Genomics refers to the sequencing and analysis of genomes, the entire set of genes in an organism. Genomics enables the analysis, diagnosis, and treatment of genetic diseases through the mapping of genomes. The increasing prevalence of genetic diseases amid the growing global geriatric population is a key driver for the genomics market. Genetic testing can diagnose and provide preventive measures for conditions like cancer, heart diseases, Alzheimer’s, and diabetes that are more common among the elderly. Genetic screening can detect predispositions for certain diseases and enable early intervention.
The Global Genomics Market Size offers advanced diagnostic techniques for analyzing genetic composition and gene variants. Genetic testing helps identify genetic risk factors, screen for hereditary conditions, determine medication response, and develop personalized treatment plans. It aids in non-invasive prenatal testing, cancer prognosis, pharmacogenomics, ancestry tracing, agriculture, and more. Genetic data provides insights into disease susceptibility, progression, and outcomes. Various genomics tools like next-generation sequencing, microarrays, and PCR help retrieve hereditary information faster and more precisely than conventional methods.
The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends in the genomics market is the rising adoption of direct-to-consumer genetic testing. DTC genetic testing allows individuals to access their genetic information directly without requiring a doctor’s authorization. Customers can order testing kits online, collect DNA samples themselves via saliva or cheek swabs, and receive genetic risk analyses and ancestry breakdowns via encrypted online portals. DTC testing is convenient and affordable, enabling citizens worldwide to gain health insights from their own genes. However, questions remain around data privacy, scope of interpretation, and healthcare implications without clinical guidance. Overall though, DTC genomics is transforming the market by bringing gene-based services directly to customers.
Porter’s Analysis
Threat of new entrants: Low barrier to entry due to advancement in sequencing technologies however presence of major players makes it difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however services are being commoditized.
Bargaining power of suppliers: Suppliers have high bargaining power due to availability of limited number of sequencing instrument manufacturers and reagents suppliers.
Threat of new substitutes: Threat from new substitutes is low as genomics is being integrated across industries however bioinformatics services pose competition.
Competitive rivalry: Intense competition among major players to gain market share through innovation and value added services.
Key Takeaways
The Global Genomics Market is expected to witness high growth over the forecast period. The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis North America dominates the genomics market attributed to increasing research activities and strong government funding for genomic research in the US. Europe and Asia Pacific markets are also expected to grow at a rapid pace.
Key players operating in the genomics market are Signify Holding (PHILIPS), Illumina, Thermo Fisher Scientific, Bio-Rad Laboratories, and Qiagen. Illumina dominates the genomics market attributed to its wide range of sequencing platforms and consumables. Thermo Fisher Scientific offers DNA electrophoresis and sample prep solutions for genomics applications.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it