The global genomics market was valued at approximately USD 32.65 billion in 2023 and is projected to experience robust growth, with an anticipated compound annual growth rate (CAGR) of 16.5% from 2024 to 2030. This expansion is primarily driven by several key factors, including an increasing demand for gene therapy and personalized medicine, advancements in drug discovery, and a rising incidence of cancer. Additionally, there has been a significant uptick in consumer interest in genomics, further propelling market growth. The landscape of the genomics market is also being shaped by an increasing number of joint ventures and partnerships among major players, which are expected to enhance collaborative efforts and innovation within the sector. For instance, in June 2022, Illumina, Inc. partnered with Allegheny Health Network to effectively assess the impact of their Comprehensive Genomic Profiling (CGP) on patient care, highlighting the importance of collaboration in advancing genomic applications.
A notable factor contributing to market growth is the rising prevalence of inherited cancers, which is driving demand for cancer genomics. As researchers deepen their understanding of the human genome, there is a targeted focus on utilizing various gene therapies for cancer treatment, employing modern gene-editing techniques such as CRISPR-Cas technology. A prime example of this innovation occurred in September 2022 when researchers at the University of California unveiled the potential applications of precision genome editing agents for managing inherited retinal diseases (IRDs), showcasing the expanding horizons of genomics in clinical settings.
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Deliverables Insights
In 2023, the product segment emerged as the dominant force in the genomics market. Products utilized in genomics are broadly classified into two main categories: instruments or systems necessary for synthesizing and sequencing nucleic acid sequences, and consumables and reagents that facilitate these processes.
The increasing preference for personalized medicine, coupled with the declining costs associated with DNA sequencing—primarily due to the advent of next-generation sequencing (NGS) technology—has stimulated the development of innovative products and systems. As a result, the genomics market is becoming increasingly competitive, marked by a wave of new product launches. For instance, in June 2022, PerkinElmer introduced the BioQule NGS System, an automated benchtop platform designed for research use only, aimed at streamlining library preparation for NGS.
On the other hand, the service segment is projected to achieve steady growth, registering a consistent CAGR by 2030. Several factors are propelling this segment, including the high costs associated with genomic products, the demand for specialized expertise in genomics, and end-users' inclination to focus on their core operations rather than managing complex genomic tasks in-house. Within the services sector, NGS-based services have gained significant traction due to the rapid adoption of Whole Genome Sequencing (WGS) and the increasing utilization of sequence databases for disorder screening and prognosis. However, as the field evolves, there is a notable shift toward data processing and interpretation, underscoring the need for advanced capabilities in analyzing genomic data rather than merely generating it. This trend indicates a growing complexity in the genomics landscape, emphasizing the importance of effective data management and interpretation in maximizing the benefits of genomic technologies.
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