Genomics Market Size Worth USD 178.5 Billion in 2032 | Emergen Research

Vancouver, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global genomics market size was USD 31.90 Billion in 2022 and is expected to register a rapid revenue CAGR of 19.0% during the forecast period. Rapid advancements in sequencing technologies, precision medicine and personalized healthcare, and rising demand for direct-to-consumer genetic testing are major factors driving market revenue growth.

Continuous advancements in Deoxyribonucleic Acid (DNA) sequencing technologies, such as Next-Generation Sequencing (NGS), have significantly reduced the cost and time required for genomic analysis. This has democratized access to genomic information, making it more widely available for research and clinical purposes.

In addition, rising awareness regarding various benefits of precision medicine and personalized healthcare is another key factor driving revenue growth of the market. Genomics play central role in precision medicine, where medical treatments are tailored to individual genetic profiles.

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However, high cost of genomic testing and ethical and privacy concerns are major factors, which could restrain market revenue growth. The initial investment in high-throughput sequencing technologies and infrastructure required for genomic testing is substantial.

Technology Insights:

On the basis of technology, the global genomics market is segmented into functional genomics, pathway analysis, biogenomics, biomarker discovery, and others. The functional genomics segment accounted for largest revenue share in the global genomics market in 2022 owing to research studies aiming to understand a particular phenotypic expression of a given disease condition.

Deliverables Insights:

On the basis of deliverables, the global genomics market is segmented into product, software, and services. The product segment is expected to account for significantly large revenue share in the global genomics market during the forecast period. This is owing to increasing preference for personalized medicines and decline in costs of DNA sequencing.

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Regional Insights:

The North America market accounted for largest revenue share in the global genomics market in 2022 owing to increasing support of research institutes and pharmaceutical giants. The rising income of people in these regions and increasing government funding are also expected to drive market revenue growth of this region during the forecast period. For instance, in October 2023, Canadian Institute of Health Research invested USD 15 million in creation of Pan-Canadian Genome Library to make genomic research more sustainable, secure, and equitable.

The Europe market is expected to account for considerably large revenue share in the global genomics market over the forecast period. Several clinics, hospitals, and pharmacies have been established in recent years making it easier for people to access and keep themselves healthy and fit. For instance, in July 2021, Sophia Genetics and GE Healthcare entered into a partnership to advance cancer care by matching patients’ genomic profiles and by offering personalized treatment options. This collaboration also intends to develop Artificial Intelligence (AI)-powered workflow solutions and analytics, serving both biopharma and clinical markets.

Scope of Research

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Major Companies and Competitive Landscape

The global genomics market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective genomics solutions in the market.

Some major players included in the global genomics market report are:

• Color Health, Inc.
• F. Hoffmann-La Roche Ltd.
• Oxford Nanopore Technologies plc
• 23andMe, Inc.
• Genome Diagnostics Pvt. Ltd.
• Qiagen
• Cytiva
• GE Healthcare
• BGI
• Agilent Technologies

Strategic Development

• In June 2023, BGI Genomics unveiled Genalive, a self-regulating clinical laboratory, which is a collaborative venture between Tibbiyah Holding and BIG Al Manahil Health for Medical Services, a subsidiary of BGI Genomics in Saudi Arabia. Genalive will offer precision medicine solutions and comprehensive genetic testing with its cutting-edge sequencing platforms, AI-driven analytical tools, and advanced bioinformatics pipelines. This is marked as BGI Genomics’ milestone in its global expansion of genetics research.

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For the purpose of this report, Emergen Research has segmented the global genomics market on the basis of technology, deliverables, application, end-use, and region:

• Technology Outlook (Revenue, USD Billion; 2019-2032)
  • Functional Genomics
  • Epigenomics
  • Pathway Analysis
  • Biomarker Discovery
  • Others
• Deliverables Outlook (Revenue, USD Billion; 2019-2032)
  • Product
  • Software
  • Services
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Diagnostics
  • Drug Discovery and Development
  • Agriculture
  • Precision Medicine
  • Others
• End-use Outlook (Revenue, USD Billion; 2019-2032)
  • Pharmaceuticals & Biotechnology
  • Hospitals & Clinics
  • Clinical Research
  • Academic & Government Institutes
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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