Genomics Market - Forecasts from 2023 to 2028

The genomics market is projected to grow at a CAGR of 11.46% to reach US$48.188 billion in 2028 from US$22.544 billion in 2021.

Genomic research includes ideas from genetics and is the analysis of an organism's whole genome. Recombinant DNA, DNA sequencing techniques, and bioinformatics are all combined in genomics to analyze, synthesize, and analyze the structure and operation of genomes. In contrast to classical genetics, it takes into account all of an organism's genetic makeup rather than just a single gene or one gene product at a time. The demand for gene therapy, customized medicine, clinical research, and an increase in the number of cancer cases worldwide are some of the reasons driving the growth of the genomics industry. Additionally, more industry participants' collaborations, joint ventures, and agreements are anticipated to boost the growth of the genomics market.

The genomics market is predicted to grow as a result of an increase in the variety of ailments as well as increased government and private initiatives to start new genetic research projects.

In order to comprehend the nature of the pandemic condition and to develop effective preventive measures, numerous genetic surveillance initiatives were initiated nationwide. It is anticipated that there will be a large need for cancer genomics due to the rising prevalence of inherited cancers. The extensive understanding of the human genome has focused attention on the use of different gene therapies for cancer treatment using cutting-edge gene editing techniques like CRISPR-Cas technology. For instance, in December 2022, the UK Department of Health and Social Care announced £175 million in funding for genomics research. The funding will be used to support research that could provide patients with cutting-edge genomic healthcare, which entails looking at people's DNA. The initiative is a component of a three-year plan to create, assess, and implement new technologies throughout the healthcare and life sciences sectors.

Additionally, the intensive research, and development tactics used by pharmaceutical and biotechnology firms, as well as, governments of different countries, for drug discovery, and improvements in innovative customized medicine are responsible for the genomics market's rise. For instance, in January 2020, the Department of Biotechnology (DBT) launched the ambitious Genome India Project (GIP). Through the whole genome sequencing of 10,000 representative individuals from across India, this national project, funded by the Department of Biotechnology, Government of India, and led by the Centre for Brain Research at IISc, Bangalore, aims to identify genetic variations in the first phase of the investigation.

Key Developments:

• Prenetics Global, a genomics and diagnostic testing company with offices in Hong Kong, declared in December 2022 that it was purchasing a majority stake in ACT Genomics, a precision oncology company with offices in Taiwan. The acquisition is anticipated to make it possible to combine tissue-genomic profiling, liquid biopsy-based cell-free DNA testing, germline, and somatic testing, and cell-free DNA testing on one platform.
• Researchers from UVA Health announced the creation of a new tool to enhance the study of diseases and genomes in November 2022. This new method can aid researchers in separating signals from noise. By making it simpler for clinicians to identify malignant cells, the new technology may also hasten the development of novel medicines while boosting research.
• The University of Pécs (UP) and BGI Genomics decided to open a collaborative lab in Hungary in November 2022. This is covered under the collaboration contract that was signed between the University and BGI Group, the parent organization of BGI Genomics. Beginning in 2023, the combined lab will formally open for business. The development of genomic sequencing and clinical diagnostic services will be accelerated by this facility, which will also reinforce BGI Genomics' and the UP's leadership in the field of genomics, bioinformatics, reproductive health, and precision medicine in the region of Central and Eastern Europe.

North America has a significant share of the global genomics industry due to the region's large concentration of pharmaceutical corporations.

Geographically, the genomics market has been classified into North America, Europe, the Middle East and Africa, South America, and the Asia Pacific. North America is one of the most prominent regions for this market due to the assistance of major pharmaceutical companies and research organizations in the region. Due to the effects of genetic expression on human health, genomics is a crucial component of all illness research and therapeutic development. With cooperative efforts, there are new developments in the area of the use of genomics. Projects like the Human Genome Project and Cancer Genome Atlas Program in the USA are examples of this development. Asia Pacific is anticipated to develop at a high CAGR owing to the rising need for innovative therapeutic medications to combat the region's rising illness prevalence, as well as increased demand for genomics applications in diagnostics. There are several significant human genome sequencing efforts underway in this region, initiated by the government and private sectors.

Market Segmentation:

By Technology

• PCR
• Sequencing
• Microarray
• Nucleic Acid Extraction and Purification
• Others

By Application

• Drug Discovery and Development
• Diagnostics
• Precision Medicine
• Agriculture and Animal Research
• Other Applications

By End-User

• Hospitals & Clinics
• Research Centers & Government Institutes
• Pharmaceutical & Biotechnology Companies
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East And Africa
• Saudi Arabia
• Israel
• Other
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others