Genomics Market: Current Analysis and Forecast (2021-2027)

Genomics is a vast field of science involving many different disciplines with the focus on fully understanding how an organism's DNA works (its structure, function(s) and how they are mapped) and can eventually be modified. It looks at individual genes and the passage process through generations whereas genomics is looking at the entire DNA structure and complete set of gene. Currently genetics is of extreme importance to medical practice as it provides a definitive diagnosis for many clinically heterogeneous diseases. Consequently, it enables a more precise disease prognosis and provides guidance towards the selection of the best therapeutic choices for the affected patients. Much of its current promise comes from its ability to examine the human genome at various stages, from chromosome to single-base changes.

The study of genomics is receiving immense attention from investors as well as from the public as it impacts the very core of the lives and all living things around globe. Completing the sequencing of the first human genome in 2003 was a key breakthrough that took over 10 years and cost approximately USD 3 billion. Since then, the sequencing speed of a genome has more than doubled, significantly outpacing Moore's Law. Today's high throughput sequencing machines process the human genome in a matter of hours at a cost approaching USD 1,000. These advancements have allowed researchers to run more genome analysis in less time, greatly increasing the pace of scientific discovery.

Based on product/services, the market is fragmented into consumables, systems and software, and services. The consumables segment generated revenue of USD 11,495.7 million in 2020. The market is expected to grow at a CAGR of 14.27% during the forecast period to reach a market valuation of USD 29,355.3 million by 2027F owing to the increasing demand of the reagents, sampling, and sequencing process of the genomes.

Based on technology, the market is bifurcated into sequencing, polymerase chain reaction, nucleic acid extraction and purification, microarray, and others. The sequencing segment generated revenue of USD 8,388.6 million in 2020. The market is expected to grow at a CAGR of 15.27% during the forecast period to reach a market valuation of USD 22,759.9 million by 2027F. Based on the application, the market is fragmented into diagnostics, drug discovery and development, personalized medicine, agriculture & animal research, and others. The diagnostics segment dominated the market and generated revenue of USD 6,848.6 million in 2020. However, personalized medicine is anticipated to grow at highest CAGR during the forecast period and reach USD 11,001.3 million by 2027F.

The genomics research and development and utilization are available at various centers including pharmaceutical & biotechnology companies, hospitals and clinics, academic & government institutes, clinical research, and others. The pharmaceutical & biotechnology companies are anticipated to dominate the market during the analyzed period and reach USD 33,850.6 million by 2027F. However, the hospitals & clinics segment is expected to grow at the highest CAGR throughout the forecast period 2021-2027F.

For a better understanding of the market adoption of the Genomics market, the market is analyzed based on its worldwide presence in the countries such as North America (United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America constitutes a major market for the Genomics industry and generated revenue of USD 8,982.8 million in 2020 owing to the increasing incidence of cancer and other diseases, rising healthcare spending and increasing government initiatives in the region.

Some of the major players operating in the market include Illumina, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Bio-Rad Laboratories, F. Hoffmann-La Roche, BGI, Danaher Corporation, Myriad Genetics, and Oxford Nanopore Technologies. Several M&A's along with partnerships have been undertaken by these players to develop Genomics.

The global Genomics market was valued at USD 21,312.6 million in 2020 and is projected to expand significantly with a CAGR of 15.10% from 2021 to 2027F. The market is expected to witness a boost owing to the reduced sequencing costs, genomics application in varied segments and rising government funding and initiatives in the genomic projects.