$49.99 Bn Genomics Market Size to Grow at a Rapid Pace by 2027 With 13.1% CAGR – Exclusive Report by The Insight Partners

Genomics market growth is driven by rising prevalence of cancer and firm government support for genome projects. Notable players in genomics market are Thermo Fisher Scientific Inc, and Illumina, Inc.

New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest study on “Genomics Market Size, Share, Growth, and Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology, Product & Service, Application, and End User,” the global market was valued at USD 19 billion in 2019 and is projected to reach USD 49.9 billion by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

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Global Genomics Market Report Scope, Segmentations, Regional & Country Scope:

Report CoverageDetails
Market Size Value inUSD 19 billion in 2019
Market Size Value byUSD 49.9 billion by 2027
Growth rateCAGR of 13.1% from 2020 to 2027
Forecast Period2020-2027
Base Year2020
No. of Pages248
Historical data availableYes
Segments coveredTechnology, Product & Service, Application, and End User
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends

Genomics Market: Competitive Landscape and Key Developments

Illumina, Inc.; Danaher; F. HOFFMAN LA-ROCHE LTD; Bio-Rad Laboratories Inc.; General Electric Company; Thermo Fischer Scientific, Inc.; Agilent Technologies, Inc.; Eurofins Scientific; QIAGEN; and BGI are the key companies operating in the genomics market. These leading players focus on expanding and diversifying their market presence and clientele, thereby seeking prevalent business opportunities.

In May 2022, Illumina, Inc. announced a collaboration with Allegheny Health Network (AHN) to evaluate the impact of in-house comprehensive genomic profiling (CGP) for enhancing patient care. This development will assess the value of in-house testing intended for both tissue and blood samples v/s sending those samples externally to benefit cancer patients and the broader healthcare system.

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Global Genomics Market Opportunity

Emergence of Precision Cancer Medicine

Genomic research on cancer results in better diagnosis and treatment strategies for identifying tumors. This approach is called precision medicine. Cancer genomic research contributes to precision medicine by defining cancer types and subtypes based on genetics. Such molecular taxonomy of cancer offers precise diagnosis and personalized treatment strategy. The standard chemotherapy typically destroys rapidly dividing cancerous and normal cells leading to adverse effects such as nausea, mouth sores, and hair loss, whereas precision cancer medicine therapy uses special targeted therapies to attack tumor cells with specific abnormalities without harming the normal cells. Also, some precision cancer medicinal agents are designed to strike down cells that are directly responsible for specific genetic changes developing tumor. A few precision medicine agents inhibit overactive signaling pathways that allow cancer cells to grow and divide uncontrollably.

North America is the largest contributor to the global genomics market. Rising government initiatives for promoting precision medicine, adoption of tactical strategies by key players for offering genomic studies, and presence of prominent players are the major factors driving the growth of the North America genomics market. The US is a major market for genomics in the region. Cancer death rates in the country have decreased annually on an average by 2.3% among males and 1.9% among females, as per the estimates revealed by the Annual Report to the Nation on the Status of Cancer. With overall cancer death rates declining in the US, the number of cancer survivors increased, revealing that progress is being made against the disease. For example, statistical evidence suggests that improved treatments are likely to make substantial contribution to a sharp decline in lung cancer mortality rates.

The Centers for Disease Control and Prevention (CDC) works with public, non-profit, and private partners to develop and implement various ways of improving the health of cancer patients in the US. The Behavioral Risk Factor Surveillance System (BRFSS) provides state-specific benchmarks for cancer prevention (tobacco use, nutrition, physical activity, and obesity) and early detection (mammography and cervical, colorectal, and prostate cancer screening tests). Such initiatives and strategies definitely contribute to reducing the cancer mortality rates and increasing the chances of survival. These aspects are augmenting the North America genomics market growth.

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Global Genomics Market: Key Takeaways

Government Support for Revolutionizing Cancer Treatment with Genomics Project

The cancer genome project utilizes high-throughput genome sequencing to identify the somatically acquired mutations for characterizing cancer genes, mutational processes, and patterns of clonal evolution of tumors in humans. Genomics can potentially revolutionize healthcare leading to new cancer treatments. Commercial applications of genomics intended for cancer treatment are expected to account for a considerable revenue of US$ 22 billion by 2024, as per the Open Government License (OGL) report. The UK has developed the largest and high-quality whole genome database in the world with the help of 100,000 genome projects. Also, the public–private collaboration has invested US$ 197.50 million to complete the whole genome sequencing project with 500,000 participants in the UK Biobank in November 2021. Innovate UK, a part of UK Research and Innovation, received US$ 5.3 million from the government's Industrial Strategy Challenge Fund (ISCF) for whole genome sequencing projects for cancer research. This funding is a part of ISCF's US$ 207 million to be used for early diagnosis and overcome precision medicine challenges.

Rising Prevalence of Cancer Dominates Overall Market Growth

According to the National Institute of Health (NIH) report, cancer is among the leading causes of death worldwide. The estimated number of new cancer cases in 2022 reached 1,918,030. Extensive research studies have been conducted for analyzing the progression of cancer. Genomics is one such example where studies focus on how gene alteration causes cancer. National Cancer Institute (NCI) and Center for Cancer Genomics (CCG) use high-throughput techniques to identify and study mutations, large genomic rearrangements, and detect changes in RNA and protein expression. NCI also supports diverse cancer genomic research and related efforts to translate the findings into clinical advances.

Genomics for cancer is a relatively new research area that uses technology for studying the human genome or complete set of DNA responsible for causing cancer. By sequencing DNA and RNA responsible for cancer cells and comparing the sequence with the genetic makeup of normal tissues, scientists can identify genetic differences responsible for uncontrolled cancer. Such cancer genomics research studies help analyze the uncontrolled growth of cancer cells contributing to the expansion of the global genomics market.

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Global Genomics Market: Segmental Overview

Based on technology, the genomics market is segmented into sequencing, microarray, polymerase chain reaction (PCR), nucleic acid extraction and purification, and others. The sequencing segment held the largest market share in 2021. Based on product & service, the market is categorized into instruments/systems, consumables, and services, of which, the consumables segment occupied the largest market share in 2021. By application, the market is divided into diagnostics, drug discovery & development, precision/personalized medicine, agricultural & animal research, and others. The diagnostics segment held the largest market share, thereby dominating the segmental growth. Based on end user, the market is segmented into research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and others. The research centers segment is likely to hold considerable market share during the analysis period.

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