As per a report by a market research institution, P&S Intelligence, the genomics industry will generate a value of USD 68 billion, propelling at a 12.7% CAGR, by 2030.
The key factors driving the growth of the genomics industry are the growing demand for personalized medicine, increasing implementation of favorable government initiatives, and decreasing sequencing services costs.
The pandemic has forced various industry players and government organizations to conduct R&D activities in the genomics domain. Therefore, the pandemic had a positive impact on the genomics industry.
Based on the solution, the consumables category accounted for the largest share of the industry in the past few years. This is mainly because of the high demand for consumables since numerous studies are being conducted at labs and research centers all across the globe, where many samples have to be processed.
Based on technology, the sequencing category will witness the fastest growth in the years to come. This is attributed to the mounting demand for this technology and its decreasing cost all around the world.
In the past few years, the diagnostics category held the largest genomics market share. This is credited to the wide research on numerous genetic disorders across the globe. Moreover, the implementation of next-generation sequencing in hospitals and diagnostic centers benefits medical practitioners in conducting enhanced disease detection and management.
Based on end users, the research centers and academic institutes accounted for the largest industry share in the past few years. This is because numerous genomics-based projects were carried out at public and private research centers, universities, and academic institutes.
In the past few years, North America generated the largest share of the industry. This is primarily credited to the presence of numerous recognized players in the U.S. Additionally, the high investments from both private and public organizations in research projects, are boosting the growth of the industry.
APAC will witness the fastest growth of the industry in the year to come. This is due to the mounting number of research activities being conducted in the genomics domain in China, India, and Japan and the rising investments by private and public organizations for this purpose.
A key trend observed in the genomic industry is the partnerships and collaborations between players.
In the past few years, industry players have introduced various solutions to meet the different requirements of patients & medical centers and to gain a competitive edge.
It is because of the increasing government support and initiatives, decreasing costs of sequencing services, and the mounting demand for personalized medicine, the global genomic industry will grow significantly in the years to come.
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