Northbrook, IL 60062 -- (SBWIRE) -- 06/06/2023 -- The genomics industry is expected to experience a major boom in the near future. This is due to the increasing demand for personalized medicines and therapies, as well as the development of more advanced genomic sequencing technologies. As a result, genomic research and development will continue to be a major focus for many companies, as well as for government agencies and academic institutions. Additionally, the industry is expected to benefit from advancements in data analysis and artificial intelligence, which will enable the industry to analyze large genomic datasets more efficiently. Finally, the rise of consumer genomics, which allows individuals to access their personal genomic information and compare it to that of others, is expected to open the door to a new era of personalized healthcare.

Genomics Market in terms of revenue was estimated to be worth $46.2 billion in 2023 and is poised to reach $83.1 billion by 2028, growing at a CAGR of 12.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as funding provided by government for genomics projects, which is helping support the development and commercialization of new genomics technologies and will create new opportunities for companies operating in the genomics market and rising incidence of cancer and growing application of next generation sequencing for cancer research is driving the genomics market growth. Also, there is significant growth in the number of genomic startup players and funding offered to these start up players which is supporting research and development, driving innovation, increasing competitiveness in the genomics market.

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Browse in-depth TOC on "Genomics Market"
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Key Market Players:

Key players in the genomics Market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche, Ltd. (Switzerland),

Thermo Fisher Scientific, Inc. (US) is a leading player in the genomics market, with the highest market share. The company has a broad sales force and a global network of resellers and distributors. In the last three years, the company has mainly focused on product innovations and has launched several innovative products to sustain its leading position in the genomics market. Some of these products include Ion AmpliSeq SARS-CoV-2 Research Panel, Oncomine Dx Target Test, CE-IVD (IVDD) Oncomine Dx Express Test, Oncomine Reporter Dx software, Ion Torrent Oncomine Myeloid MRD Assays (RUO), Ion Torrent Oncomine immune repertoire assays, and Ion Torrent Genexus System.

Illumina, Inc. (US) is among the leading players in the genomics market due to its technologically advanced and innovative platforms and associated products. The company offers a range of highly interconnected products related to sequencing, genotyping, gene expression, and molecular diagnostics. The company has an extensive portfolio of technologically advanced and innovative platforms, consumables, and services. It also offers software and informatics platforms, including cloud-based computational tools, for its sequencing and array-based systems. Along with significant investments in R&D activities, the company adopts various strategies such as product launches, partnerships, and agreements with leading players in the market to co-develop advanced technologies and strengthen its research and commercialization capabilities. In 2022, Illumina invested ~28.8% of its revenue in R&D. Such strategic efforts by Illumina make it a leading player in the genomics market.

Danaher Corporation (US) offers genomics products under its Life Sciences segment through its subsidiary, Integrated DNA Technologies, Inc., and offers PCR and other sequencing products through its subsidiary companies, namely, Cepheid, Inc. and Beckman Coulter. In 2022, the company experienced a boost in its revenue due to the increased sales of its infectious disease testing products, such as the Xpert Xpress SARS-CoV-2/Flu/RSV test. Danaher strongly invests in R&D activities to improve its existing product portfolio, as it has a strong pipeline of products for this growing market. To remain competitive in the market, the company focuses on inorganic growth strategies such as agreements and acquisitions. This will further strengthen its presence in the genomics market.

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Genomics Market Dynamics:

Drivers:

1. Increasing government funding to support genomics projects
2. Rising incidence and prevalence of viral diseases and genetic disorders
3. Growing incidence of cancer and increasing applications of next-generation sequencing in cancer research
4. Robust investments in genomics startups
5. Growing applications of genomics

Trends:

1. Partnerships and collaborations for technological advancements in genomics
2. AI in genomics
3. Following are the application of AI in genomics

Opportunities:

1. Use of genomics in specialized/personalized medicine

Challenges:

1. Ethical issues
2. Dearth of trained professionals
3. Secure storage of large volumes of sequenced data

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Recent Developments:

- In March 2023, Illumina, Inc (US) launched Connected Insights, a new cloud-based software that enables tertiary analysis for clinical next-generation sequencing data. This software will help the genomic profiling (CGP) for advanced tumours along with whole-genome sequencing for rare diseases and other advanced applications.

- In February 2023, Thermo Fisher Scientific, Inc. (US) launched TrueMark STI Select Panel, a polymerase chain reaction (PCR) test designed to detect Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium for research applications only.

- In February 2023, Eppendorf AG (Germany) expanded its production facility in China by signing a contract for building a new production site in Shanghai.

- In October 2022, Oxford Nanopore Technologies (UK) collaborated with 10x Genomics (US) to enable a streamlined workflow for sequencing full-length transcripts in single reads on highly accessible Oxford Nanopore devices.

Genomics Market Advantages:

- Improved Diagnosis and Treatment: Genomics can provide more accurate diagnoses and treatments, leading to improved patient outcomes. By using genomic data, medical professionals can better understand the cause of a disease, as well as the best methods for treating it.

- Reduced Cost of Healthcare: Genomics can help reduce the cost of medical treatments, as it reduces the need for numerous tests that would otherwise be required. This can help to reduce healthcare costs, particularly for those with chronic illnesses.

- Targeted Therapy: Genomics can be used to provide personalized treatments, tailored to the genetic makeup of the patient. This can help to reduce the risk of adverse reactions to treatments, while also increasing the effectiveness of the treatment.

- Improved Disease Prevention: Genomics can provide insights into the genetic composition of a person, which can help to identify potential risks for developing certain diseases. This can then be used to develop preventive measures, thereby reducing the risk of the disease.

- Improved Drug Development: Genomics can help to speed up the development of new drugs and treatments, as it can be used to identify the most effective components of a drug and the best targets for treatment. This can reduce the time and cost associated with drug development.

Genomics Market - Report Highlights:

- In the previous edition of the report, the base year was 2018, and the forecast period was 2020–2025. The updated study has 2022 as the base year, and the forecast period is 2023–2028.

- This study includes updated product/service portfolios of players, as well as updated financial information in the context of the genomics market from 2021 to 2028 for each listed company in a graphical representation.

- The new research study includes the impact of the recession on the genomics market. The recession will have a mild impact on the market.

- The new study includes updated market developments of profiled players from January 2020 to April 2023.

- In the updated study, the technology chapter includes an additional segmentation—flow cytometry.

- The updated study includes an additional segmentation—study type.

- The updated study also includes additional pricing analysis and key buying criteria by stakeholders and end users in the market overview section.

- The startup/SME evaluation quadrant, top company evaluation matrix, and competitive benchmarking have also been added to the report.

- In the earlier version of the report, 20 companies were profiled. In the updated version, a total of 32 companies have been profiled.