The global genomics market was valued at USD 32.65 billion in 2023, and it is expected to grow at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2030. Several key factors are driving this growth. These include the increasing demand for gene therapy, personalized medicine, and drug discovery, as well as the rising incidence of cancer.
Additionally, the market has seen a surge in the demand for consumer genomics services in recent years. Collaborations and partnerships between market players are also expected to play a significant role in the expansion of the genomics market. For example, in June 2022, Illumina, Inc. entered into a partnership with Allegheny Health Network to evaluate the impact of in-house Comprehensive Genomic Profiling (CGP) on improving patient care.
The launch of numerous genomic surveillance programs across various countries has played a critical role in responding to the COVID-19 pandemic and developing effective preventive measures. One notable example is the Indian SARS-CoV-2 Genomics Consortium (INSACOG), which was established in December 2020 through a collaborative effort between the Department of Biotechnology (DBT), the Ministry of Health, and the Indian Council of Medical Research (ICMR). The consortium’s goal was to monitor and analyze genomic variations in the SARS-CoV-2 virus using advanced sequencing technologies. On a broader scale, several companies, such as Mapmygenome in India, have pioneered the provision of consumer genomics services. Mapmygenome offers direct-to-consumer (DTC) genomics services, further contributing to the growth of the genomics market.
Gather more insights about the market drivers, restrains and growth of the Genomics Market
The rising prevalence of inherited cancers is anticipated to significantly drive the demand for cancer genomics. As researchers and medical professionals gain a deeper understanding of the human genome, there is a growing focus on leveraging advanced gene therapies to treat various cancers. Modern gene editing technologies, such as CRISPR-Cas systems, have emerged as key tools in these efforts. These technologies allow for precise modifications in the genome, offering new possibilities for targeted cancer treatments.
For example, in September 2022, researchers from the University of California showcased the potential applications of precision genome editing agents in the management of inherited retinal diseases (IRDs). This development highlights the versatility of CRISPR-Cas and similar technologies, not only in cancer therapy but also in addressing other genetic disorders. These advancements in precision gene editing offer promising therapeutic avenues for diseases that were previously considered difficult to treat, thereby fueling the demand for genomics-based solutions in healthcare.
Application Segmentation Insights
In terms of market segmentation, the functional genomics segment held the largest revenue share, accounting for 32.1% of the total genomics market in 2023. This dominance can be attributed to ongoing research focused on understanding how specific genetic mutations or variations manifest as particular diseases. Many cancer gene therapies are developed using functional genomic technologies. For instance, in June 2020, researchers at the European Molecular Biology Laboratory (EMBL) in Heidelberg made significant advancements in the scalability and precision of CRISPR/Cas9-based functional genomic screens by incorporating single-cell RNA sequencing. This technology provides valuable insights into gene expression at the single-cell level, making it a powerful tool for analyzing CRISPR-based functional genomic studies.
Looking ahead, the pathway analysis segment is expected to become the most lucrative segment by 2030. Pathway analysis has become increasingly important, particularly in the development of next-generation therapeutics. Its prominence has grown due to its critical role in clinical genomics and personalized therapies, which allow researchers to analyze and navigate complex signaling pathways and disease networks in greater detail. This in-depth understanding has been instrumental in developing targeted treatments for various diseases.
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