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The global genomics market size was USD 18.85 billion in 2019 and is projected to reach USD 82.60 billion by 2027, exhibiting a CAGR of 19.5% during the forecast period.
Genomics has scientifically proven its abilities in prevention, management, and treatment of diseases. The healthcare environment is gradually shifting from conventional treatment methods towards precision medicine and genomics has pivoted this transition through exceptional clinical properties over the past few years. Whole genome sequencing has emerged as a useful tool for the diagnosis of critical diseases such as cancer. The need for storage, sequencing, and analysis of large DNA information has paved the way for newer products and software. The aforementioned factors have significantly contributed to the growth of the market in recent years.
Additionally, several start-ups and service providers are now emerging which provide direct-to- customer (DTC) sequencing services, ancestry services, and others. Furthermore, the increased research spending and advancements in bioinformatics will have a positive impact on the growth of the market in the coming years.
Increasing Government Efforts to Understand the Genome of COVID-19 to Boost the Market
The Covid-19 pandemic has completely changed the healthcare industry as a whole, with the tremors of the pandemic being felt across individual healthcare sectors. Both, the government and private pharmaceutical as well as biotechnological companies have accelerated their research activities and increased their investments to develop an efficient vaccine or novel treatment for COVID-19. Monitoring the genome sequence of coronavirus can help track the manner of spread of infection and its impact on the human genome. This information can then be used to develop effective treatment of the infection. Researchers are using the virus genome data to track the origin of COVID-19 infection in their countries and onset of community transmission.
Effort to study the genetic structure of coronavirus has increased drastically. Several countries including China, the U.S., Vietnam, and Nepal are sharing the whole genome sequence data isolated from the patients. This will help researchers across the world in study of several aspects of the coronavirus including its origin and drug development. In April 2020, Genome Canada announced the launch of the Canadian COVID Genomics Network (CanCOGeN), an initiative backed with USD 40 million funding. The initiative includes partnership between Genome Canada and six regional Genome Centres, genome sequencing centres through CGEn, national and provincial public health labs, universities, hospitals, and the private sector, for scaling up existing genome-based COVID-19 research in Canada and globally.
In addition to this, the increasing research activities on COVID-19 are offering several market opportunities for several start-ups and established businesses. Increased government funding and recent surge in research activities will create a massive demand for sequencing products, software and services. For instance, deCODE genetics is conducting the demonic analysis of coronavirus and has also partnered with the Government of Iceland to sequence the genomes of samples isolated from COVID-19 patients. Similarly, Haystack Analytics, a start-up company, is using genomics to study the transmission of the virus and help the government of India. This is anticipated to surge the market growth in the coming years.
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The massive potential held by genome sequencing has resulted in an influx of start-ups in recent years. Owing to the massive potential held by genome sequencing, several companies have started providing sequencing services for a variety of applications such as nutrition, ancestry, genetic diseases, and others. 23 and Me is one such company which has registered notable growth. Increasing funding in start-up businesses is expected to emerge in favor of market growth. For example, in September 2017, the company received USD 250 million from Sequoia Capital for the expansion of its business.
Rising Number of Government-aided Genome Projects to Aid Growth
One of the prominent factors that have contributed to the growth of the market is the increasing number of government-funded genome projects. Genomic study is an essential tool that can aid the development of effective therapies; a primary factor why several government organizations are investing in genome projects. For instance, Genomics England collaborated with the NHS and started the Genomic Medicine Service, which incorporated whole genome sequencing into routine medical care. Similarly, there are several projects such as The Saudi Human Genome Program, Personalized Medicine Programme, France Génomique, and others. This will emerge in favor of market growth during the forecast period.
New Products and Innovative Services to Favor the Adoption of Genomic Sequencing
The shift towards personalized medicines and decreasing costs of sequencing owing to the introduction of NGS technology, have yielded several new products and services. The market is gradually becoming more competitive with new players entering the market, and hence the companies are introducing advanced products and services to consolidate their position. For instance, in July 2020, Illumina announced the launch of e TruSight Software Suite and provided ready-to use infrastructure for whole genome sequencing that can be used to identify genetic diseases. This is anticipated to aid the genomics market growth.
Lack of Trained Technicians Pose a Major Hindrance to Market Growth
Despite the huge potential, shortage of trained technicians is a significant factor which is restricting the growth of the market in the developing countries. Many of the emerging nations either have less number of technicians or they lack the skill set required for using sophisticated sequencers. Apart from this, the high cost of instruments is another factor restricting market expansion.
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Launch of New Software and Automated Sequencer to Foster the Products Segment
Based on type, the market is segmented into products and services. The products segment is further categorized into instruments & software and consumables. The product segment is estimated to dominate the market throughout the forecast period. The factors that can be attributed to the growth of this segment are the high volume demand and usage of consumables, as well as the introduction of several new products in recent years. The increasing need for new platforms to analyze the huge amount of genetic information has resulted in the launch of new software and fully automated products. In October 2018, Helix OpCo LLC announced the launch of DNA Product Studio to enable the development of apps and tests, which is anticipated to augment the growth of the product segment.
On the other hand, the services segment is estimated to report remarkable growth owing to the increasing demand for next-generation sequencing services and decrease in sequencing cost encouraging patients to opt for genetic tests.
NGS Segment to Witness Considerable Growth Owing to Rising Research Activities
Based on technology, the market is bifurcated into polymerase chain reaction, next-generation sequencing, microarray, Sanger sequencing, and others. The PCR segment accounted for the maximum share in the market in 2019, owing to the prominent usage of the technology and ease of availability across the globe. The NGS segment is projected to witness remarkable growth due to the increasing number of government projects and funding for understanding and developing treatment for COVID-19. Microarray and Sanger sequencing segments are expected to grow owing to the rising adoption of these sequencing technologies for the diagnosis of diseases and the increasing number of genome projects in countries like the U.K., U.S., India and others.
Rising Demand for Whole Genome Sequencing to Propel the Growth of the Research Segment
Based on application, the market is segmented into diagnostics, research and others. The diagnostics segment held the highest genomics market share in 2019. Emergence of direct-to-consumer genetic testing and the use of NGS technology for clinical diagnostics are factors contributing to the expansion of the diagnostic segment. Furthermore, the increasing number of nutrigenomics services providers that provide diet plans for disease conditions based on the unique genes of the patients is propelling the diagnostics segment growth.
Whole genome sequencing is being studied for treatment of several diseases. Currently, many countries are contributing to the COVID-19 data by the whole genome analysis of the patient. This is the key reason for the expansion of the research segment. The rising prevalence of chronic diseases and decreasing cost of sequencing are expected to accelerate the growth of the others segment.
Increasing Research Funding by Government to Surge the Research Institutes Segment
In terms of end-user, the market is bifurcated into research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, contract research organizations. Increasing research funding by the government and strong government support is likely to propel the research institutes segment.
Rapid use of genome analysis for the treatment and early diagnosis of diseases is poised to augment the healthcare facilities & diagnostic centers segment growth. Increasing R&D investment by pharmaceutical giants for developing novel gene therapies to cure cancer and immunological diseases are likely to favor the pharmaceutical & biotechnological companies and contract research organization segments.
North America Genomics Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 8.27 billion in 2019. The rapid adoption of new sequencing technologies and shift towards personalized medicines are expected to render a leading position to North America. In August 2020, Ancestry announced the launch of AncestryHealth featuring next-generation sequencing with the ability to screen the genes associated with heart disease, colon cancer breast cancer, and blood disorders. This is further anticipated to boost the growth of the market in North America.
Active support from the government through research funding and genomic research institutes, especially in the U.K. and England, are projected to favor the expansion of the market in Europe. Asia Pacific is expected to register the highest CAGR during the forecast years owing to the higher demand for genetic sequencing and testing in China and advancements in bioinformatics. The market in Latin America and the Middle East & Africa is expected to witness considerable growth owing to the active government support and improving healthcare scenario.
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Recent Acquisition of Pacific Biosciences to Strengthen the Position of Illumina, Inc.
In terms of market revenue, Illumina, Inc. held a leading position in the market owing to its diversified product portfolio, strong geographical presence, and prominent position in sequencing services. In November 2018, Illumina, Inc., announced the acquisition of Pacific Biosciences, which is projected to increase the company’s overall market share as well as strengthen its position in the market during the forecast period. Thermo Fisher Scientific Inc. accounted for the second prominent position in the market. The company is estimated to witness a lucrative growth owing to the increasing demand of its sequencers and consumables amid the COVID-19 pandemic.
An Infographic Representation of Genomics Market
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The market research report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed industry analysis and information as per market segments, helping our readers to get a comprehensive overview of the global market. In addition to this, the report also provides various key insights such as the overview of genomic projects for key countries, overview of service providers, new product launch, regulatory scenario for key countries, start-ups with their funding overview, recent industry developments such as mergers & acquisitions and partnerships, and key genomics market trends.
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Value (USD Billion)
Type; Technology; Application; End User and Geography
By End User
The value of the global market was USD 18.85 in 2019.
Fortune Business Insights says that the market is projected to reach USD 82.60 billion by 2027.
The value of the market in North America was USD 8.27 billion in 2019.
The market is projected to rise at a CAGR of 19.5% during the forecast period (2020-2027).
The services segment is the leading segment in this market.
The rising number of government genome projects and new product launches are the key factors driving the global market.
Illumina, Inc. and Thermo Fisher Scientific Inc. are the top players in the global market.
North America is expected to hold the highest market share.
The increasing number of start-up businesses is the key trend of the market.
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