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LI2010838 |
Pages: 222 |
Aug 2023 |
Genomics Overview
Genomics is an area of biology that focuses on researching an organism’s full collection of genes known as the genome. It includes investigating and comprehending the structure and function and interactions of genes inside DNA. Genomics assists scientists in discovering the genetic information that governs how living creatures develop, operate and evolve. Researchers can discover individual genes responsible for specific features and illnesses or situations by studying the sequence and arrangement of genes. They can also investigate how genes interact with one another and how they are controlled. Genomic analysis has been more accessible and economical because of developments in technology and methods which have speed-up genetic data analysis for huge volumes of genetic data. This has produced innovations in a number of disciplines including ecology, agriculture, and medicine. Genetic testing benefits from genomics which enables people to determine their risk for hereditary diseases and make wise health-related decisions. Genomics is a strong instrument that gives insights into the genetic information of living creatures and results in advances in different scientific domains and societal benefits.
Global Genomics Market Analysis
The global genomics market size was $28.40 billion in 2022 and is predicted to grow at a CAGR of 16.9%, by generating a revenue of $129.8 billion by 2032.
COVID-19 Impact on Global Genomics Market
The COVID-19 pandemic has had a significant impact on genomics market. Genomics, which involves studying an individual’s genetic information and the structure of genes, plays a crucial role in understanding diseases and developing effective treatments. The COVID-19 pandemic has significantly impacted genomics market owing to the increased demand for genomic sequencing, accelerated research and development, genomic surveillance programs, digital transformation, and genomics' role in vaccine development have all contributed to the growth and advancement of the genomics market.
Improved Disease Diagnosis with Genomics to Drive the Market Growth
Genomics enables researchers to identify genetic variations associated with diseases, leading to more accurate and earlier diagnoses. This helps in developing personalized treatments and interventions for individuals. Genomics plays an important part in precision medicine by determining the most effective treatment choices based on an individual’s genetic composition. This method reduces unpleasant effects while improving treatment results. Besides, genomic testing can detect genetic markers linked to various diseases, even before symptoms manifest. Early detection allows for proactive interventions, potentially preventing the development or progression of certain diseases. Thus, the growing demand for gene therapy, drug discovery, personalized medicine, increasing prevalence of cancer, and a significant increase in demand for consumer genomics in recent years are the factors boosting the growth of the global market.
Privacy Issues Associated With Genomic Data to Impact the Market Growth
Genomic data include extremely sensitive and personal information, such as a person’s propensity for a given disease or condition, unauthorized access or improper use of this data run the risk of causing privacy violations and possible discrimination. Besides, genomics raises complex ethical questions, such as the potential for genetic discrimination in employment or insurance, or the use of genetic information for eugenic purposes. These ethical considerations require careful examination and regulation. Moreover, disparities in healthcare access and the lack of diversity in genomic databases can contribute to inequalities in healthcare outcomes and exacerbate existing health disparities. Additionally, the shortage of trained technicians is the factor expected to restrict the genomics market growth during the forecast period.
Advancements in Genomics to Drive Excellent Opportunities for Future
Implementation of artificial intelligence (AI) in genomics is gaining popularity in the recent years. AI algorithms are used to analyze genomic data generated through sequencing technologies, allowing faster and accurate identification of genetic variations that are responsible for a disease. Besides, the rising number of joint ventures and partnerships amongst market players is also expected to create massive growth opportunities for the genomic market in the coming years. For instance, in June 2022, Allegheny Health Network and Illumina, Inc., entered into a collaboration for effective evaluation of the impact of in-house comprehensive genomic profiling (CGP) to leverage patient care.
Global Genomics Market Share, by Application & Technology, 2022
The functional genomics sub-segment accounted for the highest market share in 2022. Functional genomics have several positive points that contribute to advancing understanding of genes and their functions. Some key benefits include, insight into gene function and understanding the illness. Functional genomics helps unravel the specific roles of genes in various biological processes. By studying how genes are expressed and regulated, researchers can identify their functions and the molecular mechanisms they participate in. Besides, functional genomics is critical in exploring the genetic underpinnings of disorders. It enables researchers to investigate the link between gene variants and illness susceptibility, offering vital insights into disease causes, prospective treatment targets, and personalized medicine techniques. Overall, functional genomics provides a powerful toolkit for exploring gene function, disease mechanisms, drug discovery, precision medicine, agricultural advancements, and environmental research, offering numerous benefits for scientific progress and human well-being.
Global Genomics Market Share, by Deliverables, 2022
The products sub-segment, accounted for the highest market share in 2022. This growth is mainly because genomics product deliverables enable more accurate and precise diagnosis of various diseases, leading to early detection and improved treatment outcomes. Besides, genomics products deliverables allow for personalized medicine approaches by analyzing an individual's genetic makeup. This leads to tailored treatment plans, reducing adverse reactions and increasing treatment effectiveness. Moreover, genomics products deliverables offer insights into human evolution and population genetics. These discoveries shed light on the ancestral origins, migration patterns, and genetic diversity, deepening our understanding of human history. All these factors are predicted to boost the growth of the sub-segment during the forecast period.
Global Genomics Market Share, by End-use, 2022
The pharmaceutical & biotechnology companies sub-segment accounted for the highest market share in 2022. Due to a number of factors, pharmaceutical and biotechnology businesses are the main end consumers of genomics. Firstly, genomics offers important insights into people's genetic makeup which can be essential for figuring out the root causes of disorders. Pharmaceutical and biotechnology businesses can create targeted treatments and medications that are suited to certain genetic profiles by analyzing the genes and their variants. Secondly, genomics is important in the area of customized medicine. It enables academics and businesses to find genetic markers linked to specific illnesses or treatment reactions. This data may be utilized to create individualized treatment regimens and drugs for specific individuals that are more successful and have fewer negative effects. In general, the use of genetics in pharmaceutical and biotechnology firms enables more accurate and individualized approaches to healthcare, improving patient outcomes, improving medication development, and advancing the science of medicine.
Global Genomics Market Share, by Region, 2022
The North America genomics market generated the highest revenue in 2022. This is maily because North America boasts a robust and well-developed scientific research infrastructure, which includes world-class universities, research institutions, and biotechnology firms. These institutes have extensive expertise and resources devoted to genomics research. Besides, North America has a large and diverse population, which provides an ample pool of individuals for genomics studies. This diversity allows researchers to study genetic variations and their impact on health and disease across different ethnic groups, which is essential for developing personalized medicine and targeted therapies. Moreover, North America region has a supportive regulatory environment and favorable funding mechanisms for genomics research. Government agencies, private foundations, and venture capitalists often provide financial support for genomics projects, which is encouraging innovation and driving the growth of the market.
Competitive Scenario in the Global Genomics Market
Some of the leading genomics market are Agilent Technologies, Bio-Rad Laboratories, Inc, BGI Genomics, Color Genomics, Inc, Danaher Corporation, Eppendorf AG, Eurofins Scientific, F. Hoffmann-La Roche Ltd, GE Healthcare, and Illumina, Inc.
| Aspect | Particular |
| Historical Market Estimations | 2020-2022 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Application & Technology |
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| Segmentation by Deliverables |
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| Segmentation by End-use |
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| Key Companies Profiled |
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