Genomics Market Size

Genomics Market Analysis

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 during the base year, and it is expected to reach USD 47 billion over the forecast period.

COVID-19 had a significant impact on the growth of the market. The development of innovative genome technologies by various research organizations in the genomics market and a wide range of genomic products used in COVID-19 research helped researchers better understand the coronavirus. For instance, in July 2022, The Indian Institute Institute of Science (IISc) inaugurated a viral genome sequencing lab at its Center for Infectious Disease Research (CIDR). It was established to help India to Overcome the COVID-19 crisis and to prepare for future outbreaks. 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 Multi-omic-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, and 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. Thus, COVID-19 had a significant impact on the growth of the market during the pandemic period. Also, the demand for genomics is expected to remain intact due to the emergence of a new strain of COVID-19 in the current market scenario, thereby driving the growth of the market over the forecast period.

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. Moreover, bioengineering and synthetic biology applications are also expected to propel the growth of the genomics market.

Governments and Research organizations in various countries are investing in research and developments in the arena of genomics for the development of new technologies. For instance, the article published in Front Line Genomics in August 2022, mentioned that the South Korean Government invested over USD 55.7 million in developing genetic testing-based treatments. This project, led by Korea University, is using genomic analysis of over 10,000 cancer patients to develop bespoke cancer treatments. Similarly, in June 2021, the Rockefeller Foundation announced over USD 20 million in funding and several non-financial collaborations to help strengthen global genomic sequencing and data sharing. Such high investments are expected to increase the usage of genomics products, which will drive overall market growth.

Additionally, the growing focus on genomics research and developments is also expected to contribute to the growth of the market. For instance, in July 2022, WHO's Science Council of experts launched for equitable expansion of genomics. The report calls for expanding access to genomic technologies, particularly in low and middle-income countries by addressing shortfalls in the financing, laboratory infrastructure, materials, and highly trained personnel. Thus these initiatives are expected to provide lucrative opportunities for the growth of the market over the forecast period.

However, factors, such as the high cost of equipment and consumables and the shortage of skilled professionals, are expected to impact market growth.