Genomics Market Size & Share, by Application (Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery, Drug Discovery & Development, Diagnostics, Agriculture & Animal Research); Technology; Deliverables; End User - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Rising technological advancements in healthcare - Artificial intelligence (AI) has the potential to advance genomics capabilities to improve patient outcomes, from diagnostics to long-term care.  According to a 2023 report by the World Economic Forum, AI-powered mammograms provide 30 times faster diagnostics with 100% accuracy, which reduces the requirement for invasive biopsies. Companies are striving to tap into this genomics market potential and make breakthrough innovations using AI in genomics. In May 2024, Google DeepMind and Isomorphic Labs collaboratively launched AlphaFold 3. It accurately predicts RNA, DNA, ligands, and protein structure, and how they interact using a diffusion network.  Its ability to predict antibody-protein is expected to help the design of new antibodies and understand aspects of the human immune response.
  
  AI in genomics has opened new opportunities in biotechnology and personalized medicine. AI contributes to optimizing and predicting genome editing methods such as epi-GED and CRISPR-Cas9. Machine Learning (ML) algorithms can analyze a high volume of genetic sequence datasets, which steers the development of accurate genome editing technologies. This will increase the revenue share for AI in healthcare sector.
• Boost in drug discovery - Several clinical therapeutic products are being introduced by prominent pharmaceutical and life sciences companies. For instance, in May 2024, Formation Bio, Sanofi, and OpenAI entered into a partnership to build intelligent drug development lifecycles.  This integration of data and technologies is projected to bring innovative medicines to patients for developing custom, purpose-built solutions across the drug development lifecycle.
  
  Food and Drug Administration (FDA) in April 2024, cleared a prescription of CT-152, for treating major depressing disorder (MDD), similarly, CT-155 is a digital therapeutic prescription-based drug to help schizophrenia patients that got a grant through FDA in January 2024. These products are used to treat depression and schizophrenia.
  
  The Congressional Budget Office in 2021 published a report stating that the approval of new drug sales surpassed 60% when compared to the previous decade between 2010 and 2019. Thus, rising emphasis on drug discovery is fostering genomics market expansion.
• High incidence of cancer - One major factor supporting the market's growth is the incidence of cancer and the growing applications of next-generation sequencing in cancer research. A 2024 WHO study suggests that more than 35 million new cancer cases will rise by 2050, which is at a growth rate of 77% when compared to 20 million cases in 2022.
  
  Furthermore, the diagnosis and treatment of cancer are changing as a result of genomics. Advances in genome research are improving blood sample methods for cancer diagnosis. Thanks to genomics, the number of cancer screening tests for inherited diseases is rising.

Challenges

• Lack of skilled technicians - The lack of skilled technicians is a major factor impeding the growth of the industry in developing nations, despite the enormous potential. Many developing countries are either short-staffed with technicians or lack the necessary skill set to operate complex sequencers. Aside from this, another factor limiting genomics market expansion is the high cost of instruments.
• Rise of operational cost and affordability - Even with the advances in DNA sequencing technologies, genomic analysis and testing remain costly, especially when it comes to whole genome sequencing and thorough genomic profiling. The broad use of genomics in clinical practice is hampered by the high costs of genomic testing and interpretation, particularly for settings with limited resources or for people with low incomes. The growth of the genomics market is impeded by cost considerations that also affect the availability and accessibility of genomic products and services.