February 22, 2024
Genomics Market

Genomics Market is estimated to witness growth Opportunities through Personalized Medicine

With advancements in genetic testing and sequencing technologies, the global genomics market is expected to witness growth opportunities through personalized medicine. Genomics is the study of genes and their functions and associated techniques like genome sequencing and analysis which help understand how genes function and affect health. It is widely being used in non-invasive prenatal testing, pre-implantation genetic diagnosis, cancer screening, identity & forensics applications. Genomic data tools & analytics help understand disease risk, predisposition, medication responses, and focus treatment based on genetic make-up. Personalized medicine or precision medicine is an evolving medical model that uses genomic data to classify individuals into subpopulations that differ in their susceptibilities to diseases and their responses to specific treatment. This tailoring of medical treatment to the individual characteristics of each patient helps determine the appropriate treatment and prevention strategies.

The global genomics market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The market is driven by increasing shift towards personalized medicine from reactive healthcare models. Personalized medicine holds potential to revolutionize the approach to disease prevention, diagnosis and treatment. Advancements in genomics through next-generation sequencing technologies have enhanced understanding of diseases at molecular level and enabled detection of gene variations. This helps physicians to predict disease risks, monitor health conditions, gauge treatment responses and tailor medication and therapies. Growing application of genomic data in oncology for cancer screening and targeted therapies will also contribute to market growth over the forecast period. In addition, decreasing cost of genomic sequencing is supporting increased adoption across healthcare systems.

Segment Analysis
The genomics market is dominated by the sequencing segment which holds around 45% share of the total market. Next generation sequencing (NGS) sub-segment leads the sequencing segment attributed to the growing adoption of NGS platforms in clinical diagnostics and DNA sequencing applications. NGS platforms provide high throughput and affordable genome sequencing capabilities compared to Sanger sequencing platforms, thereby dominating the sequencing segment.

PEST Analysis
Political: Government investments and funding for genomics research has increased in recent years to support development of precision medicine. Various countries have launched national genome projects.
Economic: The genomics market is expected to witness strong growth driven by increasing healthcare spending on preventive healthcare and rising demand for personalized medicine. Falling sequencing costs is expanding the market size.
Social: Increasing awareness about genomics applications in disease risk assessment and prenatal testing is driving demand for genomics services. Consumer interest in direct-to-consumer genetic testing is also growing.
Technological: Continuous technological advancements such as long read sequencing, portable sequencers, cloud computing for genomic data storage and analysis are supporting new product launches and scaling up of genomics applications.

Key Takeaways
The Global Genomics Market Size was valued at US$ 46.2 Bn in 2024 and is expected to reach over US$ 100 Bn by 2030, expanding at a CAGR of 10% during the forecast period.

North America dominated the market in 2024 attributed to strong government funding for genomic research and presence of leading companies in the region. The Asia Pacific region is expected to witness highest growth during the forecast period supported by increasing healthcare spending, strict government regulations for clinical genomic services, and routine genome sequencing initiatives in countries such as China and India.

Key players operating in the genomics market are Signify Holding (PHILIPS), Illumina, Qiagen, Thermo Fisher Scientific, PerkinElmer and others. Illumina dominates the NGS platforms segment with over 70% market share and is focusing on launch of novel high-throughput sequencers to strengthen its leadership position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it