Genomics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Genomics refers to the study of structure, function and inheritance of the genome of an organism. Genomic technology offer opportunities to improve healthcare across the breadth of medical specialities. It uses a combination of recombinant DNA, DNA sequencing methods and bioinformatics to sequence, assemble and analyse the structure and function of genomes. Genomics focuses on the interaction between loci and allels within the genome and other interactions such as epistasis, pleiotrophy and heterosis. Genomic technology is used in a variety of purposes like gene discovery, rare disease diagnosis, parental diagnosis and testing, gene therapy, genome editing, pharmacogenetics therapies etc.
The genomics market is gaining traction due to massive support from the government sector in 2021 owing to the spread of Covid-19 disease. Industrial and government sector are working closely in co-ordination and are investing in advanced research projects to monitor the genome sequence of the novel corona virus disease to develop covid vaccines.
It is anticipated that the global market for genomics technology will experience incredibly high growth rate along with a steady CAGR through 2030.
Rising investments in R&D activities and usage of this technology in several researches for the development of new and improved drugs is accelerating the growth rate creating potential opportunities for key players.
Growing competition in pharmaceutical sector is likely to boost the market for genomics. The pharmaceuticals companies are facing high level of competition globally creating an urgent need to develop advanced and modified solutions and treatments for rare diseases. Further, the usge of genomics for the development of specialized medicines adds its significant contribution.
Growing demand for genetically modified animals and plants is further promoting the genomics technology leading to a surge in the growth rate throughout the world.
Massive support and encouragement provided by the government sector to is acting as a major factor leading the market to flourish. Government is providing funds to the industrial players to support genomics projects and conduct thorough researches to bring advancements in healthcare sector.
Shortage of skilled and trained professionals is restricting growth rate of this market as a number of complexities are involved in the field of genomics. Without having in-depth knowledge of this technology to analyse and interpret results of sequencing data, it becomes difficult or nearly impossible to handle huge volume of data generated.
High equipment cost involved in acquiring genomics technology and conduction of its related researches is acting as a barrier hindering the flow of progress.
As there is lack of awareness regarding this technology in some developing economies, the rate of progress is likely to get affected creating hurdles for key players.
The pandemic has revolutionized the entire healthcare sector including genomics market with tremendous progress throughout the world. Manufacturers operating in this market witnessed high growth rate as health and well-being continues to be on major attention in Covid-19 pandemic.
Investments in research and development activities are increasing in order to have thorough understanding of genomes and develop effective vaccines for several diseases. The leading players are getting support and encouragement by the government to constantly undergo researches. Government is providing funds to industrial players to contribute towards new and innovative developments in this market. It is estimated that the market will rise exponentially on account of rising usage of genomics in personalized medicine market as well as growing need for cancer treatment through 2030.
The global market for genomics is experiencing a period of boom throughout the world. North America is dominating this market with more than one half of market share. The growth rate can be attributed to a number of factors such as adoption of new sequencing technologies, rising focus on the development of personalized medicines, presence of bestest research institutes for genomics in U.S. and Canada, need for cancer treatment researches etc. It is estimated that United States will continue to lead the market with fastest rising CAGR rate making North America occupy number one position in this market through 2030.
In addition to United States, Asia Pacific is going through a favourable period owing to rising government initiatives for the promotion of precision medicine. In India and China, government-aided genome projects are rising which is surging the growth rate in Asia Pacific. Further, rising patient awareness, substantial investments in research projects, advancements in medical facilities and infrastructure are providing significant contributioms towards the progress of this market in Asia Pacific regions. It is predicted to occupy the second leading position in the market after North America with one half of market share.
Furthermore, Europe is projected to rise at a stable pace on account of rising adoption of latest genomics technologies in France, Germany and Spain. As the cases of cancer, Covid-19 and other chronic diseases are rising in Germany, the need for conducting researches to develop treatment and recovery procedures becomes strong creating high demand for genomic technology. The market is predicted to rise exponentially at a steady CAGR through 2030.
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The global market for genomics is highly fragmented. Manufacturers operating in this market are giving every possible effort ranging from the adoption of organic & inorganic strategies to product and service development as per user’s preferences and specifications to strengthen their global presence.
Thermo Fisher Scientific, Qiagen Corporation, Agilent Technologies, Bio-Rad Laboratories, Hoffmann-Rad Laboratories, Illumina Corporation, General Electric Company, Luminex, Myriad Genetics, Perkin Elmer, Affymetrix Corporation, GE Healthcare, Roche Diagnostics, Sigma Aldrich Corporation, Life Technologies, Cepheid Incorporation, BGI, Danaher Limited etc are some of the major manufacturers of this market. These leading players are incorporating multiple strategies including product portfolio expansion, joint ventures, collaborations, product upgradations, diversifications, partnership agreements, mergers and acquisitions etc to thrive in today’s competitive environment.
For instance, Ancestry Corporation, a globl leader in consumer genomics announced the launched of ‘AncestryHealth’ powered by Next Generation Sequencing (NGS) signifying a new era in consumers’ access to important information about their health on 3rd August 2020. It is designed to help people understand the risk for developing certain inheritable health conditions and the advanced testing technology behind AncestryHealth provides more comprehensive genetic screening of an expanded set of health conditions such as heart disease, breast cancer, colon cancer and blood disorders. AncestryHealth powered by NGS looks at more places in a person’s DNA than microarray-based testing technology. This innovative step for democratizing access to comprehensive genetic health risk detection by Ancestry is improving its market share throughout the world.
In addition, Illumina Corporation launched ‘TruSight Software Suite’ to accelerate the identification of genetic diseases on 8th July, 2020. TruSight Software delivers ready-made infrastructure to realize the full potential of whole-genome sequencing for rare genetic diseases. This new offering enables sample-to-report analysis for genetic disease testing, giving customers an integrated solution that focuses on one of the most challenging parts of the workflow, empowering researchers to go from 5 million variants to a small handful in a rapid , scalable way. TruSight will make it easier for people to benefit from the valuable insights enabled by genomic sequencing. It is a powerful compilation of tools and innovation thoughtfully designed to drive through the noise to find those disease-causing variants. It offers a complete whole-genome sequencing analysis workflow designed to help evaluate, visualize, curate and report on rare diseases. TruSight Software Suite is reducing the interpretation of bottlenecks from as much weeks to as little as hours.
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