The global genomics market was valued at USD 17.67 billion in 2018 and is expected to grow at the CAGR of 13.34% within the forecasted time period of 2019-2024.

It will reach USD 37.37 billion by 2024 because of the rising research initiatives and therapeutic applications.

• Definition / Scope
• Market Overview
• Market Risks
• Market Trends
• Technology Trends
• Regulatory Trends
• Market Size and Forecast
• Market Outlook
• Distribution Chain Analysis
• Key Market Players
• Strategic Conclusion
• References
• Appendix

Definition / Scope

Genomics is the study of the genomes of organisms with an aim to determine the composition and sequencing of DNA. It is a useful tool for the diagnosis, management, and treatment of diseases such as cancer.

It is applied in the field of pharmaceutics, biotechnology, clinical research, forensic, hospitals, and clinics, etc.

The genomics market is comprised of the following segments on the basis of application, technology, and product and services:

On the basis of product and services segment

• Consumables
• System and Software
• Services and others

On the basis of technology

• Next-generation Sequencing
• Microarray
• Polymerase Chain Reactions
• Nucleic Acid Extraction and Purification, others

On the basis of application

• Diagnostics
• Drug discovery and development
• Personalized Medicine
• Agriculture and animal research, and others

Market Overview

Global Genomics Market was valued at USD 17.67 billion in 2018. It is expected to grow at the CAGR of 13.34% within the forecasted time period of 2019-2026. It will reach USD 48.11 billion by 2026. 

North America is holding the largest market share of almost 39.47% and has the largest market value of USD 6.9 billion in 2018 on the basis of the geographical distribution of global genomics market. 

Because of the increasing investment in research activities and well-developed genomic research facilities. However, Asia Pacific region is expected to grow at the highest CAGR of 15.73% within the forecasted time period of 2019-2024 because of the increasing incidence of chronic diseases, the adoption of biomarkers for diagnostic purposes and a growing aging population. 

On the basis of the product and services segment, the consumables segment is dominating the genomics market with a market value of USD 6.11 billion in 2018.

As per the application segment is concerned, the diagnostic segment is holding the largest market share of 32.5% and is expected to grow at the CAGR of 15.21% within the forecasted time period of 2019-2024.because of the rising focus on the research work related to genetic and oncological diseases and decreasing sequencing costs. 

PCR technology is the most widely used technology with the market value of USD 5.81 billion in 2018. while next-generation sequencing is holding the market share of 38.1% of the total genomics market. 

The introduction of new advanced technologies such as Nanopore technologies, Static Optical Fault Isolation Solution and rising research initiatives are significantly favoring the growth of its market. The key market players engaged in this market are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, and Illumina.

Market Risks

• Low Patient and provider awareness about genomics

Although the initiation of the human genome project has completed over a decade, the level of awareness and consciousness is inadequate not only among the patients but also among the services provides such as physicians.

For instance, a survey conducted by Peter Chow-White, Dung Ha, and Janessa Laskin among medical officers in Canada has found that only 35.5% of them were very knowledgeable about basic genetics while only 9% and 9.7% of them were very knowledgeable about new genetic technology, and process of genome sequencing respectively.

Along with this, another survey conducted by Birmingham WC et al in Utah has found that almost 92% of the patients don’t ask questions about genetic testing and 79% of the service providers don’t recommend the genomic test for their patients. Low-level of awareness about it might create the risk for the growth of the genomics market.

Top Market Opportunities

• Increasing research from Government-aided genomic institutes

The National Human Genome Research Institute in the USA are planning and organizing laboratory and clinical research for human genetic diseases as well as serves as a resource for the research activities.

Here, the Division of Intramural research is the focal point involved in genomic research. It has the goal of sequencing 3 billion DNA letters which were fulfilled in 2003. Along with this, the National Institute of Plant Genome Research is also the government body engaged in biotechnological research in India.

These institutes are facilitating the research activities in genomics and significantly creating the opportunity of the growth of its market.

• Cost effectiveness of genomic testing for diseases treatment

Through the use of genomics, the cost of the treatment can be reduced through early diagnosis. For instance, for severe combined immune deficiency, the treatment cost can be reduced up to USD 100,000 from USD 450,000 per infant if newborn screening is done at the earlier stage through the use of a hematocrit test. 

It might increase the demand for the therapeutic application of genomics and will favor the growth of its market.

Market Trends

• Growing burden of chronic illness

The burden of chronic illnesses is expected to be 57% by the year 2020, increased from 46% of the total global burden of disease. Chronic diseases contribute to almost 75% of all global deaths.

The prevalence of genetically linked chronic illnesses such as cancer, heart diseases, arthritis, diabetes is also in increasing trend. For instance, cancer is the second leading cause of death.

Globally, about 1 in 6 death is caused due to cancer, which occurs due to genetic mutation during cell multiplication and maintenance. Its burden is expected to increase to 18.1 million new cases and 9.6 million deaths. 

Almost 5 to 10% of the total cancer cases are due to the hereditary cancer syndromes. This rising burden of chronic diseases will significantly drive the growth of the genomics market.

• Decrease in sequencing cost

Along with the introduction of the new advanced technology in the process of gene sequencing, the price of genome sequencing is in decreasing trend. Over the past decades, its cost has been decreased by about 99%. Its price was USD 10,000 in 2008, which was decreased to USD 1000 in 2018. 

This decreasing trend of the cost of genome sequencing is significantly favoring the growth of the genomics market.

• High cost of genomic research

Although the price of the genome sequencing is declining, the cost of the research activities involved in the innovation for genomics is quite high. It might be due to the use of the control group used in the RCT.

For instance, in an economic analysis of 72 study participants, the cost of the genome sequencing program for the targeted group is USD 3,204 and the cost of the genome sequencing program control cohort is USD 3,501. This high cost of genomic research might restrain the growth of its market.

Technology Trends

Along with the advancement in science and technology, the following technological changes are taking place in the global genomics market:

• Static Optical Fault Isolation Solution: It is a highly sensitive solution including both photon emission and static laser stimulation to localize the electrical failures in semiconductor devices. It is developed by Thermo Fisher Scientific Inc.
• DNA Product Studio: It is the fully automated software launched by Helix Opco LLC in 2018. It promotes the creation of applications and tests based on genomics. It facilitates the analysis of the huge amount of information collected on the topic of genetics.
• Nanopore sequencing: It is the third generation sequencing in which a single molecule of DNA or RNA is sequenced without the use of the PCR amplification or chemical labeling of the participants. It is used in the sequencing of biopolymers.
• CRISPR: It is the technology being used to sequence, detects and destroys the DNA of the bacteriophages. For this technique, Cas9 as an enzyme to recognize and cleave DNA strands is used.
• Static Optical Fault Isolation Solution: It was introduced by Thermo scientific meridian which maximizes the benefits of high sensitivity probing, easy to use the software, and laser marker option.

Pricing Trends

The price of the genomic products and services depends upon the type of technology, application, cost of the genomic equipment, quality, data availability, and quantity of product.

For instance, the cost of its sequencing for cancer cases is about USD 6,841 while its cost for any other rare disease case is USD 7,050 per case because of the higher cost of equipment for rare diseases.

If its price over the time horizon the considered then it is in decreasing trend. The estimated cost of the first draft of the human genome sequence was USD 150 million worldwide in 2,000 while its price in 2018 was USD 1,000 because of the innovation in the technology of genome sequencing. 

The cost of the genome sequencing for the hearing loss ranges from USD 1,048 to USD 1,949 

Regulatory Trends

International Medical Device Regulators Forum is the regulatory authority engaged in the regulation of genomic medicine. It facilitates the development of strategies and policies related to the genomics through guidance Some of the regulatory frameworks for the genomics market are discussed as follows:

• Genetic information privacy Act: It includes the procedures for collecting and disclosing the genetic information and forms of penalties for unlawful conduct.
• Gene patenting: According to it, DNA synthetically created are only patent-eligible but not the naturally occurring DNA.
• Genetic Information Nondiscrimination Act: According to it, discrimination based on genetics is strictly prohibited. It also prohibits the insurance companies to discriminate the employers based on the person’s genetic code.
• National Standards to protest patient’s personal medical records: According to it, the patients have the right to access their medical records while prohibits the nonconsensual use and release of the personal information. It has set out the criminal sanction for improper use of personal health information.
• Warrantless Collection of DNA: It allows the collection of DNA from persons who have been arrested without a warrant.

Market Size and Forecast

The total market size of the global genomics market was valued at USD 17.67 billion in 2018, increased from USD 14.72 billion in 2017. It is expected to grow at the CAGR of 13.34% within the forecasted time period of 2019-2026. It will reach USD 48.11 billion by 2026.

On the basis of the product and services

• The products and services segment is expected to grow at the CAGR of 10.8%. It is estimated to reach USD 32.95 billion by 2025.
• The consumables segment is dominating the market with the market revenue of USD 6.11 billion in 2018.

On the basis of the application

• The diagnostic segment is leading the global genomics market with a market share of 32.5%. It was valued at USD 5.74 billion in 2018. It is expected to grow at the CAGR of 15.21% within the time horizon of 2019-2024 because of the rising focus on the research work related to genetic and oncological diseases and decreasing sequencing costs.
• Personalized medicine segment is expected to grow at the highest CAGR 11.42% within the forecasted time period of 2019-2024. 

On the basis of technology

• Genome sequencing is dominating the genomics market with the largest market share of 38.1%. Its market size was valued at USD 6732.27 in 2018.
• PCR technology is holding the market share of 32.88% with the market value of USD 5.81 billion in 2018.
• Microarray holds a market share of 28% of the global genomics market.

On the basis of geography

• North America is holding the largest market with a market share of 39.47% in 2018 because of the increasing investment in research activities and well-developed genomic research facilities. It was valued at USD 6.9 billion in 2018.
• Europe holds the market share of 37.25% of the total genomics market. 

Market Outlook

The global genomics market is expected to grow at the CAGR of 13.34% within the forecasted time period of 2019-2024. It will reach USD 37.37 billion by 2024 because of increasing chronic illness and the rising application of the genomics in therapeutic procedures.

CAGR on the basis of geography

• Asia Pacific region is expected to grow at the highest CAGR of 15.73% within the forecasted time period of 2019-2024 because of the increasing incidence of chronic diseases, the adoption of biomarkers for diagnostic purposes and a growing aging population.
• Genomics Market in North America is expected to grow at the CAGR of 11% within the forecasted time period of 2019-2024.
• The genomic testing market in Europe is expected to grow at a CAGR of 12.3% because of the rising development and research in molecular medicine.

Distribution Chain Analysis

The key stakeholders involved in the genomics market are research institutes, healthcare facilities, diagnostic centers, pharmaceutical biotechnological companies, and contract research organizations.

Firstly, the research institutes conduct the research activities to bring innovation in the genomics sector. Then the approved applications are available through the biotechnological companies, healthcare facilities and other pharmaceutical centers to the consumer.

Distribution Chain Analysis

The key stakeholders involved in the genomics market are research institutes, healthcare facilities, diagnostic centers, pharmaceutical biotechnological companies, and contract research organizations.

Firstly, the research institutes conduct the research activities to bring innovation in the genomics sector. Then the approved applications are available through the biotechnological companies, healthcare facilities and other pharmaceutical centers to the consumer.

Distribution Chain Analysis

The key stakeholders involved in the genomics market are research institutes, healthcare facilities, diagnostic centers, pharmaceutical biotechnological companies, and contract research organizations.

Firstly, the research institutes conduct the research activities to bring innovation in the genomics sector. Then the approved applications are available through the biotechnological companies, healthcare facilities and other pharmaceutical centers to the consumer.

Key Market Players

The key market players engaged in the global genomics market are Thermo Fisher Scientific Inc., Illumina Inc., Qiagen N.V., Agilent Technologies Inc., Eurofins Scientific, and BGI. Short company profile of some of the key market players are discussed as follows:

Strategic Conclusion

The global genomics market is in a growth stage and is growing at the rate of 13.34% because of the increasing therapeutic applications of genomics, rising chronic illnesses, and well-facilitated research works.

However, the high cost of genomics research and inadequate awareness about genomics might risk the growth of its market.

References

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Appendix

• PCR= Polymerase Chain Reaction
• CRISPR= Clustered regularly interspaced short palindromic repeats
• RCT= Randomized Control trail
• USD= United States Dollar
• CAGR= Compound Annual Growth Rate