The genomics market growth & size is predicted to be worth USD 46.2 billion in 2023 and is predicted to reach USD 83.1 billion by 2028, increasing at a double-digit CAGR of 12.4% in the forecast period. The expansion of the genomics market is propelled by different key factors, including increased governmental backing, an increase in genomics studies, deducting sequencing costs, and an increase in genomics applications. The genomics market is poised for significant growth due to crucial advancements in genetics and their widespread usage in different research fields. This includes the exploration of intragenomic phenomena including heterosis, pleiotropy, epistasis, and many more associations among loci and alleles within the genome. In addition, the predicted growth of the genomics market is further propelled by the potential contributions of bioengineering and synthetic biology applications.
One of the global genomics market driving factors behind the market’s growth is the growing support from government-funded genome projects. These projects play a crucial role in advancing genomic research, serving as indispensable tools for the development of effective therapies. The substantial investments made by different government agencies in genome projects underscore their recognition of the important role genomics plays in medical innovations. For instance, collaboration between Genomics England and the NHS, leading to the introduction of the Genomic Medicine Service, which integrates whole genome sequencing into routine medical care. Comparable initiatives, such as The Saudi Human Genome Program, France Genomique, Personalized Medicine Program, and many other projects, further contribute to this global trend.
As per the Press Information Bureau, the Department of Biotechnology (DBT) granted approval during 2020 for a three-year initiative to systematically document Genetic Variation in Indians. Spanning 20 different institutions nationwide, this project has the ambitious objective of enlisting 10,000 people within three years, representative of the country’s rich demographic diversity. The usage of whole genome sequencing to introduce all-inclusive data is predicted to increase future human genetics research in India with increased accuracy. In addition, the insights attained will contribute to the advancement of a genome-wide association array personalized for the Indian population. This strategic move focuses to facilitate the generation of cost-effective precision healthcare and diagnostics for prevalent syndromes, thereby propelling market expansion in the forecast period.
The transition towards personalized medicine, coupled with the decreasing costs of sequencing facilitated by Next-Generation Sequencing (NGS) technology, has given an increase to a spectrum of novel products and services. The genomics market trend is evolving with the entry of new market players, encouraging businesses to introduce inventive offerings to fortify their positions. For instance, the announcement made by Illumina in 2020, unveiling the e TruSight Software Suite and offering an all-inclusive infrastructure for complete genome sequencing, specifically designed for the identification of genetic diseases. This strategic move is predicted to play an important role in prolonging the market by delivering cutting-edge solutions and staying competitive in the dynamic industry landscape.
Meanwhile, the substantial potential notwithstanding, the global genomics market demand in developing nations is limited significantly by the scarcity of trained technicians. Many of these nations face a dual challenge: a shortage of technicians and a deficiency in the requisite skill set to function advanced sequencers effectively. In addition, the high cost of instruments presents an additional obstacle, functioning as a deterrent to market expansion in these regions.
The expansion of the market can be credited to the comprehensive research and development strategies employed by biopharmaceutical market companies, specifically in the realm of drug discovery, coupled with technological innovations that facilitate the realization of customized medicine. A noteworthy example is the release of an open-source model by Clemson University researchers in 2022. This model is specifically crafted to help researchers construct prediction models, representing intricate cellular interactions, and allowing the integration of large datasets. The application of such models proves beneficial in customized medicine scenarios, such as drug matching for cancer therapeutics.
Market participants are placing significant emphasis on expansions, collaborations, acquisitions, and substantial capital investments to drive genomics research forward, especially in the understanding of rare diseases and assistance for drug discovery. Notably, PacBio has announced a strategic partnership with Genomics England, focusing to leverage PacBio’s technology to recognize genetic variations in rare and unexplained disorders. The study’s objective is to resequence a curated set of samples collected during Genomics England’s 100,000 Genomes Project. The focus is on assessing the operational and clinical benefits of long-read sequencing in recognizing mutations linked with rare diseases. This collaborative effort underscores the industry’s commitment to advancing genomics research through innovative partnerships and cutting-edge technologies.
Genomics Market Segmentation
The North American region is predicted to maintain its dominance in the genomics market in the forecast period. This is attributed to different factors, including the increasing prevalence of chronic diseases such as cancer, increased investments by government personalities in research initiatives, an increased level of customer awareness, and the existence of improved healthcare infrastructure. These elements collectively contribute to the continuous innovation of technology within the genomics segment, and an increasing need for biotechnological practices around the region, further driving its growth. In addition, the domicile existence of foremost industry players around North America reinforces the region’s prominence in shaping and propelling developments within the genomics market.
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