Genomics Market by Products & Services (Systems & Software, Consumables, and Services), Technology (Polymerase Chain Reaction (PCR), Nucleic Acid Extraction & Purification, and Microarray), Application (Drug Discovery & Development, Diagnostics, Agriculture & Animal Research, and Precision Medicine), End Users (Research Centers & Academic Institutes, Pharmaceutical & Biotechnology Companies, and Hospitals & Clinics)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global genomics market was pegged at ~US$ 21.40 billion in2020. The market is expected to witness a CAGRof ~13.3% from 2021 to 2031.
Factors contributing to the growth of genomics market include technological advancements in genomic instruments, rising incidence of genetic disorders, rising government funding, and growing applications of genomics. However, the high cost of genomic systems and the dearth of skilled professionals are some of the factors likely to hinder the market growth to a certain extent.
In order to maintain their foothold in the market, genomics companies are entering into partnerships and collaborations with other companies. For instance, in January 2021, Illumina, Inc. and Sequoia Capital China, an investment firm, entered into a partnership to accelerate the startup ecosystem in China. Similarly, in December 2020, Genome Biologics UG (Germany) entered into a research collaboration with AstraZeneca. The collaboration will focus on screening proteins of the human secretome which would enable cardiac regeneration and recovery in Myocardial Infarction (MI), Heart Failure (HF), and Cardiotoxicity (CT).
Decreasing prices of genomic sequencing and growth in the genomic database have reduced the cost of the analysis. Technological advancements in genome-sequencing methods have led to lowering genome sequencing costs. Moreover, an increasing number of research studies in the field of genomics have also played a pivotal role in fueling the genomics market growth.
Companies are focusing on developing genomic instruments which would enable faster and accurate genomic analysis. Various companies have successfully received approvals from regulatory authorities for such instruments. For instance, in May 2020, Bio-Rad Laboratories, Inc., received FDA approval for its CFX96 Dx Real-Time PCR System for COVID-19 testing. Similarly, in December 2020, Agilent Technologies Inc. received clearance from the Ministry of Health, Labour, and Welfare (MHLW) in Japan for the GenetiSure Dx Postnatal Assay, a microarray-based assay for diagnostic purpose. Such approvals will enhance the adoption of the instruments and offer impetus to market growth.
The high cost of the equipment as well the consumables used in genomic sequencing are restraining the market growth to a certain extent. Additionally, the cost required for the maintenance of this equipment is also higher. Furthermore, the dearth of skilled professionals such as genomic counselors and geneticists who interpret and translate highly complex and voluminous data is also one of the major factors hindering market growth.
Regionally, the Asia-Pacific market is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of genomics market in this region include the rising incidence of chronic infectious diseases, rising awareness regarding growing applications of genomics, and increasing research activities in the field of genomics. The emergence of local players and new product launches has also played a critical role in boosting the genomics market in this region.
Some of the prominent players operating in the global genomics market include Thermo Fisher Scientific Inc., Illumina, Inc., Qiagen, Bayer AG, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., Bio-Rad Laboratories, Inc., Cytiva, and Oxford Nanopore Technologies, among others.