The genomics market size is estimated to be USD 24,306.1 million in 2022 and is expected to witness a CAGR of 16.52% during the forecast period 2023-2033. Surge in inherited cancer incidences, growing number of joint ventures and partnerships among industry participants and rising demand for customised medicine, gene therapy, and other treatments are factors contributing to the market growth. Furthermore, substantial research, drug discovery strategies used by biopharmaceutical companies is expected to fuel the market growth. However, lack of skilled workforce is expected to hinder the growth.

Surge in inherited cancer incidences is expected to propel the market growth. The extensive understanding of the human genome has intense focus on the application of various gene therapies for cancer treatment using advanced gene editing techniques including CRISPR-Cas technology. For instance, in September 2022, a team of researchers from the University of California presented the management of inherited retinal diseases using precision genome editing agents (IRDs).

The substantial research, drug discovery strategies used by biopharmaceutical companies, and improvements in technology-enabled personalised medicine are factors supporting to the genomics market’s growth. For instance, in August 2022, Clemson University researchers introduced an open-source model that is intended to help researchers create prediction models to represent intricate cellular interactions and enable the integration of sizable datasets for personalised medicine applications such as drug-matching for cancer therapeutics.

Segmentation

By Deliverables

The market is categorized into products and services. In 2022, the products segment accounted for the highest revenue share. The products used in genomics can be largely divided into two groups systems and instruments for synthesizing and sequencing nucleic acid sequences. The introduction of NGS technology resulted in an increase in the demand for customized treatments and a decrease in sequencing costs, which resulted in the development of new products or systems. With the introduction of new products, the genomics market is gradually becoming more competitive. For instance, PerkinElmer launched an automated benchtop NGS system in June 2022. Only the BioQule NGS System was used in the study to automate library preparation. The service sector is predicted to exhibit a substantial CAGR. The main drivers of the services industry are the high price of the product, the demand for knowledge required for genomics, and the end user’s concentration on core activities.

By Application & Technology

The market is categorized into epigenomics, biomarker discovery, functional genomics, pathway analysis, and others. In the global market, the functional genomics segment accounted for the largest revenue share in 2022 owing to studies that aim to comprehend a specific phenotypical expression of a particular disease state. Functional genomics provides a major basis for the design of several gene treatments for cancer. For instance, in June 2020, scientists at the European Molecular Biology Laboratory (EMBL) in Heidelberg use targeted single-cell RNA sequencing to improve the precision and scalability of functional genomics CRISPR/Cas9 gene-based screens. Single-cell RNA sequencing can assess CRISPR/Cas9 functional genomics screens and provides in-depth insights into the levels of gene expression in individual cells. The biomarker discovery segment is anticipated to register a significant growth rate over the course of the projection year due to the high level of efficiency provided by genomics in several diagnostic applications.

By End User

The market is segmented into academic & government institutes, clinical research, pharmaceutical & biotechnology companies, hospitals & clinics, and others. In 2022, the pharmaceutical & biotechnology companies segment accounted for the largest revenue share owing to rising demand for the usage of genomics in drug discovery. Additionally, the demand for precision and customized treatment is being spurred by novel therapeutic alternatives including gene editing. The use of underlying genomics knowledge is being used in numerous studies for the discovery of novel drugs. For instance, Illumina Inc. states that it will present seven of its abstracts at the American Society of Clinical Oncology (ASCO) 2022 in addition to a meeting to discuss the transformative effects of comprehensive genomic profiling in precision medicine. These abstracts pertain to the key oncology research

Regional Markets

In 2022, North America region accounted for the highest revenue in the genomics market and is expected to maintain its dominance during the forecast period. This is attributed to the assistance of major pharmaceutical companies and research institutions. Genomics is now an important factor of any disease research and drug discovery due to effects of genetic expression on human health. With cooperative efforts, there are new developments in the region for the application of genomics. For instance, in January 2022, Illumina, Inc. collaborates with Nashville Biosciences, LLC (a unit of Vanderbilt University Medical Center in Tennessee) to develop drugs using genomics and to create a premier clinico-genomic resource. Asia Pacific is anticipated to be the fastest expanding segment over the course of the projection period due to rising need for novel therapeutic medications to combat the region’s increasing disease prevalence, and growing demand for genomics applications in diagnostics.

Competitor Insights

Some of the key players operating in the genomics market are Bio-Rad Laboratories, Inc., Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., Pacific Biosciences of California, Inc., BGI Genomics, Eppendorf AG, F. Hoffmann-La Roche Ltd., GE Healthcare, Eurofins Scientific,  Illumina, Inc., Oxford Nanopore Technologies, QIAGEN N.V., Agilent Technologies, Color Genomics, Inc., Quest Diagnostics Incorporated, Danaher Corporation, and 23andMe, Inc.

To achieve a competitive edge, these businesses are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by businesses in this sector.

• For instance, Thermo Fisher Scientific announced a partnership with the Qatar Genome Program of the Qatar Foundation in May 2022 to advance genomics research and its clinical applications in predictive genomics for the benefit of the entire Arab population by custom genotyping using the whole genome sequencing data from the 19 Arab nations.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including deliverables, application & technology and end user from 2023 to 2033.

Report Scope:

Segmentation: Genomics Market Report 2022 – 2033

Deliverables (Revenue, USD Million), 2022 – 2033

• Products
  • Consumables & Reagents
  • Instruments/Systems/Software
• Services
  • Biomarker Translation Services
  • NGS-based Services
  • Computational Services
  • Core Genomics Services
  • Others

Application & Technology (Revenue, USD Million), 2022 – 2033

• Epigenomics
• Biomarker Discovery
• Functional Genomics
• Pathway Analysis
• Others

End user (Revenue, USD Million), 2022 – 2033

• Academic & Government Institutes
• Clinical Research
• Pharmaceutical & Biotechnology Companies
• Hospitals & Clinics
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA