Genomics Market is expected to reach US$ 49,996.15 million by 2027

Genomics Market: Key Insights

According to our latest study on “Genomics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology, Product & Service, Application, End User, and Geography,” the market is expected to reach US$ 49,996.15 million by 2027 from US$ 19,084.74 million in 2019; it is expected to grow at a CAGR of 13.1% from 2020 to 2027. The 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 genomics market report also studies the ongoing opportunities and market trends that can have a significant impact on the growth of the market.

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 diseases. Genomics primarily encompasses four phenomena or disciplines—genomes, epistasis, heterosis, pleiotropy. The application of genomics is in various fields including medicine, biotechnology, anthropology, and other social sciences. The market scope provides detailed data and growth potential for the genomics market in diagnostics, drug discovery and development, precision/personalized medicine, agriculture & animal research, and others. The market report studies the lucrative areas in the market and aims to understand the ongoing genomics market trends and opportunities.

The primary technologies used in the genomics market are sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment is expected to hold the major share of the genomics market size, which is expected to see robust 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.

The application of genomics in research, diagnosis, and treatment has increased significantly in recent years with the genomic data from over 60 million patients expected to be generated within the healthcare industry by 2025, as per estimates by a study in 2017. The “Genomics in healthcare: GA4GH looks to 2022” study discusses the application of genomics in four major categories—infectious diseases, rare diseases, cancer, and common or chronic disease. The funding in the field of genomics stood at US$ 4 billion in 2019. The funding dropped due to the COVID-19 pandemic but is expected to see further growth in the coming years, with various countries looking to invest in genomics and the life science sector. For instance, the UK government, through the Genome UK Implementation Plan and the UK Functional Genomics Initiative, announced funding of US$ 48.80 million for genomics and data projects to support the life sciences sector. As per the initiative, Genomics England projects working on the implementation of the Genome UK strategy will receive US$ 22.41 million, including funds to explore public attitudes and the potential value of newborn sequencing to support next-generation approaches for cancer diagnosis and increasing the data from various ethnicities. The remaining funds will be provided to initiatives to harness UK health data for life sciences research to improve the country’s data-driven clinical research capabilities.

Funding from various private investors has also increased significantly. For instance, in April 2020, the Bengaluru-headquartered Genetic diagnostics, research, and data MedGenome company announced that it had raised US$ 55 million (about INR 419 crore) in a new round of funding, led by global impact investment firm LeapFrog Investments. Also, MedGenome claims to have built the largest database of South Asian genetic variants in genetic diagnostics in India and research partnerships. It has completed over 200,000 genomic tests to date and obtained samples from more than 550 hospitals and 6,000 clinicians across India. These developments show increased funding in the field of genomics from governmental agencies and private players alike, which are expected to aid the genomics market growth.

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; and BGI are among the key companies operating in the market. The companies adopt product innovation strategies to meet the evolving customer demands worldwide, which also permits them to maintain their brand name in the global genomics market. Also, market players create partnerships, collaborations, and contracts with hospitals, diagnostic centers, and academic & research institutes to provide various products and services for various applications, which further boosts the genomics market growth.

Some of the recent developments in the genomics market include:

In January 2021, Illumina, Inc. partnered with Sequoia Capital China to catalyze the startup ecosystem in China with the launch of the Sequoia Capital China Intelligent Healthcare Genomics Incubator. The company creation engine focused on building life sciences startup companies advancing breakthrough applications in genomics.

In January 2020, Agilent Technologies introduced the SureSelect DNA Kit to address key challenges that laboratories encounter when preparing DNA sequencing libraries for their research.