Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Genomics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
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.
North America was the largest region in the genomics market in 2023. Western Europe was the second largest region in the genomics market.
Report Scope
Markets Covered:
1) By Product Type: Instrument (Including Systems, Service Contract and Software); Reagents (Including Reagents and Consumables);
2) By Process: Cell Isolation; Sample Preparation; Genomic Analysis;
3) By End User: Academic Institutes; Biopharmaceutical Companies; Clinical Research Institutes
Key Companies Mentioned: 10X Genomics Inc.; Qiagen NV; Standard BioTools Inc.; Johnson and Johnson; Illumina Inc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/umw4od
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