The Global Push for Genomic Innovation: Why Genomics is the Future of Healthcare

The global genomics market was valued at USD 32.65 billion in 2023 and is projected to grow at a CAGR of 16.5% from 2024 to 2030. This robust growth is largely attributed to the increasing demand for gene therapies, personalized medicine, and drug discovery, as well as the rising incidence of cancer and the expanding market for consumer genomics. Over the past few years, advancements in genomic technologies and their applications across various fields of healthcare have catalyzed the widespread adoption of genomics in both clinical and consumer settings. Additionally, the rising number of joint ventures and partnerships among industry players is expected to foster further growth. For example, in June 2022, Illumina, Inc. and Allegheny Health Network entered a collaboration aimed at evaluating the impact of Comprehensive Genomic Profiling (CGP) on improving patient care, reflecting the growing trend of integrating genomics into clinical practices.

The market is also benefiting from the implementation of genomic surveillance programs, especially in response to the COVID-19 pandemic. These programs are crucial for monitoring and understanding the genetic variations of pathogens, which helps in formulating effective preventive measures. For instance, in December 2020, India launched the Indian SARS-CoV-2 Genomics Consortium (INSACOG) to study genetic variations in the SARS-CoV-2 virus through sequencing technologies, a move that underscores the importance of genomics in infectious disease management. Similarly, Mapmygenome, a pioneering genomics company in India, has been offering Direct-to-Consumer (DTC) genomics services, making consumer genomics more accessible.

A particularly important growth driver is the increasing prevalence of inherited cancers, which is generating higher demand for cancer genomics. Genomic-based therapies, particularly those utilizing gene editing technologies like CRISPR-Cas, are playing an essential role in advancing cancer treatments. For example, in September 2022, researchers at the University of California introduced precision genome editing applications aimed at treating Inherited Retinal Diseases (IRDs), a breakthrough that could eventually be applied to other genetic conditions, including various types of cancer.

Gather more insights about the market drivers, restrains and growth of the Genomics Market

Regional Insights

North America:

North America remains the dominant market for genomics, accounting for 42.65% of the global market share in 2023. This is primarily due to the presence of well-established research institutes and major pharmaceutical companies. Genomics has become a cornerstone of disease research and drug discovery, as genetic expression plays a critical role in understanding human health. Collaborative efforts in North America are advancing the practical applications of genomics. For example, in January 2022, Illumina, Inc. teamed up with Nashville Biosciences, LLC (part of Vanderbilt University Medical Center) for drug development by leveraging genomics to create a clinico-genomic resource that facilitates precision medicine and drug discovery. These types of partnerships are expected to fuel ongoing growth in the region.

Asia Pacific:

The Asia Pacific region is poised to register the fastest growth in the genomics market over the forecast period, driven by the increasing demand for genomics in diagnostics and the growing need for novel therapeutic drugs due to the rising incidence of diseases. A major factor contributing to the market expansion is the region's focus on large-scale human genome sequencing projects. For example, the Genome Asia 100K project aims to sequence the genomes of 100,000 individuals from across Asia to accelerate population-specific medical advancements and improve precision medicine. This project is expected to yield significant insights into disease biology and therapeutic drug development, which will further spur demand for genomic technologies in the region.

India:

India is set to be one of the most dynamic markets for genomics, with significant growth anticipated over the forecast period. India’s thriving pharmaceutical and biotechnology industries, along with a rich pool of skilled labor and low capital investment requirements, make it an attractive destination for genomics research and manufacturing. The country's large and growing research and development (RD) infrastructure, supported by government initiatives to promote scientific innovation, positions India as a key player in the genomics market. The expansion of genomics services in India is also supported by local companies like Mapmygenome, which offer DTC genomic testing services, enabling wider consumer access. Additionally, the country's growing healthcare needs due to its aging population and increasing burden of chronic diseases create a promising market for genomics, particularly in cancer, personalized medicine, and genetic testing.

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Key Genomics Companies: