PUBLISHER: The Business Research Company | PRODUCT CODE: 1387889
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387889
“Genomics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on genomics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for genomics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The genomics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Genomics is the scientific field focused on the study of genomes. Single-cell genomics represents an innovative approach to characterizing individual cells within a tissue sample, enabling the identification of unique characteristics and the detection of rare cell types. Genomics has diverse applications across various fields of study, including the examination of intragenomic phenomena such as pleiotropy, epistasis, heterosis, and other interactions among loci and alleles within the genome.
The primary product types within genomics include instruments (comprising systems, service contracts, and software) and reagents (consisting of reagents and consumables). Reagents are substances or compounds added to a system to initiate a chemical reaction or to assess whether a reaction has occurred. Different processes within genomics encompass cell isolation, sample preparation, and genomic analysis, and these processes are employed by academic institutions, biopharmaceutical companies, and clinical research institutes.
The genomics market research report is one of a series of new reports from The Business Research Company that provides genomics market statistics, including genomics industry global market size, regional shares, competitors with a genomics market share, detailed genomics market segments, market trends and opportunities, and any further data you may need to thrive in the genomics industry. This genomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The genomics market size has grown rapidly in recent years. It will grow from $38.7 billion in 2023 to $45.95 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth observed during the historical period can be attributed to several key factors, including a reduction in sequencing costs, increased investment in research and discovery, the expansion of healthcare applications, and the development of personalized medicine approaches.
The genomics market size is expected to see rapid growth in the next few years. It will grow to $93.79 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. Anticipated growth in the forecast period can be primarily attributed to factors such as the increasing awareness and education surrounding genomics, its applications in drug development and therapeutics, diagnostic uses, and the establishment of regulatory and ethical frameworks. Notable trends expected to shape this period include ongoing technological advancements, the utilization of genomic sequencing in agriculture, an emphasis on collaboration and partnerships within the genomics field, and the growing importance of genomic data analytics.
Increased government investment in genomics research has been a catalyst for the expansion of the single-cell genomics market. Government funds are dedicated to unraveling the complexities of the human genome, understanding the genomic foundations of human health and ailments, and ensuring the safe and beneficial utilization of genomics in patient care. An illustrative instance is the US government's commitment in April 2021 of $1.7 billion from the American Rescue Plan, directed towards enhancing the detection, monitoring, and mitigation of SARS-CoV-2 variants. These initiatives aim to fortify genomic sequencing infrastructure, disbursed across three distinct phases.
The anticipated rise in genetic disorder occurrences is expected to act as a driving force behind the growth of the genomics market. Genetic disorders, stemming from irregularities in an individual's DNA, manifest in various physical or mental abnormalities, diseases, or predisposition to certain health conditions, commonly inherited from parents. Genomics plays a pivotal role in enabling precise diagnosis, personalized treatments, and risk evaluation for genetic disorders by examining an individual's genetic data. For example, statistics from the World Health Organization in August 2021 revealed that 10 out of every 1000 individuals worldwide grapple with a genetic disorder. This implies that between 70 million and 80 million people globally live with these conditions, thereby stimulating the genomics market.
Constraints in technology within single-cell genomics pose a barrier to the market's growth. The utilization of genetic sequencing for more accurate targeting and treatment of rare and chronic diseases has been predominantly unattainable for most healthcare institutions due to cost and technical limitations. This restriction has stymied market expansion by constraining accessibility to these technologies.
In the pursuit of enhanced market presence and competitive advantage, companies are dedicating resources to the launch of new products. This strategic move is intended to augment their revenue streams and broaden their customer base. A case in point is QIAGEN, a Netherlands-based provider of sample and assay technologies for various applications, including molecular diagnostics, applied testing, academic research, and pharmaceutical research. In June 2021, QIAGEN unveiled the QIAprep& CRISPR Kit and CRISPR Q-Primer Solutions, facilitating the rapid and efficient analysis of edited genetic material. These innovations empower researchers to discern the impact of their genetic interventions on the functionality of the targeted DNA sequences.
Prominent players within the genomics sector are actively engaged in the development of groundbreaking personalized medicine solutions. Personalized medicine is a paradigm shift that enables healthcare practitioners to tailor medical interventions precisely to individual patient needs. This approach not only ensures superior care outcomes but also heralds the potential to supplant conventional pharmaceuticals and surgical procedures through the emerging field of gene therapy. For example, in May 2022, Illumina, a leading US-based biotechnology company, entered into a strategic partnership with Janssen, a pharmaceutical company based in Belgium. This collaboration aims to expedite the advancement of precision medicines, harnessing Illumina's extensive resource portfolio, encompassing data analytics tools, early discovery research, companion diagnostics, and commercialization solutions. The alliance also seeks to streamline collaboration with pharmaceutical partners in various aspects, from novel drug target discovery to early screening, therapy selection, and monitoring.
In a significant move in November 2021, Myriad Genetics, a US-based genetic testing company, completed the acquisition of Gateway Genomics for a sum of $67.5 million. This strategic acquisition aligns with Myriad Genetics' mission to provide relevant genetic information that adds tangible value to the lives of consumers. Gateway Genomics, a US-based personal genomics company recognized for its SneakPeek early gender DNA test, is now integrated into Myriad Genetics' comprehensive genetic information portfolio.
Major companies operating in the genomics market include 10X Genomics Inc., Qiagen NV, Standard BioTools Inc., Johnson and Johnson, Illumina Inc., Affymetrix Inc., Angle PLC, Denovo Sciences Inc., Diagnologix LLC, DNA Electronics Ltd., Epic Sciences, Kellbenx Inc., Resolution Bioscience Inc., Wafergen Bio-systems Inc., Yikon Genomics Co. Ltd., Thermo Fisher Scientific Inc., Beckman Coulter Inc., Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Carl Zeiss Microscopy GmbH, Cell Microsystems Inc., CellSorter, CYTENA GmbH, Dolomite Bio Limited, Agilent Technologies Inc., Fluxion Biosciences Inc., BGI Group, F. Hoffmann-La Roche AG, Oxford Nanopore Technologies Ltd., Pacific Biosciences of California Inc., Eurofins Scientific SE, Danaher Corporation, PerkinElmer Inc.
North America was the largest region in the genomics market in 2023. Western Europe was the second largest region in the genomics market. The regions covered in the genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the genomics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The genomics market consists of sales of genomics such as structural genomes, functional genomes, mutation genomics and comparative genomics that are used for drug discovery and development. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.