Genomics Market Size (2024-2030)

The Genomics Market was valued at USD 30.46 billion in 2023. Over the forecast period of 2024-2030, it is projected to reach USD 65.63 billion by 2030, growing at a CAGR of 11.59%.

Genomics has been scientifically validated as an effective approach for the prevention, management, and treatment of various diseases. The healthcare landscape is progressively evolving from traditional treatment modalities towards precision medicine, a shift that has been facilitated by remarkable clinical advancements in recent years. Whole genome sequencing has emerged as a vital tool for diagnosing critical illnesses, including cancer.

Key Market Insights:

The growing number of joint ventures and collaborations among industry participants is anticipated to positively influence the growth of the genomics market.  According to the National Cancer Institute, it is projected that by 2040, the number of new cancer cases will rise by 29.5 million, with cancer-related fatalities reaching 16.4 million annually. The demand for the storage, sequencing, and analysis of extensive DNA data has led to the development of innovative products and software solutions. These factors have played a significant role in propelling market growth in recent times.

Genomics Market Drivers:

Technological advancements in the field of genomics are poised to drive market growth significantly.

The significant potential of genome sequencing has led to a surge in the establishment of start-ups in recent years. Numerous companies have emerged to offer sequencing services for a range of genomic applications, including nutrition, ancestry, and genetic disorders. These companies are also concentrating on developing advanced tools, such as next-generation sequencing (NGS) solutions, which provide high-throughput and cost-effective sequencing options. Furthermore, investments from government entities and industry players are bolstering this trend. The National Institutes of Health (NIH) is among the key organizations offering funding to support start-ups.

23andMe is an example of a company that has experienced considerable growth. The increase in funding for start-up businesses is anticipated to further stimulate market expansion. For instance, in July 2020, Genome Medical, a start-up that offers telehealth genetic consultations, secured a

$14 million extension to its $23 million Series B funding round. The company plans to utilize the funds to enhance its telehealth platform and clinical operations, starting with an initial consultation to determine whether individuals could benefit from genetic testing and which tests would be most appropriate.

The increasing number of government-supported genome projects is expected to facilitate growth in the genomics sector.

One of the key factors driving market growth is the increasing number of government-funded genome projects. Genomic research is a vital resource that can facilitate the development of effective therapies, which is a primary reason for the investment from various governmental organizations in these initiatives. For example, in January 2020, the Genome India Project (GIP) was launched by the Department of Biotechnology (DBT) within the Union Ministry of Science & Technology in India. This initiative aimed to map 10,000 genetic samples from Indian citizens to create a reference genome.

In a similar vein, Genomics England partnered with the NHS to establish the Genomic Medicine Service, which integrated whole genome sequencing into routine healthcare. Other notable projects include The Saudi Human Genome Program, the Personalized Medicine Program, and France Génomique, among others. These initiatives are contributing significantly to the advancement of genomics and supporting overall market growth.

Genomics Market Restraints and Challenges:

The shortage of trained technicians represents a significant obstacle to market growth.

Despite the significant potential for growth, the shortage of trained technicians is a major factor hindering market expansion in developing countries. Many emerging nations face a lack of qualified technicians or insufficient skill sets required to operate advanced sequencing equipment. Additionally, the high cost of instruments poses another challenge to market development.

Moreover, the difficulties associated with the secure storage of vast amounts of generated data further limit market growth. Various genome projects produce extensive data, which is not economically feasible for many research institutions and biopharmaceutical companies to manage effectively. Consequently, concerns regarding the safe storage of this data are obstructing market progress.

Furthermore, the stringent regulatory frameworks governing the development of new products are also constraining market growth. With the ongoing rise in COVID-19 infections globally, there is an increased demand for enhanced, safer, and earlier detection tools to provide effective treatments. However, manufacturers must navigate rigorous regulatory requirements to launch new products. Each country has its regulatory authority that imposes different regulations and guidelines on manufacturers. To ensure product safety, organizations such as the Centers for

Disease Control and Prevention (CDC) and the U.S. Food and Drug Administration (FDA) have restructured their guidelines.

Genomics Market Opportunities:

The introduction of new products and innovative services is expected to promote the adoption of genomic sequencing.

The shift towards personalized medicine and the declining costs of sequencing, driven by the advent of next-generation sequencing (NGS) technology, have resulted in the development of numerous new products and services. The market is becoming increasingly competitive, with new entrants prompting existing companies to introduce advanced offerings to strengthen their market positions. The rapidly growing demand, combined with heightened competition, has spurred the launch of innovative products and services, including direct-to-consumer options.

For example, in June 2022, PerkinElmer unveiled the BioQule NGS System, an automated benchtop solution designed for NGS research. Similarly, in July 2020, Illumina launched the TruSight Software Suite, which provides a ready-to-use infrastructure for whole genome sequencing, enabling the identification of genetic diseases.

GENOMICS MARKET REPORT COVERAGE:

Genomics Market Segmentation:

Genomics Market Segmentation By Type:

• Products

• Instruments & Software

• Consumables

• Services

The products segment is further divided into instruments and software, as well as consumables. Factors driving the growth of this segment include the strong demand and usage of consumables, as well as the introduction of a variety of new products in recent years.

Genomics Market Segmentation By Technology:

• Polymerase Chain Reaction (PCR)

• Next Generation Sequencing (NGS)

• Microarray

• Sanger Sequencing

• Others

The PCR segment holds the largest share of the market, primarily due to the widespread use of this technology and its availability around the world. The NGS segment is anticipated to

experience significant growth, driven by the increasing number of government initiatives and funding aimed at understanding and developing treatments for COVID-19. Additionally, the microarray and Sanger sequencing segments are expected to expand as these sequencing technologies gain traction for disease diagnosis and as the number of genome projects increases in countries.

Genomics Market Segmentation By Application:

• Diagnostics

• Research

• Others

The diagnostics segment represents the largest share of the market, driven by the rise of direct-to-consumer genetic testing and the application of NGS technology in clinical diagnostics. Additionally, the increasing number of nutrigenomics service providers, which offer personalized diet plans tailored to the unique genetic profiles of patients, is further fueling the growth of the diagnostics segment.

Whole genome sequencing is currently being explored for the treatment of various diseases, with many countries contributing to COVID-19 data through whole genome analysis of patients. This trend is a primary factor in the expansion of the research segment. Furthermore, the growing prevalence of chronic diseases, along with the decreasing costs associated with sequencing, is expected to accelerate the growth of other segments within the market.

Genomics Market Segmentation By End User:

• Research Institutes

• Healthcare Facilities & Diagnostic Centers

• Pharmaceutical & Biotechnological Companies

• Contract Research Organization (CROs)

The segment of research institutes is expected to see significant growth due to increased research funding from the government and strong support for scientific initiatives.

The increasing use of genome analysis for the treatment and early diagnosis of diseases is expected to boost the growth of the healthcare facilities and diagnostic centers segment. Moreover, the rising investments in research and development by major pharmaceutical companies aimed at creating novel gene therapies to combat cancer and immunological diseases are likely to benefit the organizations.

Genomics Market Segmentation- by region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

The rapid adoption of new sequencing technologies and the shift towards personalized medicine are expected to position North America as a leader in the market. Government support is also playing a crucial role in this growth. For instance, in April 2021, the Biden Administration announced a $1.7 billion investment to combat COVID-19 variants, which includes $1 billion allocated for expanding genomic sequencing and $400 million dedicated to innovation initiatives, such as establishing new centers of excellence in genomic epidemiology. This funding is anticipated to further enhance market growth in North America.

In Europe, active government support through research funding and genomic analysis, particularly in the U.K. and England, is expected to facilitate market expansion.

The Asia Pacific region is projected to achieve the highest compound annual growth rate (CAGR) during the forecast period, driven by increasing demand for genetic sequencing and testing in China, as well as advancements in bioinformatics. Additionally, the growing focus on drug development for rare diseases and technological progress in integrating next-generation sequencing with companion diagnostics is accelerating market growth in this area.