Genomics Market Trends, Size, Analysis, Top Players 2021-2031
The Genomics Market size is projected to reach US$ 83.61 billion by 2031 from US$ 31.22 billion in 2023. The market is expected to register a CAGR of 13.1% in 2023–2031. Development of novel technologies in genomics and the use of artificial intelligence are likely to remain key genomics Market trends.
Genomics Market Analysis
Genomics is a field of molecular biology that studies the structure, function, evolution, and mapping of human genomes. It has various applications across fields such as personalized medicine, disease risk prediction, drug interaction studies, environmental microorganism exploration, biofuel generation, genealogical assessments, forensic science, and agriculture. Growing investments & funding in the field of genomics, an increasing number of start-ups is expected to favor the genomics market growth.
Genomics Market Overview
As highlighted by the Genomics Nation Report published in 2022 by the UK Bioindustry Association, companies in the field of genomics have raised a total of £1.85 (US$ 1.98) billion in venture investment, between 2017 and 2021. Out of which 39.2% of the funding was raised in 2021 alone. Specifically, genomic companies raised £718 (US$ 770.23) million in venture investment across 53 deals in 2021, which includes companies that exited during this period. Growing emphasis on research and development activities is contributing to the expansion of the genomics market.
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Genomics Market: Strategic Insights
Market Size Value in US$ 19,084.74 million in 2019 Market Size Value by US$ 49,996.15 million by 2027 Growth rate CAGR of 13.1% from 2020 to 2027. Forecast Period 2020-2027 Base Year 2020
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Genomics Market: Strategic Insights
| Market Size Value in | US$ 19,084.74 million in 2019 |
| Market Size Value by | US$ 49,996.15 million by 2027 |
| Growth rate | CAGR of 13.1% from 2020 to 2027. |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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GENOMICS Market Drivers and Opportunities
Cost Efficacy of Genome Sequencing Procedures to Favor Market
In recent years, next-generation sequencing prices have declined substantially. The rapid costs reduction helps in clinical research with a greater speed and at a lowered price point. This is likely to be enticing to help startups for the health of consumers. According to an article published in Frontiers in January 2022, a study observed a cohort of 6 neonatal intensive care unit (NICU) patients in the US diagnosed by rapid whole genome sequencing (rWGS) and showed a reduction in length of hospital stay by 124 days resulting in a combined inpatient cost savings of US$ 803,200 (~ $19,000 per infant).
Artificial Intelligence – An Opportunity in Personalized Medicine
The field of genomics has been transformed by the use of artificial intelligence. These technologies are assisting researchers and scientists in analyzing and interpreting vast amounts of genomic data. As a result, new discoveries are being made, and personalized medicine is advancing. AI-powered solutions for clinical genomics applications, such as genomic diagnostics, prognostics, and therapeutics, are transforming healthcare. AI and genomics are being utilized to detect genetic mutations and biomarkers linked to particular illnesses, allowing for the creation of personalized treatment strategies for patients.
Genomics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the genomics market analysis are technology, product & service, application, and end user.
- Based on technology, the genomics market is divided into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment held a larger market share in 2023.
- By product & service, the market is segmented into instruments/systems, consumables, and services. The instruments/systems segment held the largest share of the market in 2023.
- In terms of application, the market is divided into diagnostics, drug discovery and development, precision/personalized medicine, agriculture & animal research, and others. The diagnostics segment dominated the market in 2023.
GENOMICS Market Share Analysis by Geography
The geographic scope of the genomics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the genomics market. Factors such as the increasing incorporation of advanced sequencing methods in healthcare, extensive R&D activities by various academic and research institutes, and growing demand for DNA synthesis techniques from biopharmaceutical and biotechnology companies drive the growth of the genomics market in North America. Moreover, rising initiatives and fundings by the government for genome sequencing in precision medicine is further expected to stimulate market growth and contribute to exceptional revenue generation. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Genomics Market Report Scope
Genomics Market News and Recent Developments
The genomics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the Genomics market:
- Illumina, Inc. and Sequoia Capital China partnered to catalyze the startup ecosystem in China with the launch of the Sequoia Capital China Intelligent Healthcare Genomics Incubator. The company creation engine focused on building life sciences startup companies advancing breakthrough applications in genomics. (Source: Illumina, Inc, Company Website, 2021)
- Agilent Technologies introduced the SureSelect DNA Kit which addresses key challenges that laboratories encounter when preparing DNA sequencing libraries for their research. (Source: Agilent Technologies, Press Release, 2020)
Genomics Market Report Coverage and Deliverables
The “Genomics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Product & Service, Application and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, Estonia, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, Singapore, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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