Genomics Market In-Depth Analysis, Growth Strategies and Comprehensive Forecast to 2032

The Genomics market revenues were estimated at US$ 24.3 Billion in 2021 and is anticipated to grow at a CAGR of 19.8% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 170.5 Billion.

Technological improvements in genetic tools and molecular diagnostics have been one of the key driving factors for genomic companies' increased investment in the industry. The scientific community has attempted to address genetic vulnerability and intensity to SARS-CoV-2 infection by combining research efforts and exploiting existing genetic databases.

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Multiomic-based approaches and genome-wide association analyses have revealed biological networks and shared variants underpinning host-pathogen interactions (GWAS). Similarly, genomic data like as polygenic risk scores (PRS), ABO blood groups, and HLA haplotypes could be used to decipher COVID-19 comorbidities, resistance, and susceptibility. Biobanks that link electronic health records (EHRs) to genetic data can also be utilized to look into the role of genomic factors in SARS-CoV-2 patients' clinical histories.

Market growth is expected to be fueled by the growing demand for genomics products, which is being driven by prominent manufacturers' ongoing launches of nucleic acid extraction reagents and kits.

Genome-wide association studies are the study of the entire genetic material of an organism, including its DNA sequence, organization, function, and evolution. It is a branch of molecular biology that has emerged in recent years due to advances in DNA sequencing technologies, which have enabled researchers to study the genetic makeup of organisms more comprehensively and rapidly than ever before.

Competitive Landscape

Key players in the genomics market are purchasing smaller businesses in order to enhance their products in line with the latest innovations. Illumina, Inc., for example, acquired Bluebee in June 2020 to improve genetic analysis. Bluebee's cloud capabilities are projected to lower the costs of sharing, storing, and maintaining genetic data in new products.

The growing number of brands offering cutting-edge technology Genomics, continuous development of characteristics offering the best consumer experience and at prices suitable for different income groups, and a growing e-commerce sector all contribute to market growth.

The key players in the market include Thermo Fisher Scientific, Agilent Technologies, Beijing Genomics Institute, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina Inc., Oxford Nanopore Technologies, QIAGEN N.V., Myriad Genetics, Inc., Quest Diagnostics Incorporated, Eppendorf AG, and Eurofins Scientific.

Some of the recent developments of key Genomics providers are as follows:

In January 2020, Color Genomics, Inc., in partnership with NorthShore University HealthSystem, launched a smartphone-based clinical genomics project in routine health care.
In February 2020, the National Cancer Center of Japan partnered with the Foundation Medicine Corporation and Chugai Pharmaceutical, Ltd. to launch a clinical trial for the third stage of the country's cancer genomic screening collaboration.
In September 2020, Thermo Fisher Precision Medicine Science Center (PMSC) partnered with the University of Nebraska Medical Center (UNMC) and AstraZeneca to come up with more standard healthcare biomarker discovery solutions. This was meant to help support the standardization of various processes.
In December 2020, Agilent Technologies gained permission from Japan's Ministry of Health, Labour, and Welfare for its GenetiSure Dx Postnatal Assay (MHLW). Microarray analysis is used in this test. The corporation was able to sell this product in Japan after receiving this approval.

Market Segments Covered in Genomics Industry Analysis

By Application: