope and trends expected to drive the market.

The genomics market is segmented based on technology, product & service, application, end user, and geography. The market, by geography, is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market report offers insights and in-depth analysis of the market, emphasizing parameters such as market size, market trends, technological advancements in the market, and market dynamics, along with the global analysis of the competitive landscape of the leading market players that are driving the market growth.

The genomics market growth is attributed to the increasing prevalence of chronic diseases, declining cost of sequencing procedures, and growing funding for genomics. These drivers are expected to have significant short-, mid-, and long-term impacts on the market size. However, the dearth of skilled professionals is expected to hamper the growth of the market. The market report also studies the ongoing opportunities and market trends that can have a significant impact on the growth of the market.

Published Report - Genomics Market: Strategic Insights

Market Insights

Growing Funding for Genomics

The genomics industry has seen a recent boom with increased funding from governments and private players alike to further drive the application of genomics in various life science sectors. The impetus to set up genome banks and genomic studies of regions, countries, and ethnicities has led to governmental investments, private firm investments, public–private partnerships. For instance, in 2019, the Government of UK along with Amgen, AstraZeneca, GlaxoSmithKline (GSK), and Johnson & Johnson along with the Wellcome Sanger Institute collected sequence data to improve the understanding of diseases such as cancer, dementia, and their treatment. The overall project was expected to cost almost US$ 264 million, with the UK government through the UK Research and Innovation (UKRI) and the Industrial Strategy Challenge Fund funding half of the project cost. In November 2021, Whole Genome Sequencing (WGS) Data for the 200,000 UK Biobank participants was made available to researchers through a Research Analysis Platform. As per Wellcome Sanger “When combined with the extensive amount of lifestyle, biochemical, imaging and health outcome data already held for UK Biobank participants, it will enable researchers to better understand the role of genetics for health outcomes and to advance drug discovery and development.” The project aimed to release the remaining 300,000 participant genome data by early 2023.

In February 2020, Stilla Technologies announced that it had raised a US$ 22 million (€20 million) in a Series B funding round that brought in TUS-Holdings as its new investor, alongside the existing investors Illumina Ventures, Kurma Partners, and others. This was from the November 2018 funding of Series A financing round led by Illumina Ventures, wherein the company aimed to use the funds to commercialize its Naica digital PCR system and develop clinical applications.

Technology-Based Insights

The global genomics market, based on technology, is segmented into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment held the largest market share during 2019 and is expected to continue its dominance of the genomics market with the highest contribution to the market growth during the forecast period. The growth of the segment is attributed to the increasing applications of sequencing to provide more precise treatment for ailments.

Product & Service-Based Insights

The global genomics market, based on product & service, is segmented into instruments/systems, consumables, and services. The consumables segment of the market, based on product and service, held the largest market share in 2019, encompassing almost half of the market genomics share. While the consumables segment is expected to dominate the market during the forecast period, the services segment is expected to have the highest CAGR during 2020–2027, aiding the growth of the genomics market size. The market growth of the consumables segment is attributed to rising government funding and the surging number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field.

Application-Based Insights

Based on application, the genomics market is segmented into diagnostics, drug discovery & development, precision/personalized medicine, agriculture & animal research, and others. The diagnostics segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period. The clinical applications of genomic technologies are vast and offer opportunities to enhance diagnosis and treatment capabilities for chronic disease. For instance, they offer huge potential in gene discovery and diagnosis of rare monogenic disorders.

Genomics

Published Report - Genomics Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Genomics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

End User-Based Insights

Based on end user, the genomics market is segmented into research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The research centers segment held the largest share of the market in 2019, whereas the hospitals & clinics segment is estimated to register the highest CAGR during 2020–2027.

Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the genomics market players also focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world. Also, collaborations and acquisitions with other market players are a common strategy that increases product development capabilities and global outreach. The market share is anticipated to flourish with the development of new innovative products by market players.