How are Increasing Government Initiatives Driving Genomics Market?

According to a study conducted by P&S Intelligence, the global genomics market is expected to generate a revenue of $68.0 billion by 2030, increasing from $18.2 billion in 2019, progressing at a 12.7% CAGR during the forecast period (2020–2030). The market is growing due to the increasing government initiatives and support, rising requirement for personalized medicine, and reduction in the cost of sequencing services. In terms of solution, the market is categorized into services, consumables, and instruments, among which, the consumables category dominated the market in 2019. 

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This can be attributed to the rising number of samples that are being processed at labs, research centers, and several other end-use settings. In addition to this, the growing number of research projects are also resulting in the rising demand for consumables. On the basis of application, the genomics market is categorized into diagnostics, agriculture and animal research, precision medicine, and drug discovery & development. Among which, the diagnostics category held the major share of the market in 2019, owing to the rising research projects related to genetic diseases, including cancer.

North America accounted for the largest share of the market in the past, which is because of the various ongoing genomics research projects, presence of major players, and increasing investments in the industry by both government and private organizations. The Asia-Pacific region is predicted to register the highest CAGR during the forecast period, as the number of research activities in the field to genomics is growing in countries including Japan, India, and China. Both public and private organizations are providing funding for innovations in genome research. 

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The increasing initiatives and support by governments is a key factor leading to the growth of the genomics market. For example, the government of India announced in 2019 that the country would launch its first human genome mapping project along with the Department of Biotechnology for helping researchers get closer to the development of effective therapies for critical illnesses, including cancer. Under the project, 20,000 Indian genomes are expected to be scanned for developing diagnostic tests and enhanced therapies for managing diseases.

In conclusion, the market is being driven by increasing need for personalized medicine and rising support and initiatives by governments across the globe.