Chicago, March 28, 2023 (GLOBE NEWSWIRE) -- The genomics industry is expected to continue to grow rapidly in the near future. This growth is due to the increasing demand for personalized medicine as well as advances in technology which are enabling more accurate and cost-efficient sequencing services. In addition, the development of new treatments and therapies based on genomics data is expected to further drive the growth of the industry. Further, the combination of genomic data and artificial intelligence could lead to more personalized treatments and better outcomes for patients. Finally, the increasing availability of genomic data and its use in clinical practice is expected to drive the growth of the industry in the near future.
Genomics market in terms of revenue was estimated to be worth $22.7 billion in 2020 and is poised to reach $54.4 billion by 2025, growing at a CAGR of 19.0% from 2020 to 2025 according to a latest report published by MarketsandMarkets™. The major factors driving the growth of this market include the increasing government funding to support genomics projects, the growing incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups in the genomics market, and the growing application areas of genomics.
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Genomics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2020 | $22.7 billion |
| Estimated Value by 2025 | $54.4 billion |
| Growth Rate | Poised to grow at a CAGR of 19.0% |
| Market Size Available for | 2018–2025 |
| Forecast Period | 2020–2025 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Technology, Application, End User, and Region |
| Geographies Covered | North America, Europe, APAC and the RoW |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Use of genomics in specialized/personalized medicine |
| Key Market Drivers | Increasing government funding to support genomics projects |
Based on product & service, the genomics market is segmented into consumables, systems & software, and services. In 2019, consumables accounted for the fastest growing segment of the genomics market during the forecast period. Consumables are used in large numbers in genomic systems, and their use will continue to increase with the growing number of genomic tests performed across the globe. This is a key factor driving the market growth.
Based on end users, the genomics market is segmented into hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies, and other end users. In 2019, the hospitals & clinics segment accounted for the fastest growing of the market. Hospitals & clinics are shifting from traditional genomic testing methods to cost-effective and more sensitive methods, such as whole-exome sequencing, which is a major factor driving the market growth.
The genomics market in the Asia Pacific is projected to register the highest growth during the forecast period, this is mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, and expansions of key players to strengthen their presence in the APAC region.
Key Market Players:
Some of the leading players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), and BGI (China).
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Hypothetic Challenges of Genomics Market in Near Future:
- Data security and privacy concerns: As the genomics market continues to grow, there will be an increasing need to ensure data security and privacy. Due to the sensitive nature of genomic data, the potential for misuse or unauthorized access must be addressed.
- Accessibility and affordability: Making genomic sequencing and analysis accessible and affordable for everyone is a huge challenge. Currently, the cost of sequencing and analyzing a human genome is prohibitive for most people.
- Regulatory issues: As the genomics market expands, there will be a need to develop a regulatory framework that balances the interests of industry, government, and the public.
- Education and training: Educating and training the public and healthcare professionals on genomics is essential for the proper use of genomics data.
- Ethical considerations: As the genomics market grows, ethical considerations must be taken into account. This includes issues such as the use of genetic data in decision-making, genetic discrimination, and the potential misuse of genetic information.
Top 3 Use Cases of Genomics Market:
- Diagnostics: Genomics is being increasingly used in the diagnosis of hereditary diseases, genetic disorders, and cancer. It helps in identifying a patient's risk of developing certain diseases, determining the best possible treatment for a particular condition, identifying the cause of a particular disease, and providing better prognoses.
- Research & Development: Genomics is being used in research and development to further understanding of various diseases and conditions. It is also used to develop personalized treatments and identify new drug targets.
- Agriculture: Genomics is being used in the agricultural sector to improve crop yields and reduce the use of pesticides and fertilizers. It is also being used to identify and develop new crop varieties that are more resistant to environmental stressors.
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Recent Developments:
- In 2021, Illumina (US) collaborated with Helix OpCo (US) to improve the national surveillance infrastructure in the US so as to track the emergence and prevalence of novel strains of SARS-CoV-2 with support from the CDC. Illumina’s sequencing technology and expertise and Helix’s national COVID-19 testing footprint will significantly expand the country’s existing surveillance efforts to detect and characterize emerging variants of SARS-CoV-2.
- In 2020, BGI (China) expanded its DNA sequencing and laboratory automation products available in Latin America by signing agreements with top distributors in Brazil, Argentina, Peru, Ecuador, Colombia, and Mexico.
- In2020, QIAGEN (Netherlands) acquired NeuMoDx Molecular (US) to strengthen its leadership position in automated molecular testing. Medium- and high-throughput NeuMoDx automation solutions based on PCR testing technology will now be integrated into QIAGEN’s portfolio
- In 2020, Thermo Fisher Scientific (US) launched the Oncomine Myeloid Assay GX.
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NGS-based RNA-sequencing Market
