Global Genomics Market Size to Reach USD 129.34 Billion in 2030. - Reports and Data

The global genomics market size is expected to reach USD 129.34 Billion in 2030 and register a revenue CAGR of 19.0% over the forecast period, according to the latest report by Reports and Data. Increase in number of government-sponsored genome project is expected to boost the market revenue growth during forecast period. Demand for genomics is increasing further with introduction of novel equipment and increasing research investment. Government has taken initiatives to boost market's growth. For instance, as of January 2020, the Department of Biotechnology (DBT) announced the making of "Genome India Project" (GIP). Project's objective is to gather 10,000 genetic samples from Indian people in order to create a reference genome that can be used for research.

Development of personalized medication is driving market revenue growth and the ability to tailor medications to each patient's specific needs is quickly becoming one of the field's most attractive features. Clinicians can examine a person's genetic code in order to better determine what type of therapy is appropriate for them. It also has the power to improve the health and well-being of entire patient groups by enhancing therapy at a level higher than that of the individual.

A number of factors, such as high price of genomics kits and lack of skilled professionals, are expected to restrain the market's growth. Technological advancements have made it possible for the instruments in use to give an analysis; nonetheless, in most cases, readers provide the interpretation. A qualified expert is required to evaluate and interpret the findings of genomics sequence analysis because of the complexity included and the requirement for extensive knowledge in genomics. However, due to a scarcity of appropriately qualified specialists, a considerable majority of end-users are faced with severe difficulties when attempting to analyze genetic data.

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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.

Some Key Highlights in the Report:

PCR segment accounted for a significantly large revenue share in global genomics market in 2021 owing to increased demand for testing of COVID-19 virus. It offers several benefits such as faster results, shorter time to optimal therapy, improved treatment decisions, the ability to detect rare viruses, and other research applications. As a result, it finds use in the study of gene expression changes in cancers, bacteria, and other disease states.

Next Generation Sequencing (NGS) segment revenue is expected to register a steady growth rate during the forecast period as the approach is utilized to determine the nucleotide sequence of entire genomes or specific portions of Deoxyribonucleic Acid (DNA) or Ribonucleic Acid (RNA). NGS has transformed biological sciences by enabling laboratories to conduct a broad range of applications and research biological systems on a scale never achieved before.

Pharmaceutical firms are using accessible genetic data in customized treatment, which is expected to have a substantial influence on the market's growth. The costs of sequencing have decreased significantly, making whole-genome sequencing more appealing to biotechnology and pharmaceutical firms, increasing R&D expenditure by pharmaceutical giants for discovering innovative gene treatments to fight cancer and immunological illnesses.

Genomics market in Asia Pacific is expected to account for largest revenue share in the global market over the forecast period owing to increased demand from China for genetic sequencing and testing, as well as improvements in bioinformatics research in the region. To reach its objective of becoming a worldwide biotech leader, the People's Republic of China (PRC) is significantly investing in the "biotech revolution" and has adopted national laws favoring the collecting of healthcare data, both at home and abroad. The PRC recognizes that collecting and analyzing huge genetic data sets from a variety of population aids in the development of novel medical discoveries and treatments with significant economic value, as well as the advancement of its artificial intelligence and precision medicine sectors.

Research Methodology:

Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Genomics Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter's Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

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Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

Illumina, Inc.
Thermo Fisher Scientific, Inc.
Qiagen N.V.
Agilent Technologies
F. Hoffmann-La Roche, Ltd.
Bio-Rad Laboratories, Inc.
Eurofins Scientific
Oxford Nano-pore Technologies
BGI
Danaher Corporation

Genomics Market Segmentation:

Product & Services Outlook:
Consumables
System & Software
Services
Technology Outlook:

Sequencing
PCR
Extraction and Purification of Nucleic Acid
Microarrays
Other Technologies
Application Outlook:

Drug Development
Diagnostics
Animal and Agriculture Research
Others
Regional Outlook:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:

What is the revenue growth rate of the global Genomics market over the forecast period?
What are the major factors driving the growth of the Global Genomics Market?
What are the key challenges impacting the global Genomics market growth?
What are the outcomes of the SWOT Analysis and Porter's Five Forces Analysis conducted in the report?
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