Genomics Market Size & Growth | Report by 2021, 2027

Genomics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction and Purification, and Others), Product & Service (Instruments/Systems, Consumables, and Services), Application (Diagnostics, Drug Discovery and Development, Precision/Personalized Medicine, Agriculture & Animal Research, and Others) and End User (Research Centers, Hospitals and Clinics, Pharmaceutical & Biotechnology Companies, and Others)

Publication Month : Feb 2021

  • Report Code : TIPTE100000730
  • Category : Biotechnology
  • Status : Published
  • No. of Pages : 248
Inquire Before Buy

PRICING

$4550

$2730

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.

 

Lucrative Regions for Genomics Market

Lucrative Regions for Genomics Market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
 

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.

Genomics Market, by Product and Service – 2019 and 2027

Genomics Market, by Product and Service – 2019 and 2027
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

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.

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.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Genomics Market: Strategic Insights

genomics-market
Market Size Value inUS$ 19,084.74 million in 2019
Market Size Value byUS$ 49,996.15 million by 2027
Growth rateCAGR of 13.1% from 2020 to 2027.
Forecast Period2020-2027
Base Year2020
Analyst Image

Akshay

Have a question?

Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

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.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Technology, Product & Service, Application and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, Estonia, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, Singapore, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is genomics?

The genomics is defined as the study of a gene and its functioning. Genomics is used to examine the molecular mechanisms and the interaction of genetic and environmental factors in the diseases. The major factors attributing to the growth of the genomics market are growing government support and increased number of genomics studies, declining sequencing cost, increased genomics applications.

What are the driving factors for the genomics market across the globe?

The factors that are driving growth of the market are increasing prevalence of chronic diseases, declining cost of sequencing procedures and growing funding for genomics. Moreover, increasing demand for personalized medicines are offering lucrative opportunities for the growth of the market.

Who are the major players in the genomics market?

The genomics market majorly consists of the players such as Illumina, Inc., Danaher, F. HOFFMANN-LA ROCHE LTD., BIO-RAD LABORATORIES INC., General Electric Company, THERMO FISHER SCIENTIFIC INC., Agilent Technologies, Inc., Eurofins Scientific, QIAGEN, BGI amongst others.

The List of Companies - Genomics Market

  1. Illumina, Inc.
  2. Danaher,
  3. F. HOFFMANN-LA ROCHE LTD.
  4. BIO-RAD LABORATORIES INC.
  5. General Electric Company
  6. Thermo Fisher Scientific Inc.
  7. Agilent Technologies, Inc.
  8. Eurofins Scientific
  9. QIAGEN
  10. BGI

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Genomics Market