The global genomic testing market is expected to grow from US$ 13.7 billion in 2022 to US$ 30.08 billion by 2031, at a CAGR of 9.54% over the forecast period of 2023–2031. This is brought about by better patient outcomes, increased drug discovery, and decreased healthcare expenses.
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A growing understanding of the role genetic variables play in the onset of numerous chronic diseases, genetic disorders, and malignancies has led to an exponential rise in the global market for genomic testing in recent years. A wider spectrum of patients can now access and afford more testing choices thanks to the quick development of genomic technology and a drop in sequencing prices.
A further major source of mortality in the world, cancer affects over 19.3 million additional people each year and claims 10 million lives. Genomic analysis is frequently used to predict how a tumor will respond throughout cancer treatment. Additionally, it is a crucial component of managing and treating various cancers, including lung and breast cancer. This can aid medical professionals in predicting cancer’s aggressiveness and likelihood of metastasizing (spreading) to other bodily regions.
Globally, there are many genetic abnormalities, with an estimated 400 million individuals being affected by the 7,000 uncommon diseases that have been diagnosed. Chronic illnesses, including heart disease, stroke, diabetes, and respiratory disorders cause 41 million deaths annually, or 71% of all fatalities worldwide. The demand for genomic testing services has increased owing to the increasing prevalence of genetic diseases like cancer, uncommon diseases, and hereditary disorders.
North America is anticipated to have a sizable 35% market share, dominating the global market for genomic testing. This is because a number of elements support the region’s dominant position in the market. The implementation of genomic testing methods in clinical practice has been helped by the developed healthcare infrastructure in North America. In order to access cutting-edge tools and resources for genomic testing, this infrastructure encompasses a wide network of hospitals, clinics, and research facilities.
Astute Analytica predicts that Asia Pacific will surpass North America as the second-largest market for genomic testing and will experience the highest CAGR growth. According to estimates, the area provides more than 30% of global market income. Numerous causes, including the increased incidence of chronic diseases, expanding knowledge of the advantages of genomic testing, and rising desire for personalized therapy, can be credited for the expansion of the market in the area.
The three largest nations in the APAC market are China, India, and Japan. The rise in chronic diseases, including diabetes, cardiovascular disease, and cancer is driving the country’s expansion in the market.
The World Health Organization (WHO) reports that cardiovascular illnesses, which account for over 44% of all fatalities in China, are the main death reason. Similarly, with more than 4 million new cases identified each year, cancer is another significant health worry in the nation.
Cancer is the second most common cause of death in India, accounting for more than 7% of all fatalities, according to the Indian Council of Medical Research (ICMR). The country’s demand for genomic testing is anticipated to be driven by the rising burden of chronic diseases.
By Offering Segment
Reagents and consumables dominated the market with more than 49% market share
The growing popularity of automated systems, which need specialized reagents and consumables to ensure maximum performance, is another factor driving the market for reagents and consumables. Further projected to increase demand for reagents and consumables in the genomic testing market is the emerging trend of personalized medicine, which depends on genomic testing to customize treatment approaches to a patient’s particular genetic makeup.
By Testing Type Segment
Sequencing solutions are likely to generate more than two-thirds of the market share
The widespread adoption of NGS technologies, which provide high throughput and affordable genomic testing options for various applications, including diagnostics, drug development, and research, can be credited with the expansion of this market. By enabling quicker and more precise DNA and RNA sequencing, NGS technologies have revolutionized the science of genomics and given researchers invaluable new insights into genetic variants and mutations.
By Technology Segment
Stem cell therapy is likely to account for around 46% of the revenue share of the genomic testing market.
This is due to the rising desire for individualized medicines and regenerative medicine, which use stem cells to restore damaged organs and tissues.
By Application Segment
Drug Discovery and Development to record more than 45% of revenue of the global genomic testing market
Genomic testing has transformed drug research and development by offering a quick and inexpensive way to identify prospective therapeutic targets and create novel medications.
Genomic testing can result in significant financial savings for medication discovery and development. According to a study published in the Journal of Medicine Discovery Today, using genomic testing to design drugs can save costs by up to 60% and the time it takes to bring a medicine to market by up to 50%. According to a different study published in the journal Nature Reviews Drug Discovery, the global market for genomic testing might save up to $500 million per drug by using genomics in drug discovery.
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According to Astute Analytica, the six leading players—Illumina, Inc., QIAGEN, Eurofins Genomics, BGI, F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc.—have a combined market share of over 64%. This suggests that the market is subject to oligopolistic competition.
Local and small-scale firms also exist in the market, and their combined market share is sizable. However, the top businesses are extending their geographical reach by acquiring local and small businesses. They can grow their consumer base and market share thanks to this tactic.
Recent Strategies Adopted by Key Players
In April 2023, one of the leading healthcare organizations in the world, Apollo, opened a Genomics Institute in Chennai to research genes and genetic diseases. Apollo plans to establish three additional genomics facilities by the end of 2023 in Hyderabad, Bangalore, and Ahmedabad. The business already operates such institutions in Delhi and Mumbai. The Apollo Genomic Institute in Chennai will offer several services, including prenatal genetic screening, cancer genomics, obstetric genetics, clinical diagnostics, and more, giving patients the knowledge, they need to manage and prevent genetic illnesses.
In April 2023, Henry Ford Health, a not-for-profit healthcare organization in the Detroit metro region, and Illumina Inc., a world leader in DNA sequencing and array-based technologies, announced the beginning of cooperation to examine the effects of comprehensive genetic testing on cardiovascular disease. The Division of Cardiovascular Medicine at Henry Ford will treat 1500 patients as part of the first trial under this new agreement, called CardioSeq.
In April 2023, Genomic Testing Cooperative (GTC), a biotechnology company based in Irvine, California, and Sysmex Inostics Inc., a subsidiary of Japan’s Sysmex Corporation, partnered to commercialize GTC’s tissue and liquid biopsy solid tumors and hematology assay services to biopharma clients. The partnership combines Sysmex Inostics’s global commercial capabilities in biopharma therapeutic development and ultra-sensitive Plasma-Safe-SeqS technology with GTC’s proprietary genomic databases, artificial intelligence (AI) technology, and DNA and RNA next-generation sequencing (NGS) profiling.
- Agilent Technologies, Inc.
- BGI Group
- Bio-Rad Laboratories
- Danaher Corporation
- Eurofins Genomics
- F. Hoffmann-La Roche
- Illumina, Inc.
- Singular Genomics Systems, Inc.
- Thermo Fisher Scientific, Inc.
- Other Prominent players
- System and Software
- Reagents & Consumables
- DTC Genomic Testing Service
- Sale of genomic data
By Testing Type:
- Sequencing Solution
- DNA Sequencing
- RNA Sequencing
- Methylation Sequencing
- NGS Library Preparation
- Sequencing Data Analysis
- Microarray Solution
- Human Genotyping with Arrays
- Non-Human Genotyping with Arrays
- Methylation Array Analysis
- Microarray Data Analysis
- Stem Cell Therapy
- Hearth Diseases
- Other Indication
- Drug Discovery & Development
- Disease Diagnosis
- Agricultural Production
- Hospitals & Clinics
- Research Centers & Academic Institutions
- Pharmaceutical & Biotechnology Companies
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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