The global market for genomics was valued at USD 28.1 Billion in 2022 and is projected to grow at a CAGR of 13.7% over the forecast period 2023 - 2030. Growing use of genomics in research and development of new drugs, rising competition in the global pharmaceutical industry, growing demand for genetically modified animals and plants, continuously reducing genetic process costs, increased demand for nucleic acid sequencing and the entry of new players into the market are key factors that are driving the genomics market in the forecast period 2023 - 2030. Other key growth drivers on the global genomics market is the competitiveness and proactivity displayed by market players in their efforts to make a difference and stay ahead of the curve.
Genomics examines the collective characterization and quantification of the genes of an organism, their interrelationships and their impact on the organism. Genomics includes gene sequencing and analysis via bioinformatics, and DNA sequencing uses to capture and analyze the function and structure of complete genomes. The field also covers intragenomic phenomenon studies such as heterosis, epistasis, pleiotropy, and other interactions within the genome between loci and alleles.
This global genomics market research report is segmented and sub-segmented into the following categories:
Electrophoresis and others
In 2022 the PCR category accounted for the largest market share in 2022. Technological advances, growing genomics research, and lower DNA amplification costs using PCR are key drivers of this market's growth. The implementation of high-throughput technologies used in the gene and protein studies led to the expansion of the field. Advances in the genomics industry range from researching individual genes to completing genomes and proteomes in a comparatively shorter period of time, which is another factor driving growth in the field.
Crime Detection and others
Diagnostics is the market segment with the largest and fastest growing demand. Development in this segment can be attributed to increasing research on diseases like cancer and genetic disorders and lower sequencing costs. The incorporation of genomic data is being worked on by numerous healthcare organizations and academic community. While large health centers like Stanford Health Care and other cancer research centers use genomic data to personalize therapies to treat life-threatening illnesses like cancer.
Hospitals & Clinics
Forensic labs and others
The research centers and the academic & governmental institutes group had the largest market share in 2022. The significant portion of this segment can be attributed to the increased research intensity in this end-user segment, increasing research funding and high demand for DTC among consumers, public authorities and genomics companies. These mainly aim at producing new medicines with less side effects and enhancing the process of drug development. It is also attributable to the expansion of genomic penetration through diseases associated with the immune system, the central nervous system, and the cardiovascular system.
Genomics Market Regional Analysis
North America Genomics Market is projected to emerge as the leading geographic area due to increased consumer knowledge, significant government-led research initiatives, and advanced health-care infrastructure. Changing use and reimbursement laws are anticipated to spur adoption of genetic testing in the region. In addition, the healthcare infrastructure is strong and the field of microbiology is growing.
The Genomics Market in the Asia pacific region is anticipated to witness the fastest growth in the coming years owing to increased acceptance and recognition of the new genomics technologies in this region's developing countries. These technologies are geared towards genetic disorder detection, treatment, and prognosis. China plays a key role in regional market growth through initiatives such as introduction of Precision Medicine Initiatives( PMI) for the use of genomics in healthcare.
Some of the top players involved on the genomics market include:
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