Genomics Market to Reach $94.86 Billion by 2030 at CAGR 16.5%: Grand View Research, Inc.
SAN FRANCISCO, April 19, 2023 /PRNewswire/ -- The global genomics market size is expected to reach USD 94.86 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 16.5% in the forecast period owing to the increasing demand for novel therapeutic and research applications in genomics. Moreover, it is extensively used for a wide variety of applications, such as pharmacogenomics, and metagenomics. The emerging applications of genomics are braced up by industrial collaborations and expansions. For instance, in June 2020, Merck & Co., Inc., and 10x Genomics, Inc., collaborates to develop powerful genomics-based experiments to better understand the relationship between specific genes and disease by using 10x Genomics' barcode technology to screen single cells using CRISPR libraries.
Key Industry Insights & Findings from the report:
- The overall growth of the genomics market is attributed to the rising dependence of novel therapeutics for genetic disorders and cancers on genomics-based understanding.
- Functional genomics held the largest market share in the year 2022, owing to the demand for rising applications in diagnostics and gene therapy. Biomarker discovery is anticipated to be the fastest-growing segment in the forecast period due to rising applications of biomarkers in disease and therapeutics research.
- North America dominated the market in 2022 due to the presence of key players and rising support from the government and research institutes to advance the research on Genomics in the region.
Read full market research report more latest industry insights, "Genomics Market Size, Share & Trends Analysis Report By Technology & Application (Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery), By Deliverables, End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Genomics Market Growth & Trends
Technological advancements in the genomics market such as research on chromosomal instability and gene signatures utilizing unique samples from huge databases give out comprehensive insights into their clinical applicability. For instance, in June 2022, researchers from Cambridge University and the National Cancer Research Center (at Madrid, Spain) deduced to track chromosomal instability and copy number variations to understand the role of internal factors in driving such genomic alterations in cancers that are fatal in nature.
Diseases caused by genetic inheritance can cause a wide range of disease conditions such as cardiovascular, diabetes, and cancer conditions. Genetic disorders can be effectively combatted by understanding specific characteristics of an individual's genome sequence. For instance, in November 2021, Illumina, Inc. and the Genetic Alliance, collectively declared the launch of the iHope genetic health program so as to facilitate access to whole-genome sequencing to survivors of genetic disorders across the globeDee with one-third of the efforts to support subjects in Africa.
The market is positively driven by the lucrative support from the government and other research organizations for advancement in research on the genome sequence. There has been an increasing focus on funds for data-driven initiatives on genome sequence research to derive outcomes that are helpful for the treatment of rare diseases, infectious diseases, inherited disorders, and cancers. For instance, in August 2022, Medical Device Innovation Consortium launched its somatic reference samples initiative to develop clinically relevant samples and public genomic datasets to aid the enhancement of NGS-based cancer diagnostics. Similarly, in September 2022, the Centres for Disease Control (CDC) declared 5-year awards to establish the pathogen genomics centers of excellence (PGCoE) network to foster innovation and capabilities in bioinformatics, pathogen genomics, and molecular epidemiology.
One of the most important factors anticipated to impact the genomics market is how much and to what extent the medical community will make use of available genomic information in personalized medicine. Furthermore, plummeting costs of sequencing support an increase in the adoption of whole genome sequencing. Scientists are combining the data generated from sequencing with diagnostics, which has proven effective in enhancing the personalized treatment landscape. According to a report published by OGL, as of July 2021, the UK exceeded 600,000 SARS-CoV-2 genomically sequenced tests. Genomic sequencing has been helpful in the fight against SARS-CoV-2 by quickly identifying variations that are of concern, elucidating how they spread, and halting them.
Genomics Market Segmentation
Grand View Research has segmented the global genomics market on the basis of application, deliverables, end-use, and region
Genomics Market - Application & Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Functional Genomics
- Real-Time PCR
- Transfection
- SNP Analysis
- Mutational Analysis
- Microarray Analysis
- RNA Interference
- Epigenomics
- Bisulfite Sequencing
- Chromatin Immunoprecipitation (ChIP & ChIP-Seq)
- Methylated DNA Immunoprecipitation (MeDIP)
- High Resolution Melt (HRM)
- Chromatin Accessibility Assays
- Microarray Analysis
- Pathway Analysis
- Microarray Analysis
- Bead-Based Analysis
- Real-time PCR
- Proteomics tools (2-D PAGE; yeast 2-hybrid studies)
- Biomarker Discovery
- DNA Sequencing
- Microarray Analysis
- Real-time PCR
- Mass Spectrometry
- Statistical Analysis
- Bioinformatics
- Others
Genomics Market - Deliverables Outlook (Revenue, USD Million, 2018 - 2030)
- Products
- Instruments/Systems/Software
- Consumables & Reagents
- Services
- Core Genomics services
- NGS-based Services
- Biomarker Translational Services
- Computational Services
- Others
Genomics Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Clinical Research
- Academic & Government Institutes
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Other End Users
Genomics Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Denmark
- Sweden
- Norway
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
List of Key Players in Genomics Market
- Agilent Technologies
- Bio-Rad Laboratories, Inc.
- BGI Genomics
- Color Genomics, Inc.
- Danaher Corporation
- Eppendorf AG
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Illumina, Inc.
- Myriad Genetics, Inc.
- Oxford Nanopore Technologies
- Pacific Biosciences of California, Inc.
- QIAGEN N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific, Inc.
- 23andMe, Inc.
Check out more related studies published by
- Forensic Genomics Market - The global forensic genomics market size is expected to reach USD 1.36 billion by 2030, registering a CAGR of 14.25% in the forecast period, according to a new report by Grand View Research, Inc. This is owing to a significant increase in violent crimes, globally. Murder, intentional homicide, robbery, etc. are the key factors driving the growth of the industry. The Federal Bureau of Investigation predicted that there will be 1.31 million violent crimes in 2021. Homicides accounted for approximately 40.00% since before the pandemic, according to the FBI's estimated homicide data. Forensic DNA profiling allows the identification of individuals of those who are already known to the investigating authorities.
- Metagenomics Market - The global metagenomics market size is expected to reach USD 4.87 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 14.4% from 2022 to 2030. The increasing research in genomics and proteomics, the rising adoption of personalized medicines, and escalating requirement for biologic products are driving the demand for sequencing, fueling the growth of the industry. For instance, in August 2022, Illumina, Inc. announced its plans to expand genomics operations in Brazil by developing a solution center. The establishment of the new facility is the result of rising demand for clinical genomics and accelerating the company's footprint in Latin America.
- Consumer Genomics Market - The global consumer genomics market size is projected to reach USD 8.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.4% from 2021 to 2028. Technological advances in genetic research have helped to raise awareness among physicians as well as consumers pertaining to the use of gene-based testing.
Browse through Grand View Research's Biotechnology Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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