The global genomics market size was valued at USD 20.06 billion in 2020 and projected to hit over USD 72.13 billion by 2030, expanding at a CAGR of 13.65% during the forecast period 2021 to 2030.
Increasing government funding in the field of microbiology and genetics is one of the major driving factors promoting the growth of the genomics market.
Reducing cost of sequencing the human genome further supports the market advancement. As per the NHGRI-funded genome-sequencing groups, the price has fallen from 2015 to 2020 and at present, the cost of generating is below $1,000. It is also seen the average commercial price is much more below than the current prices. Recently, the huge entry of new market players followed by various startups is propelling the growth of the market. For instance, Guardant from the United States of America, Freenom, Allogene Therapeutics, Oxford Nanopore Technologies from the UK are some of the major startups in genomic market.
Technological advancement leads to rising application of the genome and genomic based material. This factor considered as one of the major driving factors to boost the market adoption. Furthermore, emerging biotech companies and genetic-based startups are playing a huge role in the development of next-generation sequencing technologies. COVID- 19 disorders mainly affect the human lungs and responsible for the number of fatalities around the world. In order to control or protect the patients, the study performed by the University of Minnesota describing the role of genetic for the treatment of the COVID-19 patients. The major founding of the test is to effect of abacavir treatment in HIV patients. Genomic test also helps to determine the adverse effect risk on individual patients.
The unhealthy aging of the individuals following with increasing trend of precision medicine will be the most attractive opportunity for the growth of the market. However, high investment cost is also one of the major restraining factors which affect the growth of the market. Further, limited number of skilled professionals across the world is the major challenge faced by the industry today.
COVID-19 Impact on Global Genomics Market
Developments in genomic competence over the past decade have led to significant enhancements to the speed and dependability of WGS (whole genome sequencing). WGS has the potential to make significant real-time contributions to technical understanding and the public well being response to the COVID-19 pandemic, to an extent that was not achievable during the SARS epidemic in 2003 or H1N1 influenza pandemic in 2009. The COG-UK (COVID-19 Genomics UK Consortium) was revealed on 23 March 2020 to carry out large-scale and quick WGS for SARS-CoV-2 throughout the United Kingdom.
Component Type Insights
Global genomics market is classified on the basis of aspects such as product and services, technology, application, and end-users. The products and services are further classified into consumables, services, and systems and software. The market is mostly dominated by consumables and consumables items and equipment segment accounted for more than 40% of the market share in the year 2020. The common product includes in the consumables are channel pipette, PCR plates, assay kit, assay tubes, centrifuge, and many more. Further, service segment is predicted to grow at the highest rate within the forecast period. Growing keen interest by the professionals and better service availability is considered as one of the major driving factors which encourage the development of the market.
Technology Type Insight
The technology-based market of the genome is classified into sequencing, PCR, Microarray, and others. PCR is a widely used method in the industry. The test used in the lab to prepare a number of copies for the specific DNA. The same segment only holds the largest market shares in terms of revenue in the year 2020. Reducing the cost of the cell implication is the prime factor for its importance and growth. High incidence of infectious diseases coupled with PCR technology development is one of the major driving factors which promotes the growth of the market.
Application Type Insight
Diagnostics, drug discovery and development, precision medicine, agriculture, and animal research are few major applications assessed in the genomic market. Research study claims that, diagnostics segment is the fasted growing application in the genomic market and it is expected to mirror this trend during years to come. Decreasing cost in the diagnostic segment is the pointing factor to spur the growth of the market. Furthermore, increasing research and development in genomics assist in synergies the sales of the genomic based product and services.
End-Users Type Insight
In terms of end-users, the market is classified into research centers and academic pharmaceutical and biotechnology companies, hospitals & clinics, and other end users. Research centers and government and academic institute hold the maximum shares in the year 2020. The largest end-users hold more than half of the global market shares. Increasing practical applicability in academics is boosting the growth of the market.
The region segmented into North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. Amongst all, North America holds major importance in the genomics sector and seized more than 45% of the market share in the year 2020. In the same region, the U.S. itself captures more than 80% of the market shares. U.S. shows presence of around 70% of startups in the genomic market. Government guidelines following reimbursement policies are the major factor that illuminating the growth of the market in the region.
Major companies like Illumina, Pacific Bioscience, MACROGEN hold the maximum share in the market and such companies are headquartered in the U.S. Qiagen, a Germany based firm holds important market shares in the European market. In the Asia Pacific, South Korea and China offers bright prospects of the market due to presence of largest population and per capita expenditures. Brazil is the major country that holds more than 50% of the share in Latin American Market.
Key Companies & Market Share Insights
Some of the significant players in the genomics market include:
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2017 to 2030.This research study analyzes market thoroughly by classifying global genomics market report on the basis of different parameters including product and services, application, technology, end users, and region:
By Product and Services
By Regional Outlook
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