Genomics Global Market is estimated to be worth $31.8 billion by 2027.
Genomics is an interdisciplinary field of biology focusing on the structure, function, evolution, mapping, and editing of genomes, this also involves the study of interactions between genes and their surrounding environment. It provides significant information to solve biological problems through analysis of genomes using several technologies such as Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), In-situ hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT) and others technologies. The genomic data generated by these technologies are helpful in designing personalized medicines, drug discovery, diagnosis, biomarker discovery and in therapy development.
According to IQ4I analysis, the genomics global market is expected to grow at mid single digit CAGR from 2020 to 2027 to reach $31,835.9 million in 2027. The factors driving the genomics market are demand for early disease detection, diagnosis, and treatment, rising government and private funding, increasing awareness and reduced cost of genomics test, favorable reimbursement, increasing demand for personalized medicine, increasing utilization of genomic technologies in drug discovery & development and technological advancements. In addition, the outbreak of global pandemic COVID-19 has shown a sudden surge in demand for genomics-based techniques in the screening of the diseased population. Whereas, factors restraining the market growth are high cost of instruments and special research materials, analytical validity of the result, lack of standardization, complexity, lack of skilled professionals, stringent and time-consuming regulatory guidelines, data security and large data management issues are threats to market growth.
The genomics global market is classified into product, application, end-user, and geography. Based on product type, the market is segmented into instruments, consumables, software & services and genomics services. Among the product type, consumables accounted for the largest revenue in 2020 and the market is expected to grow at a high single digit CAGR from 2020 to 2027. Genomics services is fastest growing segment at a high single digit CAGR of from 2020 to 2027 due to increasing pharma companies focus towards the adoption of genetic technologies in the drug discovery & development, increased interest in the development of newer diagnostics, launch of new genomic services and also growing attention toward direct to consumer based genetic tests. In Genomics services, NGS services hold the largest revenue in 2020 and is expected to grow at a high single digit CAGR from 2020 to 2027.
Genomics global market is classified based on application into Diagnostics, Drug Discovery& Development, Plant Genomics and Others. Among applications, diagnostics segment accounted for the largest revenue in 2020 and is expected grow at a high single digit CAGR from 2020 to 2027, due to increased incidence of cancer, increased interest in early screening & prenatal screening of genetic diseases, decreasing test cost, the outbreak of various infectious diseases in recent years, reimbursement facility, and advancements in analytical tools. Among the diagnostics sub-segment market, the infectious diseases segment accounted for the largest revenue in 2020 and is expected grow at a mid single digit CAGR from 2020 to 2027. This is attributed to increased application of genomic technology based tests in the detection of pathogen, mainly in outbreak investigations due to its accurate detection. However, the non-infectious disease is fastest growing segment and is expected to grow at a high single digit CAGR from 2020 to 2027. This is attributed to increased application NGS based genetic tests for early screening of cancers & prenatal screening and rapid development of personalized medicine tests for the selection of patients for suitable treatments.
The end-users of genomics market is segmented into Pharma & Biotech, Hospital & Clinical Laboratories, Contract Research Organization (CRO's) and others. Among the end-users, Hospital & Clinical Laboratories segment accounted for the largest revenue in 2020 and is expected to grow at a high single digit CAGR from 2020 to 2027 attributed to the increasing adoption of early cancer screening tests; increased interest towards NGS based prenatal screening, the outbreak of infectious diseases and reduced testing cost. The Contract Research Organization (CRO's) is expected to grow at a high single digit CAGR from 2020 to 2027 due to increased outsourcing for maximum utilization of genomic technologies in drug discovery process, the launch of new genomic services and increasing capabilities to offer end-to-end genomic services.
The genomics global market based on geography is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW). Among various geographies, the North America region dominated the genomics global market with the largest share in 2020 and is expected to grow at a mid single digit CAGR from 2020 to 2027. This is due to the increasing R&D expenditure, development and adoption of the latest genomic technologies, presence of major players, increasing use of genomics technologies in early screening, prenatal screening, personalized medicine, reduced testing cost, and crop improvement research and increased funding from private and government agencies. The Asia-Pacific region is the fastest-growing region at a double digit CAGR from 2020 to 2027. This is attributed to the presence of a large number of CROs, growing awareness in the adoption of genomics in early screening, prenatal screening, personalized medicine & crop improvement research, increased government funding towards genomics research & development of companion diagnostics and increased number of start-up & medical genetics companies to develop innovative genomic technologies.
Some of the advancements in genomic technologies are the expansion of single-cell biology, advancements in data analysis, databases, integration of machine learning & deep learning, the evolution of third-generation sequencing technology, advancement in genome editing technologies and also emerging CRISPR screening and diagnostics. The advancement of NGS technologies has enabled studying normal biological processes and diseases at a single-cell resolution which helps to clearly understand gene expression, immune profiling and epigenetic mechanisms of single-cell further enhances the application of genomics. For instance, In September 2020, 10x Genomics company launched Chromium Single Cell Multiome ATAC + Gene Expression solution capable of simultaneously profiling the epigenome and transcriptome from the same single cell and also can use this information to precisely engineer more effective immunotherapies in the future. The emerging long-read sequencing (LRS) or third-generation sequencing technologies may provide solutions for improving the characterization of genetic variation and regions that are difficult to assess with the prevailing short-read sequencers (NGS technologies). CRISPR-Cas genome editing technology is an easily accessible, programmable, and precise gene-editing tool with numerous applications and most useful in biomedical research. The speed, simplicity, and precision with which CRISPR-Cas9 technology enables genetic elements to be mutated, silenced, induced, or replaced have resulted in its widespread adoption by the global research community. Also, a plethora of successful CRISPR-Cas-based approaches to detect and diagnose various infectious and non-infectious diseases have been pioneered.
Combination of genomics and AI will answer many unresolved questions and opens door for new discoveries. The overall aim is to use AI algorithms to analyze genomic data sets (e.g. associations between variants and molecular or physiological measures of health/disease), which could then provide new parameters for healthcare personalization, identify new disease biomarkers, and refine understanding of disease. Also, the integration of AI into novel genome editing technologies such as CRISPR-Cas provides precise location for DNA alteration and also insights about how to ensure that the repair process of the DNA strand is successful; helping in reducing potential mistakes during the entire process. For instance, Dante Labs is a genetic testing and data analysis company, integrated artificial intelligence (AI) tool to create personalized reports from whole genome sequencing data that leverages a person's medical information to identify the most relevant insights for diseases such as cancers, epilepsy, diabetes, Alzheimer's, Parkinson's disease and other rare diseases.
The Genomics market is consolidated with the 6 top players occupying xx% of the market share and the remaining xx% of the market is occupied by other players and service providers. Companies are adopting various organic and inorganic strategies for market expansion. To gain more market share, companies are constantly focusing on developing innovative technologies and differentiated products. For instance, in July 2020, Myriad Genetics, Inc., launched proprietary AMPLIFY technology, to increases the performance of non-invasive prenatal screening (NIPS) tests. In August 2020, Illumina, Inc. launched a new NovaSeq6000 v1.5 Reagent Kits. The new kits bring data-rich applications—such as single-cell genomics, whole-genome sequencing, and liquid biopsy.
Genomics is also gaining its importance in the development of precision medicine. NGS-based companion diagnostics paved a new pathway for the selection of candidates for targeted treatment. For instance, in September 2020, Thermo Fisher Scientific received premarket approval from the FDA for an NGS-Based companion diagnostic for RET Fusion-Positive Non-Small Cell Lung Cancer. It is the first and only FDA-approved test for targeted treatment for RET fusion-positive NSCLC.
Genomic services are gaining importance day by day, so the companies are engaged in the lunch of new genomic services for the maximum utilization of genomics technologies in various applications like drug discovery, diagnosis, crop improvement, etc. For instance, in the COVID -19 pandemic, Eurofins Genomics launched SARS-CoV-2 Full-length Genome Sequencing services aimed at supporting researchers globally in their fight against the COVID-19 pandemic. The service enables accurate identification, strain typing, surveillance of mutational drift and phylogenetic distances between locally and regionally different viral isolate genome sequences.
Additionally, several personal genomics startup companies that offer direct to consumer genetic testing are gaining more attention by launching new services. For instance, in February 2020, Nebula Genomics launched a consumer product (30x Whole Genome Sequencing DNA Test) that will offer users whole genome sequencing for $299, Nebula Genomics' whole-genome sequencing analyzes more than 6 billion genetic variants. With this launch, Nebula Genomics also expands its services to 188 countries. These launches mark a dramatic shift in consumer-initiated genetic testing services.
It is also estimated that the integration of genomics in the drug discovery process will reduce up to 35% cost and 15% time and with introduction of improved genomics technologies, the savings will be even greater. Pharmaceutical companies have realized the importance of genomics in the drug development process and are incorporating genomics approaches in their drug development process by entering into a strategic collaboration with genomic companies. For instance, in January 2020, Eisai Co., Ltd partnered with Personal Genome Diagnostics to develop a comprehensive liquid biopsy biomarker discovery solution for oncology. Similarly, in February 2020, Atrin Pharmaceuticals collaborated with the Predictive Technology Group to apply genomic analysis to optimize patient selection for Atrin’s upcoming ATRN-119 clinical trial. Predictive is using a genomic database analytics approach to help with patient selection, to increase efficiencies and quality of clinical trials.
In developing countries, CROs are showing interest to incorporate genomic services in order to increase service capabilities. For instance, in January 2020, A2 Healthcare Corp. that engages in CRO business in Japan a subsidiary of ITOCHU Corporation entered a capital and business alliance, with iLAC, inc., to launch a whole-genome analysis business. A2 Healthcare will start providing Japan's first pharmaceutical development service that includes whole-genome analysis in collaboration with iLAC.
Genomics research was fueled initially by government and nonprofit funding sources, later augmented by private research and development (R&D) funding. According to IQ4I research, during the period 2019-20, approximately $xx million was invested by various companies and government agencies. The funding was received for potential genomics applications, namely disease research, diagnosis, Genetic Risk Assessment, Biomarker Discovery, Crop Improvement, Capacity Expansion, Drug Discovery, Personalized Treatment, AI-based Genomics Platform and Others. The disease research application received the highest funding of $509.4 million from 2019 to 2020 due to increasing investment from the government agencies in the genome sequencing projects and also, development of new genomic tools for primary research in various diseases like cancer, infectious disease, rare disease and neurological disease. For instance, in May 2020, The Australian government-funded $21.6 million to support genomics research in cancer and pediatric disease, as well as studies exploring the ethical, legal, and social issues of genomics in healthcare. According to IQ4I research, the infectious disease segment received the highest funding of $xx million during 2019 -2020 mainly due to increase funding by the government for the COVID-19 research. For instance, Genomic Canada launched the Canadian COVID Genomics Network (CanCOGeN) backed by $40 million in federal funding for COVID-19 research.
The key players in Genomics Global Market include F. Hoffmann-La Roche Ltd. (Switzerland), Illumina Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Qiagen N.V. (Netherlands), Danaher Corporation. (U.S.), Exact Sciences Corporation (U.S.), Myriad Genetics (U.S.) Bio-Rad Laboratories, Inc. (U.S.), Hologic, Inc (U.S.), Merck KGaA (Germany), Abbott Laboratories (U.S.), BGI Genomics (China) and others.