|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The genomics market is expected to register a CAGR of nearly 15.89% during the forecast period, with a revenue of approximately USD 19.5 billion in 2020, and it is expected to reach USD 47 billion by 2026.
The development of innovative genome technologies by key players of the genomics market and a wide range of genomic products used in COVID-19 research helped researchers to gain a better understanding of the coronavirus. Thus, COVID-19 positively impacted the genomics market. Researchers tried to address genetic severity and susceptibility to SARS-CoV-2 infection by using the existing genetic databases. Genome-wide association studies (GWAS) and Multiomic-based approaches have been employed to unfold the common variants underlying host-pathogen interactions and biological networks. Additionally, the data obtained from genomes, such as ABO blood groups, polygenic risk scores (PRS), can be potentially used to decode COVID-19 susceptibility, complications, and resistance. Moreover, biobanks that connect genomic data to electronic health records can be used to study the impact of genomic factors on the clinical course of patients infected with COVID-19.
The major factors attributing to the growth of the genomics market are the growing government support and increased number of genomics studies, declining sequencing cost, and increased genomics applications. The genomics market is geared to exponential growth due to the essential genetic developments and their applications in numerous areas of study, such as intragenomic phenomena, like epistasis, heterosis, pleiotropy, and other associations within the genome between alleles and loci. Bioengineering and synthetic biology applications are expected to further propel the growth of the genomics market.
Governments in various countries are investing in research and developments in the arena of genomics for the development of new technologies. For instance, in January 2020, the Department of Biotechnology (DBT) initiated the “Genome India Project” (GIP) in India. Under this project, 10,000 genetic samples of Indian citizens will be collected to build a reference genome. This project is aimed at precision health, mutation spectrum of genetic and complex diseases, rare genetic disorders, genetic epidemiology of multifactorial lifestyle diseases, and translational research. Such initiatives are expected to increase the usage of genomics products, which will drive the overall market growth.
However, factors, such as the high cost of equipment and consumables and the shortage of skilled professionals, are expected to impact market growth.
Scope of the Report
Genome is the organism's genetic material that contains non-coding DNA, genes, and chloroplast and mitochondrial DNA. Genome analysis is known as genomics. The genomics market is segmented by product and service (consumables, systems and software, and services), technique (PCR, sequencing, microarray, nucleic acid extraction and purification, and other techniques), application (diagnostics, drug discovery, and development, precision medicine, and other applications), end user (hospitals and clinics, research centers, pharmaceutical and biotechnology companies, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD billion) for the above-mentioned segments.
|By Product and Services|
|Systems and Software|
|Nucleic Acid Extraction and Purification|
|Drug Discovery and Development|
|By End User|
|Hospitals and Clinics|
|Pharmaceutical and Biotechnology Companies|
|Other End Users|
Key Market Trends
The Consumables Segment is Expected to Hold the Largest Market Share in the Genomics Market
As research and academic institutes shut down during a pandemic, there was a decline in the sales of consumables used for genomic analysis. As per the annual report of 2020 by Nanostring Technologies Inc., the company witnessed a massive decline of 18% in its consumables segment compared to 2019. According to the 2020 results published by 10X Genomics Inc., the company observed a decline of 23.0% compared to 2019. However, the situation is found to be improving gradually.
Consumables accounted for a significant share of the genomics market. Consumables are used in huge numbers in genomic systems, and their use will continue to rise with the increasing number of genomic tests performed across the world, which is one of the key factors boosting the market growth.
Continuous introduction of nucleic acid extraction kits and reagents by key market players are driving revenue generation in the segment. In August 2020, Eurofins Technologies launched reagents for automated isolation of high-quality SARS-CoV-2 RNA from viral particles of human respiratory specimens. The reagents’ magnetic bead-based, automated method extracts and isolates virus particles and their respective RNA on many open platforms for subsequent real-time RT-PCR analysis using approved IVD kits.
In August 2020, Illumina Inc. launched NovaSeqTM 6000 v1.5 Reagent Kit. The new NovaSeq 6000 v1.5 Reagent Kits aim to make whole genome sequencing more accessible and affordable for labs of all sizes with the introduction of the product. In June 2020, Omega Bio-tek Inc. introduced the Mag-Bind Viral RNA Xpress Kit for reliable and rapid viral RNA isolation from nasopharyngeal swab samples. Thus, the above-mentioned factors are likely to boost the segment's growth.
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North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall genomics market throughout the forecast period due to the rising incidence of chronic diseases, such as cancer, increasing government entities investment in research, raising awareness of patients, and the availability of advanced healthcare infrastructure, contributing to the growing technological advances in this sector and rising demand for biotechnological practices in the region, is anticipated to drive the growth in the region. The domicile presence of some of the major players in the region also ensures the dominance of the region.
The current global pandemic created considerable opportunities for the domestic market players operating in the space. In March 2021, Applied DNA Sciences Inc. launched Linea COVID-19 Selective Genomic Surveillance Mutation Panel to enhance the utility of limited Next Generation Sequencing (NGS) resources in the United States to track the SARS-CoV-2 Variants of Concern (VOCs) better at local, state, and federal levels.
In August 2020, Helix announced that it received Emergency Use Authorization from the US Food and Drug Administration for the Helix COVID-19 NGS Test. The test is an amplicon-based next-generation sequencing test intended for the qualitative detection of nucleic acid from the SARS-CoV-2 suspected individuals. Such product approvals are likely to have a profound impact on the market studied.
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The genomics market is moderately competitive with several major players. In terms of market share, a few major players are currently dominating the market. A few prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions across the world. Some companies currently dominating the market are Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, Luminex Corporation, and Myriad Genetics Inc.
- In March 2021, PCR Biosystems launched a range of IsoFast Bst Polymerase reagents for rapid, robust, and sensitive DNA and RNA amplification, which enables faster time to get results and facilitates DNA and RNA amplification in the field without specialized thermocycling equipment.
- In June 2020, Omega Bio-tek Inc. introduced the Mag-Bind Viral RNA Xpress Kit for reliable and rapid viral RNA isolation from nasopharyngeal swab samples.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Widening Range of Applications of Genomics and Government Support
4.2.2 Technological Advancements and Growing Adoption of Genomic Medicine
4.3 Market Restraints
4.3.1 High Cost of Equipment and Consumables
4.3.2 Dearth of Skilled Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product and Services
5.1.2 Systems and Software
5.2 By Techniques
5.2.4 Nucleic Acid Extraction and Purification
5.2.5 Other Techniques
5.3 By Application
5.3.2 Drug Discovery and Development
5.3.3 Precision Medicine
5.3.4 Other Applications
5.4 By End User
5.4.1 Hospitals and Clinics
5.4.2 Research Centers
5.4.3 Pharmaceutical and Biotechnology Companies
5.4.4 Other End Users
5.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.5.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 23andMe Inc.
6.1.2 Agilent Technologies
6.1.3 Bio-Rad Laboratories
6.1.4 Eurofins Scientific
6.1.5 F. Hoffmann-La Roche Ltd
6.1.6 GE Healthcare
6.1.7 Illumina Inc.
6.1.8 Luminex Corporation
6.1.9 Myriad Genetics Inc.
6.1.10 Oxford Nanopore Technologies
6.1.11 Pacific Biosciences of California Inc.
6.1.12 Perkinelmer Inc.
6.1.14 Quest diagnostics
6.1.15 Thermo Fisher Scientific
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Genomics Market market is studied from 2018 - 2026.
What is the growth rate of Global Genomics Market?
The Global Genomics Market is growing at a CAGR of 15.89% over the next 5 years.
Which region has highest growth rate in Global Genomics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Genomics Market?
North America holds highest share in 2020.
Who are the key players in Global Genomics Market?
Illumina, Inc., Thermo Fisher Scientific, Luminex Corporation, Myriad Genetics, Inc., Agilent Technologies are the major companies operating in Global Genomics Market.