REDDING,
Calif., May 8, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Genomics
Market by Technology (Sequencing, Microarray, PCR,
Nucleic Acid Extraction) Application (Drug Discovery, Diagnostic,
Research) End User (Pharmaceutical, Hospital, Academic) Offering
(Instrument, Consumable, Software) – Global Forecast to
2031,' published by Meticulous Research®, the
genomics market is expected to register a CAGR of 11.1% from 2024
to 2031 to reach $70.52 billion by
2031.
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Genomics is the study of genes and their function, including
genome organization, structure, function, and evolution. It
involves analyzing the DNA sequence and studying the interactions
between genes, environmental factors, and individual
characteristics to gain a comprehensive understanding of the
biological systems and processes that regulate life. Genomics plays
an essential role in personalized medicine, genetic counseling,
biotechnology, and drug development.
Key market players are implementing various market strategies
such as acquisitions and collaborations. For instance, in
May 2022, Illumina, Inc. (U.S.)
collaborated with Allegheny Health Network (U.S.) to enhance
patient care by evaluating the impact of in-house comprehensive
genomic profiling (CGP).
The report offers a competitive landscape based on an extensive
assessment of the offerings, geographic presences, and key growth
strategies adopted by leading market players over the past three to
four years.
The key players operating in the global genomics market are
Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc.
(U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc.
(U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of
California, Inc. (U.S.), Oxford
Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.),
Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics
Co. Ltd (China).
Decreasing Cost of Sequencing to Drive the Genomics Market's
Growth
The cost of sequencing genomics has steadily decreased over the
past several years, making it feasible for researchers to sequence
the genomes of more individuals and organisms, leading to new
discoveries and insights. Since the first human genome was
sequenced in 2001 at the cost of several billion dollars, the price
of sequencing a genome has decreased dramatically. Today, it is
possible to sequence a human genome for under USD 1,000. The decrease in cost has been driven
by advances in sequencing technology and improvements in the
efficiency of the sequencing process.
As the cost of sequencing has decreased, it has become more
feasible to sequence the genomes of large populations, leading to
new discoveries in fields such as population genetics and
personalized medicine. It has also made it possible to sequence the
genomes of many different species, which has led to new insights
into the evolution of life on Earth. One of the most significant
implications of the falling cost of sequencing is that it has made
genomic medicine more accessible. Sequencing a patient's genome
enables doctors to identify genetic variations that may contribute
to the patient's disease, allowing them to develop personalized
treatment plans. This process has the potential to revolutionize
medicine and improve patient outcomes significantly. Thus, the
declining cost of genomics sequencing has significantly impacted
scientific research and opened up new possibilities for
personalized medicine.
The global genomics market is segmented based on Offering
(Systems, Consumables, Software, and Services), Technology
(Polymerase Chain Reaction (PCR), Sequencing [Next Generation
Sequencing (NGS) and Other Sequencing Technologies], Nucleic Acid
Extraction and Purification, Microarray and Other Technologies),
Application (Diagnostics, Drug Discovery & Development, Life
Science Research [Cancer Research, Stem Cell Research, and Other
Life Science Research], and Other Applications), End User
(Pharmaceutical & Biotechnology Companies, Hospitals &
Clinics, Diagnostic Laboratories, Contract Research Organizations
(CROs), Academic & Research Institutes, and Other End Users),
and Geography. The study also evaluates industry competitors and
analyzes the market at the global and regional levels.
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Among all the offerings studied in this report, in 2024, the
consumables segment is expected to account for the largest share of
69% of the overall genomics market. Increased demand for
consumables due to the surge in genomic research and the rising
adoption of genomics in drug discovery & development, sample
preparation, and quality control in laboratories contribute to the
large market share of this segment. Sample preparation is a
critical step in genomic analysis, and it often requires
consumables such as DNA extraction kits and purification columns.
According to the National Human Genome Research Institute (U.S.),
it is estimated that genomics research will generate between 2 and
40 exabytes of data within the next decade. As more samples are
being processed in genomic research, the demand for these
consumables is increasing.
Among all the technologies studied in this report, the
sequencing segment is expected to register the highest CAGR of
15% during the forecast period. The growth of this segment
can be attributed to the increasing availability and affordability
of sequencing technology, coupled with advances in data analysis
and expanding applications in diverse fields. Sequencing technology
is utilized to sequence the genomes of large populations, leading
to new discoveries in fields like population genetics and
personalized medicine.
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Among all the applications studied in this report, the drug
discovery & development segment is expected to register the
highest CAGR during the forecast period. The growth of this segment
can be attributed to the increasing prevalence of chronic diseases
such as diabetes and cancer. Additionally, genomics also plays an
important role in the development of personalized medicine. Genomic
data can identify genetic variations associated with an increased
risk of certain diseases. The funding for the development of
personalized medicine supports the segment's growth. For instance,
in November 2021, Closed Loop
Medicine Ltd (U.K.) announced the closing of a USD 17 million investment from the U.K. and
European venture capital investors. The investment was utilized for
the development of personalized drug + digital therapy (DTx)
combination products.
Among all end users studied in this report, in 2024, the
pharmaceutical & biotechnology companies segment is expected to
account for the largest share of 25% of the genomics market.
Increased attention towards personalized medicine, smart drug
delivery, and biomarker discovery contributes to the large market
share of this segment. Moreover, various companies are securing
funding in the field of genomics aimed at scaling their
technologies, enhancing customer focus, and supporting ongoing
product innovations. For instance, in April
2023, Zetta Genomics Limited (U.K.) secured USD 2.4 million (GBP 1.9
million) in a second seed funding round. The funding is
intended to help improve research, medical, and healthcare outcomes
of genomics studies.
Among all geographies studied in this report, in 2024,
North America is expected to hold
the largest share of 53% of the genomics market. The
North America genomics market is
estimated to be worth USD 18
billion in 2024. North
America's major market share can be attributed to
technological innovations, the presence of key players, and high
investments in R&D. The region has a strong base of genomics
expertise, including academic researchers and industry leaders. The
U.S. government is continuously focusing on genomic research to
develop novel research approaches, creating opportunities for the
use of genomic products. For instance, in March 2022, the National Institutes of Health
(NIH) announced funding of USD 89
million for advancing genome editing projects to develop new
technologies and novel research approaches in the somatic cell
genome editing program.
However, the Asia-Pacific
genomics market is expected to register the highest CAGR of
14% during the forecast period. Rising government spending
to increase testing capacities, increasing cases of inherited
diseases such as Down Syndrome, cystic fibrosis, sickle cell
disease, colon (colorectal) cancer, and breast cancer; growing
awareness about the significance of genetic tests; and increasing
government initiatives promoting genetic testing contribute to the
growth of the market.
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Scope of the Report:
Genomics Market Assessment—by Offering
- Systems
- Consumables
- Software
- Services
Genomics Market Assessment—by
Technology
- Polymerase Chain Reaction (PCR)
- Sequencing
- NGS
- Other Sequencing Technologies
- Nucleic Acid Extraction and Purification
- Microarray
- Other Technologies
Note: Other sequencing technologies include pyrosequencing,
degradome sequencing, sanger sequencing, chromatin
immunoprecipitation (ChIP) sequencing, and methylation
sequencing.
Note: Other technologies include cell counting, transfection,
and gene editing.
Genomics Market Assessment—by
Application
- Diagnostics
- Drug Discovery & Development
- Life Science Research
- Cancer Research
- Stem Cell Research
- Other Life Science Research
- Other Applications
Note: Other life science research applications include
cardiovascular research, osteoporosis, immunology, neurobiology,
cellular and molecular biology, and diabetes
Note: Other applications include agriculture, forensics, and
environmental applications.
Genomics Market Assessment—by End User
- Pharmaceutical & Biotechnology Companies
- Hospitals & Clinics
- Diagnostics Laboratories
- Contract Research Organizations (CROs)
- Academic & Research Institutes
- Other End Users
Note: Other end users include food & beverage companies,
agriculture companies, and forensics.
Genomics Market Assessment—by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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