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Genomics Market is Expected to Reach $54.4 billion | MarketsandMarkets

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Genomics Market is Expected to Reach $54.4 billion | MarketsandMarkets

May 16
19:09 2023
Genomics Market is Expected to Reach $54.4 billion | MarketsandMarkets
The Europe market is estimated to register the second highest growth during the forecast period. The ‘1+ Million Genomes’ Initiative was introduced in Europe to gain access to at least 1 million sequenced genomes in the EU.
The genomics industry is expected to continue to grow rapidly in the near future. This growth is due to the increasing demand for personalized medicine as well as advances in technology which are enabling more accurate and cost-efficient sequencing services.

Genomics market in terms of revenue was estimated to be worth $22.7 billion in 2020 and is poised to reach $54.4 billion by 2025, growing at a CAGR of 19.0% from 2020 to 2025 according to a latest report published by MarketsandMarkets™. The major factors driving the growth of this market include the increasing government funding to support genomics projects, the growing incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups in the genomics market, and the growing application areas of genomics.

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Based on product & service, the genomics market is segmented into consumables, systems & software, and services. In 2019, consumables accounted for the fastest growing segment of the genomics market during the forecast period. Consumables are used in large numbers in genomic systems, and their use will continue to increase with the growing number of genomic tests performed across the globe. This is a key factor driving the market growth.

Based on end users, the genomics market is segmented into hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies, and other end users. In 2019, the hospitals & clinics segment accounted for the fastest growing of the market. Hospitals & clinics are shifting from traditional genomic testing methods to cost-effective and more sensitive methods, such as whole-exome sequencing, which is a major factor driving the market growth.

The genomics market in the Asia Pacific is projected to register the highest growth during the forecast period, this is mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, and expansions of key players to strengthen their presence in the APAC region.

Key Market Players:

Some of the leading players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), and BGI (China).

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Hypothetic Challenges of Genomics Market in Near Future:

  • Data security and privacy concerns: As the genomics market continues to grow, there will be an increasing need to ensure data security and privacy. Due to the sensitive nature of genomic data, the potential for misuse or unauthorized access must be addressed.
  • Accessibility and affordability: Making genomic sequencing and analysis accessible and affordable for everyone is a huge challenge. Currently, the cost of sequencing and analyzing a human genome is prohibitive for most people.
  • Regulatory issues: As the genomics market expands, there will be a need to develop a regulatory framework that balances the interests of industry, government, and the public.
  • Education and training: Educating and training the public and healthcare professionals on genomics is essential for the proper use of genomics data.
  • Ethical considerations: As the genomics market grows, ethical considerations must be taken into account. This includes issues such as the use of genetic data in decision-making, genetic discrimination, and the potential misuse of genetic information.

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