Genomic Testing Market Size, Scope, Demand Analysis & Opportunity Outlook | Agilent Technologies, Inc. BGI Group Bio-Rad Laboratories Danaher Corporation

The global genomic testing market was valued at approximately USD 13.7 billion in 2022 and is projected to attain a valuation of USD 30.08 billion by 2031, growing at a CAGR of 9.54% from 2023-2031.

The global genomic testing market has experienced exponential growth in recent years, primarily driven by increasing awareness and understanding of the role genetic factors play in the development of various chronic diseases, genetic disorders, and cancers. Rapid advancements in genomic technologies, paired with a decline in sequencing costs, have allowed for more accessible and affordable testing options for a broader range of patients.

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Genetic disorders are prevalent globally, with around 7,000 identified rare diseases affecting an estimated 400 million people worldwide. Chronic diseases, such as heart disease, stroke, diabetes, and respiratory disorders, are responsible for 41 million deaths each year, accounting for 71% of all global mortality. Cancer, another significant contributor to global morbidity and mortality, impacts approximately 19.3 million new individuals and causes 10 million deaths annually.

These staggering figures have fueled the demand for genomic testing, as individuals and healthcare providers recognize the value of early detection, prevention, and personalized treatment options. Genomic testing allows for accurate identification of genetic mutations and predispositions, which can be used to inform targeted therapies, lifestyle modifications, and screening procedures to reduce disease burden.

The genomic testing market has further been bolstered by the adoption of precision medicine and the integration of genomics in clinical practice. Government initiatives, increased investment in research and development, and collaborations between public and private organizations have also contributed to the growth of the industry.

Top Trends in the Global Genomic Testing Market

Adoption of Next-Generation Sequencing (NGS) technology for faster and cost-effective DNA sequencing in clinical diagnostics, drug development, and research.
Growing focus on precision medicine to tailor medical treatments to an individual's genetic makeup, improving patient outcomes and reducing healthcare costs.
Increasing demand for direct-to-consumer (DTC) genomics testing, which provides consumers with access to information about their genetic makeup and potential disease risks.
Drug Discovery and Development to Generate More than 45% Revenue of Global Genomic Testing Market

Genomic testing has revolutionized drug discovery and development by providing a cost-effective and quicker method of identifying potential drug targets and developing new drugs. The growing demand for genomic testing in the drug discovery and development market is expected to contribute more than 45% of market revenue.

The cost savings due to genomic testing in drug discovery and development can be significant. According to a study published in the journal Drug Discovery Today, the use of genomic testing in drug development can reduce the cost of developing a drug by up to 60% and the time to market by up to 50%. Another study published in the journal Nature Reviews Drug Discovery estimates that the use of genomics in drug discovery can lead to cost savings of up to $500 million per drug in the global genomic testing market.

The impact of genomic testing on the drug discovery and development market can be seen in the increasing number of drugs approved by regulatory agencies. According to a report by the Personalized Medicine Coalition, over 40% of the drugs approved by the US FDA in 2018 were personalized medicines, which are developed using genomic testing and other personalized approaches.

Moreover, the use of genomic testing in drug discovery and development has led to the identification of several new drug targets. As per Astute Analytica, over 2,000 new drug targets have been identified using genomic testing, leading to the development of several new drugs.

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Asia Pacific is Fastest Growing Genomic Testing Market and to Contribute Over 30% Revenue

According to Astute Analytica, Asia Pacific is projected to emerge as the second-largest genomic testing market and is also expected to grow at the fastest CAGR. The region is estimated to contribute more than 30% revenue to the global market. The growth of the market in the region can be attributed to various factors, such as the rising prevalence of chronic diseases, increasing awareness about the benefits of genomic testing, and the growing demand for personalized medicine.

China is expected to be the largest genomic testing market in the Asia Pacific region, with a CAGR of over 17% during the forecast period. The market growth in China can be attributed to the increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and diabetes. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death in China, accounting for around 44% of all deaths. Similarly, cancer is also a major health concern in the country, with over 4 million new cases diagnosed every year. The increasing burden of chronic diseases is expected to drive the demand for genomic testing in the country.

Japan is also expected to be a significant market for genomic testing in the Asia Pacific region, with a CAGR of over 14% during the forecast period. The country has a high prevalence of genetic diseases, such as Tay-Sachs disease, cystic fibrosis, and Huntington's disease, which are expected to drive the demand for genomic testing.

India is also expected to be a significant genomic testing market in the Asia Pacific region, with a CAGR of over 16% during the forecast period. The market growth in India can be attributed to the increasing prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases. According to the Indian Council of Medical Research (ICMR), cancer is the second leading cause of death in the country, accounting for over 7% of all deaths. The increasing burden of chronic diseases is expected to drive the demand for genomic testing in the country.

Illumina, Inc., QIAGEN, and Eurofins Genomics to Remain top 3 Players in the Genomics Testing market with More Than 46% Market Share

The Global genomic testing market is highly competitive and consists of many players providing various products and services. Extensive research shows that the leading companies in this market have adopted various competitive strategies, such as mergers and acquisitions, to have a grip on the emerging market. As per Astute Analytica, the cumulative market share of the 6 major players, namely Illumina, Inc., QIAGEN, Eurofins Genomics, BGI, F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc., is close to 64%. This indicates that there is oligopolistic competition in the market.

Illumina, Inc. is one of the leading players in the market, with a market share of over 21%. The company is engaged in providing sequencing and array-based solutions for genetic analysis. QIAGEN is another major player in the market, with a market share of around 9.2%. The company offers a wide range of products and services for molecular diagnostics and research.

Eurofins Genomics, with a market share of around 16.2%, is the second largest player in the genomic testing market. The company provides DNA sequencing, oligonucleotides, and gene synthesis services, among others. BGI is also a leading player in the market, with a market share of around 8%. The company offers sequencing services, bioinformatics analysis, and other genomic products.

The market also consists of local players and small-scale players, which collectively have a significant market share. However, the leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies. This strategy allows them to increase their market share and expand their customer base.

Some of the Top Market Players Are:

Agilent Technologies, Inc.
BGI Group
Bio-Rad Laboratories
Danaher Corporation
Eurofins Genomics
F. Hoffmann-La Roche
Illumina, Inc.
QIAGEN
Singular Genomics Systems, Inc.
Thermo Fisher Scientific, Inc.
Other Prominent players
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