Genomics refers to the study of genes and their functions. Advancements in DNA sequencing techniques have enabled precision medicine approaches in disease diagnosis, drug discovery and even ancestry research. With declining costs of genomic sequencing, more people are gaining access to personal genomic information. The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Declining costs of genomic sequencing is a key trend fueling growth of the genomics market. Next generation sequencing technologies have decreased sequencing costs from several billion dollars in 2007 to just a few hundred dollars today. This 100,000 fold decline in costs has democratized access to personal genomic data. With sequencing costs anticipated to further decrease in the coming years, genome testing is expected to become part of routine healthcare practices. More individuals will be able to study their genetic variations and risks for diseases, enabling proactive lifestyle changes or disease monitoring. This shift towards personalized preventive care based on genomic insights will drive demand in the global genomics market during the forecast period.
Segment Analysis
Genomics market size is dominated by the instrumentation segment which accounts for over 35% share of the total market. Next generation sequencing instruments dominate this segment owing to reducing costs and increasing applications of genomics. Declining prices of sequencing platforms has increased affordability and adoption among research organizations and diagnostic laboratories.
Key Takeaways
The global genomics market is expected to witness high growth over the forecast period driven by increasing investments in genomic research and reducing costs of sequencing.
Regional analysis: Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This is attributed to increased healthcare spending, heavy funding for genomics research by governments, and presence of large patient population base in countries such as China and India. Government initiatives such as Made in China 2025 and Genome India Project are focused on promoting life sciences industry and genomics research in these countries.
Key players: Key players operating in the genomics market are R1 RCM, Oracle, Optum, AdvantEdge Healthcare, McKesson Corporation, Change Healthcare, 3M, Experian plc, Conifer Health Solutions, and GE Healthcare. McKesson Corporation and Change Healthcare are leaders in healthcare information technology and revenue cycle management solutions. 3M and GE Healthcare are established players in healthcare IT and precision medicine domains.
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