Pharmaceutical and biotechnology companies in the end-use segment are expected to dominate the growth of the market. The factors contributing to the growth of the market are the rising demand for sophisticated gene-editing tools in biotechnology companies. Further, strategic alliances or licensing partnerships are expected to boost the growth of the genomics market during the forecast period.
Pharmaceutical and biotechnology organizations claimed 61.3% of the genomics market in 2020. Genomics market is the branch of biology concerned with genome function, structural mapping, evolution, and editing. A genome is the complete set of DNA from an organism, including the organism's genes and their hierarchical, three-dimensional structural organization.
In a recent research report by Market Research Community, the genomics market is expected to surpass USD 70.75 billion by the year 2030, from USD 19.80 billion in 2021.
The genomics market is projected to grow at a significant pace reaching a CAGR of approximately 15.2%, over the forecast period of 2022–2030, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
Asia Pacific is seeing an increase in the application of genomic technology due to the start of numerous research initiatives in the genomics market. For instance, GenomeAsia 100K Project, which incorporates whole-genome sequencing (WGS) to allow genetic discoveries across Asia. The study included four distinct Asian nations. Furthermore, regulatory authorities that are supportive of the industry are increasing the number of approvals. The National Cancer Center (NCC) Japan partnered with Foundation Medicine and Chugai Pharmaceutical, Ltd. in February 2020 to deploy FoundationOneLiquid in the third stage of Japan's cancer genomic screening collaboration. This accelerated the expansion of Japan's genetic testing services sector.
The study is consolidated into major segments and further into sub-segments, such as by deliverable (multi-gene-parallel analysis (NGS), single gene analysis (PCR microarrays), application (blood sample-based, others) end use (circulating nucleic acids, CTC, exosomes/microvesicles, circulating proteins), to forecast the size by value; also includes the analysis of past market genomics market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Thermo Fisher Scientific, Inc.; Agilent Technologies; Beijing Genomics Institute (BGI); Bio-Rad Laboratories; Danaher Corporation; F. Hoffmann-La Roche Ltd.; GE Healthcare; Illumina, Inc.; Oxford Nanopore Technologies; Pacific Biosciences of California, Inc.; QIAGEN N.V.; Quest diagnostics; Myriad Genetics, Inc.; Eppendorf AG; Eurofins Scientific; Color; 23andMe, Inc.
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