Genomics Market Size, Share & Industry Analysis, By Type (Products (Instruments & Software and Consumables) and Services), By Technology (Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), Microarray, Sanger Sequencing, and Others), By Application (Diagnostics, Research, and Others), By End User (Research Institutes, Healthcare Facilities & Diagnostic Centers, Pharmaceutical & Biotechnological Companies, Contract Research Organization (CROs)), and Regional Forecast, 2024-2032

The global genomics market was valued at USD 27.75 billion in 2023. The market is projected to be worth USD 30.75 billion in 2024 and reach USD 80.17 billion by 2032, exhibiting a CAGR of 12.7% during the forecast period.

Genomics has scientifically proven its abilities in prevention, management, and treatment of diseases. The healthcare environment is gradually shifting from conventional treatment methods towards precision medicine and has pivoted this transition through exceptional clinical properties over the past few years. Whole genome sequencing has emerged as a useful tool for the diagnosis of critical diseases such as cancer. For example, as per National Cancer Institute, by 2040, it is anticipated that the number of new cancer cases will increase by 29.5 million, and the number of cancer-related deaths to 16.4 million per year. The need for storage, sequencing, and analysis of large DNA information has paved the way for newer products and software. The aforementioned factors have significantly contributed to driving the market in recent years.

Additionally, several start-ups and service providers are now emerging, providing direct-to-customer (DTC) sequencing services, ancestry services, and others. For instance, in May 2021, NGeneBio, a South Korean telecommunication service provider, collaborated with Direct-to-Consumer genetic testing companies. This partnership was aimed at delivering test results to consumers’ mobile devices. Furthermore, the increased research spending and advancements in bioinformatics will have a positive impact on the growth of genomics in upcoming years.

The COVID-19 pandemic had accelerated the research activities and investments to develop an efficient vaccine or novel treatment for COVID-19. Monitoring the genome sequence of coronavirus can help track how the infection is moving between communities and how it is impacting the human genome. This information can then be used to develop an effective treatment for the infection. Researchers are using the virus genome data to track the origin of COVID-19 infection in their countries and the onset of community transmission.

An effort to study the genetic structure of coronavirus had increased drastically. Several countries, including China, the U.S., Vietnam, and Nepal, had shared the whole genome sequence data isolated from the patients. This will help researchers across the world to study several aspects of the coronavirus, including its origin and drug development. In April 2020, Genome Canada announced the launch of the Canadian COVID-19 Genomics Network (CanCOGeN), an initiative backed with USD 40 million funding. The initiative includes a partnership between Genome Canada and six regional Genome Centers for scaling up existing genome-based COVID-19 research in Canada and globally.

In addition to this, the increasing genomics-based research activities for the development of effective medications to treat COVID-19 infection had offered new opportunities to several start-ups and established businesses. Hence, increased government funding and a recent surge in the research activities will create a massive demand for genomics-based sequencing products, software, and services. For instance, deCODE genetics had conducted the demonic analysis of coronavirus and had also partnered with the Government of Iceland to sequence genomes of samples isolated from COVID-19 patients. Similarly, HaystackAnalytics, a start-up company, was using genomics to study the transmission of the virus and help the Government of India. The market is anticipated to grow at a steady rate over the forecast period of 2024-2032.

Genomics Market Trends

Technological Advancements in the Field of Genomics to Advance Market Growth 

The massive potential held by genome sequencing has resulted in an influx of start-ups in recent years. Several companies have started providing sequencing services for a variety of applications of genomics such as nutrition, ancestry, genetic diseases, and others. Additionally, these companies are focusing on the development of advanced tools, such as NGS solutions for high-throughput and affordable sequencing. Along with this, investments from the government and operating players further support this trend. The National Institute of Health (NIH) is one of the leading organizations providing funding to start-ups.

23andMe is one such company, which has registered notable growth. Increasing funding in a start-up business is expected to foster market growth. For example, in July 2020, Genome Medical, a startup that provides telehealth genetic consultations, raised a US$ 14 million extensions for its US$ 23 million series B round. It plans to use the funds to expand its telehealth platform and clinical operations. It starts with an initial consultation to see if the individual would benefit from genetic testing and what tests would be most suitable.

Genomics Market Growth Factors

Rising Number of Government-aided Genome Projects to Aid Growth

One of the prominent factors that have contributed to the growth of the market is the increasing number of government-funded genome projects. Genomic study is an essential tool that can aid the development of effective therapies; a primary factor why several government organizations are investing in genome projects. For instance, in January 2020, the Genome India Project (GIP) was initiated by the Department of Biotechnology (DBT), Union Ministry of Science & Technology, India. This was aimed to map 10,000 genetic samples from Indian citizens to build a reference genome. In February 2024, the Indian government announced the successful completion of this project. Similarly, Genomics England collaborated with the NHS and started the Genomic Medicine Service, which incorporated whole genome sequencing into routine medical care. Similarly, there are several projects such as The Saudi Human Genome Program, Personalized Medicine Program, France Génomique, and others. For example, as per Press Information Bureau, March 2020, Department of Biotechnology (DBT) had sanctioned a project, cataloguing the Genetic Variation in Indians for a three-year period to 20 institutions from varied disciplines across the country. The proposed target of this project for a total of 10,000 individuals signifying the country’s diverse population in three years. The data generated from whole genome sequencing can accelerate forthcoming human genetics research in the country with better precision, and to design a genome wide association array for the Indian population to develop precision healthcare and diagnostics for major diseases at reasonable costs. This will emerge in favor of market growth during the forecast period.

New Products and Innovative Services to Favor Adoption of Genomic Sequencing

The shift towards personalized medicines and decreasing costs of sequencing owing to the introduction of NGS technology, have yielded several new products and services. The market is gradually becoming more competitive with new players entering the market, and hence the companies are introducing advanced products and services to consolidate their position. The exponentially growing demand, coupled with increasing competition, has led to the launch of innovative products & services, such as direct-to-consumer products. For instance, in June 2022, PerkinElmer announced the launch of BioQule NGS System - an automated benchtop system for NGS research. Similarly, in July 2020, Illumina announced the launch of e TruSight Software Suite and provided ready-to use infrastructure for whole genome sequencing that can be used to identify genetic diseases. This is anticipated to aid the market growth.

RESTRAINING FACTORS

Lack of Trained Technicians Pose a Major Hindrance to Market Growth

Despite the huge potential, shortage of trained technicians is a significant factor which is restricting the growth of the market in the developing countries. Many of the emerging nations either have less number of technicians or they lack the skill set required for using sophisticated sequencers. Apart from this, the high cost of instruments is another factor restricting market expansion.

Apart from this, the challenges associated with the secure storage of large volumes of generated data is another concern limiting the market growth to a certain extent. A large amount of data is generated through various genome projects. It is not economically feasible for many research institutes and biopharmaceutical companies. Thus, issues regarding the safe storage of this data are impeding the market growth.

Additionally, the stringent regulatory framework to develop new products is limiting the market growth. With the continuous rise in COVID-19 infections globally, the demand for improved, safer, and earlier detection instruments to deliver successful treatment to patients has created havoc in the market, however, manufacturers have to pass stringent regulatory restrictions to launch new products. For example, every country has its own regulatory authority applying different regulations and guidelines for manufacturers. To make sure the safety of products, the Centers for Disease Control and Prevention (CDC), the U.S Food and Drug Administration (FDA), and other regulatory bodies have restructured their guidelines.

Genomics Market Segmentation Analysis

By Type Analysis

Launch of New Software and Automated Sequencer to Foster the Products Segment

Based on type, the market is segmented into products and services.

The products segment is further categorized into instruments & software and consumables. The product segment is estimated to dominate the market throughout the forecast period of 2024-2032. The factors that can be attributed to the growth of this segment are the high volume demand and usage of consumables, as well as the introduction of several new products in recent years. The increasing need for new platforms to analyze the huge amount of genetic information has resulted in the launch of new software and fully automated products.

In February 2024, 10x Genomics, Inc. introduced a series of new products and technology demonstrations at the 2024 Advances in Genome Biology and Technology (AGBT) General Meeting. On the other hand, the services segment is also anticipated to witness considerable growth in the near future. This can be attributed to the increasing number of service providers coupled with the offering of innovative services at decreasing costs.

By Technology Analysis

NGS Segment to Witness Considerable Growth Owing to Rising R&D Activities

Based on technology, the market is bifurcated into polymerase chain reaction, next-generation sequencing, microarray, Sanger sequencing, and others.

The PCR segment accounted for the maximum share in the market in 2023, owing to the prominent usage of the technology and ease of availability across the globe. The NGS segment is projected to witness remarkable growth due to the increasing number of government projects and funding for understanding and developing treatment for COVID-19. Microarray and Sanger sequencing segments are expected to grow owing to the rising adoption of these sequencing technologies for the diagnosis of diseases and the increasing number of genome projects in countries like the U.K., the U.S., India and others.

By Application Analysis

Rising Demand for Whole Genome Sequencing to Propel Growth of Research Segment

Based on application, the market is segmented into diagnostics, research and others.

The diagnostics segment held the highest share of the market in 2023. Emergence of direct-to-consumer genetic testing and the use of NGS technology for clinical diagnostics are factors contributing to the expansion of the diagnostic segment. Furthermore, the increasing number of nutrigenomics services providers that provide diet plans for disease conditions based on the unique genes of the patients is propelling the diagnostics segment growth.

Whole genome sequencing is being studied for treatment of several diseases. Currently, many countries are contributing to the COVID-19 data by the whole genome analysis of the patient. This is the key reason for the expansion of the research segment.  The rising prevalence of chronic diseases and decreasing cost of sequencing are expected to accelerate the growth of the others segment.

By End User Analysis

Increasing Research Funding by Government to Drive Research Institutes Segment

In terms of end user, the market is bifurcated into research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, and contract research organizations.

Increasing research funding by the government and strong government support is likely to propel the research institutes segment.

Rapid use of genome analysis for the treatment and early diagnosis of diseases is poised to augment the healthcare facilities & diagnostic centers segment growth.  Increasing R&D investment by pharmaceutical giants for developing novel gene therapies to cure cancer and immunological diseases are likely to favor the pharmaceutical & biotechnological companies and contract research organization segments.

REGIONAL INSIGHTS

The market size in North America stood at USD 12.13 billion in 2023. The rapid adoption of new sequencing technologies and shift towards personalized medicines are expected to render a leading position to North America. Additionally, government support is playing a pivotal role. For example, In April 2021, Biden Administration made an announcement of the USD 1.7 billion investment to Fight COVID-⁠19 Variants of which USD 1 billion investment is for the expansion of genomic sequencing and USD 400 million to back the innovation initiatives including the launch of new innovative centers of excellence in genomic epidemiology. This is further anticipated to boost the growth of the market in North America.

Active support from the government through research funding and genomic analysis and research and academic institutes, especially in the U.K. and England, are projected to favor the expansion of the market in Europe.

Asia Pacific is expected to register the highest CAGR during the forecast years owing to the higher demand for genetic sequencing and testing in China and advancements in bioinformatics. Furthermore, increasing prevalence for the development of drugs for rare diseases and technological advancement with the grouping of next-generation sequencing and companion diagnostics in this field is stepping up the growth of the market.

The market in Latin America and the Middle East & Africa is expected to witness considerable growth owing to the active government support and improving healthcare scenario

List of Key Companies in Genomics Market

Recent Acquisition of Pacific Biosciences to Strengthen Market Position of Illumina, Inc.

Illumina, Inc. held a leading position in the market owing to its diversified product portfolio, strong geographical presence, competitive landscape and prominent position in sequencing services. In August 2021, Illumina, Inc., an international leader in DNA Sequencing announced the acquisition of GRAIL, a healthcare company dedicated to life-saving early detection of multiple cancers. This acquisition will help by creating the availability of this test to as many people as possible. The first COVID-19 viral sequence was on an Illumina machine and now genomic surveillance has developed as an indispensable tool in the universal fight against the pandemic. Thermo Fisher Scientific Inc. accounted for the second prominent position in the market. The company is estimated to witness a lucrative growth owing to the increasing demand of its sequencers and consumables amid the COVID-19 pandemic.

LIST OF KEY COMPANIES PROFILED:

• Illumina, Inc. (U.S.)


• Thermo Fisher Scientific Inc. (U.S.)


• F. Hoffmann-La Roche Ltd. (Switzerland)


• Agilent Technologies, Inc. (U.S.)


• Oxford Nanopore Technologies (U.K.)


• Danaher (U.S.)


• QIAGEN (Germany)


• BGI (China)


• IntegraGen (France)


• General Electric Company (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• January 2024 – Gencove and Ferris Genomics announced the collaboration for end-to-end genomics sequencing services.


• November 2023 – MedGenome and PacBio announced a grant for the De Novo Genome Assembly and Annotation.


• December 2022 – The U.K. government announced an investment of USD 190 million for genomic research.


• January 2022 – Illumina Inc. and Nashville Biosciences, LLC collaborated to establish a preeminent clinico-genomic resource and drug development using genomics.


• February 2020 - Nebula Genomic launched a new product that will offer whole genome sequencing at USD 299 to its customers.


• July 2020 – Illumina, Inc. announced the launch of e TruSight Software Suite and provides ready-to use infrastructure for whole genome sequencing that can be used to identify genetic diseases.


• April 2020 – Eurofins announced the launch of its “SARS-CoV-2 Full-length Genome Sequencing” service, a new next generation sequencing (NGS) service enabling end-to-end surveillance of the coronavirus genome sequence and mutational drift.

REPORT COVERAGE

The global genomics market research report gives a comprehensive assessment of the global market by presenting valuable insights, facts, industry-related information, and historical data. Numerous methodologies and approaches are implemented to make significant conventions and prospects. Moreover, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the global market. In addition to this, the report also provides various key insights such as the overview of genomic projects for key countries, overview of service providers, new product launch, regulatory scenario for key countries, start-ups with their funding overview, recent industry developments such as mergers & acquisitions and partnerships, and key industry trends.

Report Scope & Segmentation