Global Genomics Market Research Report 2027: In-Depth Analysis by Market Size, Share, Trends, Growth, Product Type, Applications, Regions & Key Business Players

Genomics is a branch of biology that investigates an organism's complete gene set or genome, focusing on DNA analysis. This comprehensive study involves understanding the gene structure, function, and their interactions within an organism. Genomic research often entails sequencing an organism's DNA to identify and categorize all its genes. This data helps in studying genetic variations, gene expression, and the role of specific genes in biological processes. Genomics finds applications in multiple verticals such as medicine, agriculture, ecology, human health, crop enhancement, and biodiversity conservation.

The Advancing Genomics Market: From DNA Sequencing to Precision Medicine

The global genomics market has experienced a tremendous growth in recent years, triggered by key factors such as rapid developments in DNA sequencing technologies, including next-generation sequencing and single-molecule sequencing, which have vastly reduced the cost and time associated with genomic analysis, rendering genomics more accessible and affordable. The growth of precision medicine, where treatments are customized based on a patient's genetic profile, has gained popularity in the healthcare market, thus driving the demand for genomic testing and analysis.

For instance,

In July 2023, Illumina Inc. and Pillar Biosciences Inc. formed a strategic partnership to globally commercialize Pillar's oncology assays within the Illumina portfolio of oncology products. This partnership aims to offer a comprehensive range of next-generation sequencing solutions, enhancing the precision, cost-effectiveness, and accessibility of oncology testing. Ultimately, it will enhance personalized cancer treatment options for patients.

Genomics has been important in drug discovery and development, helping identify potential drug targets, understand disease mechanisms, and conduct clinical trials more efficiently. This has led to heavy investments in genomics by pharmaceutical companies. Growing awareness among healthcare providers and the general public about the advantages of genomic testing has increased its adoption, thus broadening the customer base for genomics companies.

The rising number of genetic diseases and disorders has propelled the demand for genetic testing and counseling. Favourable government initiatives and funding for genomics research and healthcare infrastructure has also offered support for the genomics industry growth.

For instance,

In December 2022, the UK government introduced a £175 million fund for genomics research to save lives and enhance health outcomes. Within this fund, £105 million will support a research study led by Genomics England in collaboration with the NHS. This study will investigate the utility of whole genome sequencing for identifying and addressing rare genetic diseases in newborns.

Introduction of CRISPR-Cas9 Technology and Artificial Intelligence Fuels the Genomics Market Growth

Genomics is an exciting segment with various prominent trends. CRISPR-Cas9 is a revolutionary gene-editing technology that has transformed genomics. It allows scientists to precisely target and edit specific genes in a variety of organisms, including humans. This has opened up ample possibilities in gene therapy, disease research and personalized medicine. Tailoring treatments to an individual's genetic makeup is a major trend in genomics and has the potential to lead to more effective and personalized therapies. Additionally, this technology has made it much easier and more cost-effective to study the function of genes and their role in various biological processes. This trend has led to tremendous innovations in understanding genomics, as researchers can now manipulate genes with high precision, accelerating the discovery of new gene functions and their involvement in diseases.

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The integration of AI in genomics studies has revolutionized the industry by enabling the analysis of vast amounts of genetic data and identifying patterns, and correlations that are challenging for scientists to discern. This advanced information helps in developing new disease treatments, enhancing diagnostic accuracy, and personalizing patient care. Precision medicine, driven by AI, considers individual genetic, environmental, and lifestyle differences, making it more effective in treating medical conditions like autoimmune diseases, infectious diseases, and cancer. AI also plays a key role in creating synthetic patient populations, predictive drug combination models, and revealing complex relationships between genetics, microbiomes, and diets, ultimately transforming personalized healthcare into a safer, more efficient, and cost-effective endeavor.

For instance,

In June 2023, Illumina unveiled PrimateAI-3D, an advanced artificial intelligence (AI) algorithm highly regarded for its accuracy in predicting disease-causing genetic mutations in patients.

North America Holds the Largest Market Share in the Global Genomics Market

North America is set to dominate the global genomics market in the upcoming years. This can be mainly attributed to the surge in the number of genomic research studies, rising cases of cancer, increasing demand for personalized therapies, well-developed healthcare system and presence of top market players in the region. However, the Asia-Pacific region is poised to see the highest CAGR in the forecast period. Major factors such as technological developments in genomics, growing awareness of genomics services and rising investments in the healthcare market are driving the Asia-Pacific market growth.

Competitive Landscape Analysis: Global Genomics Market

Some of the leading and established players operating in the global genomics market are Agilent Technologies, Thermo Fisher, PerkinElmer Inc., Illumina, Eurofins Scientific, QIAGEN, F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., and Danaher Corporation.

Aggressive Growth Strategies Adopted by Players to Establish Their Foothold in the Global Genomics Market

All leading players operating in this market are adopting aggressive growth strategies such as partnerships, acquisitions, new product launches and growing manufacturing capabilities to garner a larger market share than their peers.

For instance,

In September 2023, Pfizer and Thermo Fisher Scientific Inc. unveiled a collaborative agreement aimed at expanding the availability of next-generation sequencing (NGS)-based testing for lung and breast cancer patients in over 30 countries throughout Latin America, Africa, the Middle East, and Asia. The introduction of local NGS testing is set to expedite the analysis of relevant genes, enabling healthcare providers to make well-informed business decisions when selecting personalized therapies for their patients.

In December 2022, Eli Lilly and Company announced the successful completion of its acquisition of Akouos, Inc. This acquisition marks a significant expansion of Lilly's involvement in genetic medicines, as it now incorporates Akouos's array of potential first-in-class adeno-associated viral gene therapies, designed to address inner ear conditions, specifically sensorineural hearing loss.

The global genomics market is a rapidly growing market and is anticipated to experience a consistent growth in the upcoming years due to growing investments in genomics research, a diverse array of applications in healthcare, agriculture, and research, and aggressive growth strategies adopted by the global market players.

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Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.