New York, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The genomics market is at an impressive level, with an estimated value of US$ 48.6 billion by 2023, expected to grow at a CAGR of 14.8% to reach US$ 186.7 billion by 2032.
Genomics, a complete study of character function, mapping, evolution, and genomes, is reshaping industries. This multidisciplinary area relies on packages, structures, software, and offerings to force advancements in diagnostics, drug discovery, precision medication, and agricultural research. By presenting diagnostic and prognostic insights, genomics aids in crafting treatment plans for diseases like Alzheimer's, diabetes, and cancer, extending its impact to laboratories and studies centers.
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However, amid its promise, genomics grapples with moral dilemmas and a scarcity of professional experts, impeding its growth. Ethical issues embody confidentiality, consent, and equitable get entry to genetic data. Tackling these challenges is pivotal for fostering equitable progress inside the discipline. Notably, artificial intelligence (AI) is emerging as a transformative force in genomics, allowing speedy and precise detection of genetic variations in pathogens. AI algorithms scour genomic records derived from sequencing era, to facilitate accurate sickness diagnosis and formulate customized treatment plans based on an individual’s genetic profile.
Breakthrough technologies such as next-generation sequencing (NGS) and microarrays have ushered in an era of genomic data abundance. This quantity opens up new possibilities for experimentation and discovery. Phenome-wide association studies (PheWAS) and genome-wide association studies (GWAS) play an important role in unlocking the relationship between genotype and phenotype. Further driving the market growth are factors such as chronic infections higher generic medicines arrivals which need to increase crop yields to meet global challenges
Overall, genomics remains a transformative force with significant impact in health care, research, and agriculture. Addressing ethical concerns and addressing skills gaps will help unlock its full potential. With continued development and significant investment genomics is poised to transform industries and enhance human well-being worldwide.
Key Takeaways
- The consumables and reagents segment plays an important role in the genomics market, representing the largest share.
- Epigenomics is leading the way in terms of immediate and widespread impact. Epigenomics greatly contributes to the understanding of gene expression regulation and has important implications for disease research and personalized medicine.
- Drug discovery and development is emerging as a top application segment of the genomics market. Its popularity has been made by intense research aimed at cancer and genetic diseases.
- North America accounts for the largest share of the global genomics market, mainly due to the high demand for personalized medicine.
Driving Factors
Advances in genomic studies
Advances in genomic research constitute a chief riding force in genomics. Technological improvements, particularly subsequent-generation sequencing (NGS) and microarrays are in large part accountable for this boom. This substantial era has transformed our capability to analyse genetics at a remarkable fee and pace. For instance, NGS allows DNA molecules to be sequenced simultaneously offering big quantities of genomic records. Similarly, microarrays can examine lots of genetic markers concurrently. These advances are crucial due to the fact they provide researchers with deeper insights into various elements of genomics, inclusive of complex gene law, gene expression law and sickness-inflicting mechanisms.
Non-invasive cancer screening and analysis
Non-invasive strategies for most cancers analysis constitute a driving pressure in genomics. Methods together with urine biopsy and circulating tumour DNA analysis offer less invasive options to conventional histology. These strategies allow the identification of genetic mutations related to most cancers through biopsy. By facilitating early cancer detection and ongoing surveillance, non-invasive techniques hold notable promise for improving patient effects. They play a key role in advancing cancer research and treatment, supplying a more affected person-pleasant and effective technique to cancer analysis and treatment.
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Restraining Factors
Lack of educated workforce
The lack of adequately trained personnel with expertise in genomics poses a significant challenge to the widespread adoption and integration of genomics into clinical practice, as it necessitates specialized knowledge and skills for the analysis and interpretation of genomic data. This includes information in bioinformatics, statistical genetics and genetic counselling. The complexity of genomic records and the fast pace of technological advances require a highly skilled staff. Efforts to deal with this shortfall encompass instructional packages, schooling applications, and expert development opportunities to prepare healthcare specialists with the essential abilities.
Growth Opportunities
Integrating genomics into most cancers studies and care
Genomics has revolutionized oncology. NGS technology and their cost-efficient detection of the most cancers genome facilitate the complete evaluation of genetic mutations causing cancer, paving the way for centered remedies. This advancement complements comprehension of the genetic foundation of cancer at the same time as catalysing the exploration of novel medicinal goals. As non-invasive screening methods, including urinalysis, become increasingly effective for early detection and monitoring, genomics continues to play a more prominent role in cancer research and care. Consequently, there is significant commercial potential for companies that provide customized genomic services and solutions for oncology.
Drug development and pharmaceutical manufacturing
Genomics is playing an increasingly vital role in drug development. Knowledge of the genetic basis allows researchers to identify potential drug targets and develop more powerful therapies. Furthermore, pharmacogenomics, which examines how genetic variation affects an individual’s response to drugs, is gaining momentum. This allows them to optimize programs to maximize and minimize the effectiveness of each patient. As the pharmaceutical industry continues to use genomics for drug discovery and development, there is a growing market opportunity for companies providing genomics-related services and technologies in the pharmaceutical industry.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 48.6 Billion |
| Market Size (2032) | US$ 186.7 Billion |
| CAGR (from 2023 to 2032) | 14.8% from 2023 to 2032 |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
North America accounts for the largest share of the global genomics market, mainly due to the high demand for personalized medicine. These changes showcase a fundamental shift in health care delivery, forming treatments based on individual genetic uniqueness. This approach not only increases therapeutic efficacy but also reduces side effects.
The strong adoption of personalized medicine in the field is driving demand for genomics-based diagnosis and treatment. This trend underscores the critical role genomics plays in healthcare transformation, providing a more accurate and efficient approach to patient care.
Segment Analysis
The genomics market is driven by key segments starting from consumables and reagents. This large section contains laboratory materials and chemicals necessary for genomic design. It supports important procedures such as sample preparation and DNA analysis. With the increasing global demand for genomic testing, there has been growth in generalized medicine and disease research, strengthening trust and playing an important role in the sustainability of the genomics industry regularity and extension.
Epigenomics, which is important for understanding gene expression regulation, and biomarker discovery are making important contributions to the advances in genomics. While Epigenomics has had an immediate and widespread impact, biomarker discovery is equally important, with implications for disease research and strategic medicine.
In terms of use, drug discovery and development come first. Its popularity is being fueled by intense research efforts aimed at curing diseases such as cancer and genetic diseases. The falling cost of sequencing further increases its importance. Genomics plays an important role in identifying effective drug targets, elucidating disease mechanisms, and optimizing therapeutic interventions. It is a catalyst for medical innovation, offering promising prospects for the development of effective drugs and treatments for a variety of degenerative diseases.
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Segments Covered in this Report
By Products and Services
- Instruments and software
- Consumables and Reagents
- Core Genomics Services
- NGS-Based Services
- Biomarker Translation Services
- Computational Services
- Others
By Study Type
- Functional Genomics
- Epigenomics
- Biomarkers Discovery
- Pathway Analysis
- Others
By Application
- Drug Discovery and Development
- Diagnostics
- Agriculture
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
The genomics market reflects a fragmented landscape, with many key players. However, a select few hold a large market share, and have a surprising impact. These industry leaders have engaged in acquisitions and joint ventures with other companies aimed at solidifying their global market presence. These major companies include such large companies as Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, Luminex Corporation, and Myriad Genetics Inc. Their strategies and positions adopted reflect the pivotal role they play in shaping the trajectory of the genomics market globally.
Key Market Players
- BGI Genomics
- Color Genomics, Inc.
- GE Healthcare
- Agilent Technologies
- Quest Diagnostics Incorporated
- Eppendorf AG
- Danaher Corporation
- Myriad Genetics, Inc.
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Bio-Rad Laboratories, Inc.
- Pacific Biosciences of California, Inc.
- 23andMe, Inc.
- Thermo Fisher Scientific, Inc.
- Oxford Nanopore Technologies
- QIAGEN N.V.
- Eurofins Scientific
Recent Developments
- In October 2023, Genetic Technologies Limited revealed its expansion strategy for the Australian market. This comprehensive strategy includes key partnerships and initiatives aimed at advancing reproductive health care in the region.
- October 2023 Complete Genomics, Inc partners with Integrated DNA Technologies (IDT) to develop products compatible with DNBSEQ sequencing platforms.
- In June 2023, BGI Genomics launched Genalive, a state-of-the-art clinical laboratory in Saudi Arabia in partnership with Tibbiah Holding. This project marks a major step forward in BGI Genomics’ expansion in genetic research globally.
- In April 2023, the NYS Department of Health certified Intermountain Precision Genomics and multiple genes for solid tumor testing statewide.
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