Genomics Market to Reach $70.52 Billion by 2031, Driven by Increasing Incorporation of Genomic Data in Clinical Workflows and Increasing Funding and Investments in Genomics Projects – Exclusive Report by Meticulous Research®

REDDING, Calif., Sept. 24, 2024 /PRNewswire/ — According to a new market research report titled, ‘Genomics Market Size, Share, Forecast, & Trends Analysis by Technology (Sequencing, Microarray, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostic, Research), Offering (Instrument, Consumables, Software), End User—Global Forecast to 2031.

The genomics market is projected to reach $70.52 billion by 2031, at a CAGR of 11.1% from 2024 to 2031.

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The rising prevalence of genetic diseases, the increasing incorporation of genomic data in clinical workflows, increasing funding and investments in genomics projects, growing applications of genomics in the healthcare sector, rising pharmaceutical R&D expenditures, and increasing healthcare spending are key factors driving the growth of the genomics market. However, concerns over the security & privacy of genomic data and the lack of standardized approaches in genomics are factors restraining the growth of this market.

Furthermore, the rising adoption of personalized medicines and gene therapies is expected to create opportunities for the players operating in the genomics market. However, the shortage of skilled bioinformatics & genomics personnel and the commercialization & scaling of genomic technologies are major challenges impacting market growth. READ MORE

Increasing Funding and Investments in Genomics Projects Reshaping the Market Landscape

Pharmaceutical and biotechnology companies have been increasingly focused on genomic research since 2003 – the year of completion and publishing of the full sequence of the entire human genome. Furthermore, increasing funding for genomic research, the development of advanced sequencing technologies & bioinformatics tools, and the reducing costs of genomic studies are generating opportunities for pharmaceutical and biotechnology companies to engage more in the research and development of personalized/precision medicine, targeted therapeutics, and vaccines. These factors have also helped companies as well as academic & research institutes to conduct more studies focused on mapping and identifying variants and studying the mechanisms of various rare and genetic diseases.

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The pharmaceutical industry is also investing in genomic data-sharing initiatives to accelerate the research and development of novel personalized therapies. Also, research and academic institutes are partaking in genomic studies and collaborating with key pharmaceutical companies to exchange genomic data and discover new personalized therapies for various rare and genetic diseases. Some of the recent funding and investments supporting genomics studies are as follows:

• In December 2022, the U.K. government announced $217 million (€175 million) in funding for genomics research, including $130 million (€105 million) to boost the diagnosis of rare genetic diseases in newborns.
• In September 2022, the Centers for Disease Control and Prevention (CDC) announced $90 million in funding over the next five years to support the Pathogen Genomics Centers of Excellence (PGCoE) network, which is aimed at accelerating innovations and improving technical capacities in molecular epidemiology, pathogen genomes, and bioinformatics for the prevention and control of microbial threats to public health.
• In March 2022, the National Institutes of Health (NIH) allocated $89 million in funding for advancing genome editing projects to develop new technologies and novel research approaches in the somatic cell genome editing program.
• According to the UK Parliament article published in December 2022, the U.K. government provided $27 million (£22 million) in funding to Genomics England for sequencing 15,000 to 25,000 participants from diverse backgrounds by 2025 and tackling health inequalities in genomic medicine.

Automation in Next-Generation Sequencing (NGS): A Key Trend in the Genomics Market

The ability to sequence the genes of any organism for clinical and research purposes has proved to be a game changer for public health. Portable handheld sequencing devices are paving the way for the growth of the genomics market, making sequencing cheaper, simpler, and faster without the need for large clinical laboratories. Real-time sequencing has enabled researchers and physicians to quickly access sequencing data and act instantly. Portable nanopore-based sequencers can sequence the entire genome in less than $1,000. Additionally, automating NGS library preparation has helped researchers improve their library quality and achieve consistent yields, enabling the generation of reliable and reproducible NGS data.

NGS automation has also enhanced the efficiency of sequencing in terms of time and cost. The risk of contamination is greatly decreased by reducing human interactions with reagents and samples. According to a study that analyzed the cost breakdown for genome sequencing, lab personnel account for around 15% of the total cost of sequencing in a conventional clinical laboratory. A similar study showed that when an automated system is used for sample preparation, the cost of laboratory personnel decreases to around 4% of the total cost. Thus, automation optimizes & streamlines NGS workflows.

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Genomics Market Analysis: Key Segmental Findings

• By offering: In 2024, the consumables segment is expected to account for the largest share of 68.9% of the genomics market. The segment’s large market share can be attributed to the increasing demand for consumables due to the growing number of genomic tests, more recurring purchases of consumables compared to instruments, and the increasing prevalence of genetic diseases. For instance, according to a report published by MJH Life Sciences (U.S.) in 2022, approximately 300,000 babies are born with sickle cell disease per year globally, and nearly 5% of the world’s population is affected by the disease.
• By Technology: In 2024, the sequencing segment is expected to register the highest CAGR of 15.3% during the forecast period 2024–2031. The high growth of this segment is driven by the growing adoption of NGS for sequencing, the rising prevalence of cancer & the expanding application of NGS in cancer treatment & research, the declining costs of NGS, and technological advancements in NGS. Additionally, the growing demand for NGS automation, and the development of portable sequencing technologies also support the growth of this segment.

Geographic Analysis:

North America Poised to Dominate the Genomics Market in 2024

Based on geography, the genomics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, North America is expected to account for the largest share of 53.3% of the genomics market. This market is projected to reach $36.2 billion by 2031. North America’s dominant position in the genomics market is attributed to government initiatives toward the development of genomic medicine, the increased use of genomics since the COVID-19 pandemic, increasing research in the field of genomics, and the advanced healthcare infrastructure in the region.

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In addition, North America is home to numerous renowned research institutions, universities, and organizations dedicated to genomics research—examples include the Broad Institute, Harvard University, MIT, and the National Institutes of Health (NIH) in the U.S., as well as the University of Toronto, McGill University, and the Ontario Institute for Cancer Research (OICR) in Canada. In North America, genomics is a multidisciplinary field encompassing research, technology development, and applications related to the study of genomes (complete sets of genes within an organism’s DNA). In North America, genomics has been a significant and rapidly evolving field with broad applications in various areas of science and medicine.

In 2024, the U.S. is expected to account for the dominant share of 91.6% of the genomics market in North America. The country’s large market share is mainly attributed to the availability of advanced technologies & resources for healthcare, research funding, government initiatives to promote precision medicine, high public & private investments in genomics, and the availability of skilled professionals in the country.

Asia-Pacific: The Fastest-growing Regional Market

The genomics market in Asia-Pacific is projected to register the highest CAGR of 13.8% during the forecast period. In 2024, China is expected to account for the largest share of 38.9% of the genomics market in Asia-Pacific. Economic growth in many Asia-Pacific countries has increased government focus on the healthcare sector in terms of investments aimed at improving access to healthcare facilities and building better healthcare infrastructure. Rapid urbanization, the need to manage the growing burden of infectious diseases, efforts to improve access to diagnostic services, and rising awareness regarding health and treatment availability are driving the growth of this market. Moreover, rising middle-class populations and their disposable incomes, increasing health insurance penetration, the growing potential of personalized therapies, and public and private investments are expected to support market growth during the forecast period.

Funding from public & private organizations for the development of innovative genomic medicine has increased China’s focus on strengthening its genomics market.

Some of the recent key developments in this market are as follows:

• In January 2023, Qitan Technology Co. Ltd. (China) raised $104 million (¥700 million) in a series C round to improve its nanopore sequencing devices and expand its market in China.
• In June 2022, Chinese sequencing technology company Axbio secured $100 million in Series B funding. The funds supported the development and commercialization of its nanopore-based sequencer and the building of a manufacturing facility.
• In 2016, the People’s Republic of China announced $9 billion in funding for a 15-year project to collect, analyze, and sequence genomic data and become a global leader in precision medicine.

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Genomics Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past 3–4 years. Major companies in the genomics market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the genomics market include product launches, expansions, agreements, collaborations, and partnerships. The key players operating in the genomics market include Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China).

The report includes a competitive dashboard that summarizes the market positions of the 20 profiled market players in four quadrants, namely Industry Leaders, Differentiators, Emerging Companies, and Vanguards. These companies are positioned based on various parameters, including revenue, depth of offerings, brand equity, geographic presence, innovation, and organic & inorganic growth strategies. Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V (U.S.), and Danaher Corporation (U.S.) were positioned in the Industry Leaders quadrant.

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Genomics Industry Overview: Latest Strategic Developments from Key Industry Players

• In January 2024, Thermo Fisher Scientific Inc. (U.S.) received GMP approval from the Italian Medicines Agency (AIFA) for its manufacturing facility for RNA-based products in Monza, Italy.
• In January 2024, Thermo Fisher launched the Axiom PangenomiX Array, a comprehensive and ethnically diverse genomic coverage on a high-throughput microarray that delivers multi-disease and pharmacogenomic research analysis across global populations.
• In January 2024, Illumina, Inc. (U.S.) extended its collaboration with Janssen Research & Development, LLC (U.S.) for the development of Illumina’s novel Molecular Residual Disease (MRD) assay, a Whole-genome Sequencing (WGS) multi-cancer research solution that detects circulating tumor DNA (ctDNA).
• In January 2024, QIAGEN N.V. (Netherlands) announced plans to open its regional headquarters in Riyadh, Saudi Arabia, to further strengthen its footprint in the region. QIAGEN had also signed a Memorandum of Understanding (MoU) with Saudi Arabia’s Ministry of Health, addressing various public health and infection control initiatives.
• In December 2023, Danaher Corporation (U.S.) acquired Abcam plc (U.K.). Abcam operates as a standalone company and brand within Danaher’s Life Sciences segment, furthering Danaher’s strategy to help map complex diseases and accelerate drug discovery.
• In September 2023, Integrated DNA Technologies, a subsidiary of Danaher Corporation (U.S.), launched xGen NGS products designed exclusively for the Ultima Genomics UG 100TM platform.
• In June 2023, Agilent Technologies, Inc. (U.S.) launched Agilent 6495D LC/TQ and Agilent Revident LC/Q-TOF. The company also launched Agilent MassHunter Explorer Profiling software and the new Agilent ChemVista library manager software.
• In May 2022, Bio-Rad Laboratories, Inc. (U.S.) launched the CFX Duet Real-Time PCR System to support researchers in developing singleplex and duplex quantitative PCR (qPCR) assays.
• In December 2021, Pacific Biosciences of California, Inc. (U.S.) launched its HiFiViral SARS-CoV-2 Kit, which helps detect the Omicron Variant and provides information important for public health.

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Scope of the Report:

Genomics Market Assessment—by Offering

• Consumables
• Instruments
• Software
• Services

Genomics Market Assessment—by Technology

• Polymerase Chain Reaction (PCR)
• Sequencing
  • Next-generation Sequencing (NGS)
  • Other Sequencing Technologies
• Nucleic Acid Extraction & Purification
• Microarray
• Other Technologies

Note: Other sequencing technologies include pyrosequencing, degradome sequencing, Sanger sequencing, Chromatin Immunoprecipitation (ChIP) sequencing, and methylation sequencing.

Note: (Other technologies include cell counting, transfection, and gene editing.)

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Genomics Market Assessment—by Application

• Diagnostics
• Drug Discovery & Development
• Life Sciences Research
  • Cancer Research
  • Stem Cell Research
  • Other Life Sciences Research
• Other Applications

Note: Other life sciences research applications include cardiovascular diseases, osteoporosis, immunology, neurobiology, cellular & molecular biology, and diabetes research.

Note: Other applications include agriculture, forensics, and environmental applications.

Genomics Market Assessment—by End User

• Pharmaceutical & Biotechnology Companies
• Hospitals & Clinics
• Diagnostics Laboratories
• Contract Research Organizations (CROs)
• Academic & Research Institutes
• Other End Users

Note: Other end users include food & beverage companies, agricultural companies, and forensics.

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Genomics Market Assessment—by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

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Genomics Market Report Summary:

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