The global genomics market is anticipated to develop as a result of more new product launches. For instance, Contextual Genomics introduced two molecular hotspot assays (updated Solid Tumour Panel and Liquid Biopsy Test) in January 2019 to detect genomic alterations in solid tumours and blood. Rosetta Genomics Ltd. also introduced OncoGxOne in May 2015. For the purpose of choosing a targeted therapy and assessing chemotherapeutic tolerance, tumours are profiled using the Next Generation Sequencing (NGS) test. In addition, Zenome introduced the first decentralised genomic internet software in September 2018, which is anticipated to expand the potential for secure storage of significant amounts of genetic data. Decentralised genomic internet software's key benefit is that it has far higher levels of security. Due to the rising number of new product releases by major competitors, Europe is anticipated to capture a sizeable share of the global genomics market during the forecast period. For instance, Illumina, Inc. announced the release of VeriSeq NIPT Solution in April 2017.
Coherent Market Insights estimates that in 2021, the market for Genomics was estimated to be worth US$27.90 billion. From 2022 to 2030, the market is expected to expand at a CAGR of 20.9%.
Major Players in the Genomics industry:
1. Hoffmann-La Roche Ltd
The business is headquartered in Basel, Switzerland, and was founded in 1896. F. Hoffmann-La Roche AG provides cancer and transplant drugs in addition to in-vitro diagnostics. In March 2021, Roche declared that it would buy GenMark Diagnostics for $1.8 billion. To grow its molecular diagnostics business, the organisation declared in September 2021 that it will buy the German biotech firm TIB Molbiol.
2. Thermo Fisher Scientific, Inc.
The company was founded in 1956 and is based in Massachusetts, in the United States. The company also offers software services and supplies consumables, reagents, and scientific equipment. The business and Nordic Capital agreed to the acquisition of The Binding Site Group, a British diagnostics company, for US$2.6 billion in cash in October 2022. The deal was completed in January 2023. In January 2021, Thermo Fisher Scientific announced that it had acquired Henogen SA, a Belgian producer of viral vectors.
3. Agilent Technologies
The business was established in 1999 and is based in California, United States. The business offers vital bio-analytical and electronic measuring solutions to the chemical analysis, communications, electronics, and life sciences sectors. The business provides semiconductor and board testing, as well as electronic and bioanalytical measurement. The business announced a $725 million expansion of its Frederick, Colorado, production facility for nucleic acid-based therapies in early 2023.
4. Bio-Rad Laboratories, Inc
The firm was established in 1952 and has its main office in California, United States. The business creates and manufactures specialised technical goods for the markets of clinical diagnostics and life science research. In March 2021, Bio-Rad and Roche officially announced their partnership. For Abbott Clinical Diagnostics Platforms, Bio-Rad Expanded Range of Quality Controls in November 2022
5. Illumina, Inc.
The company was founded in 1998 and is based in California, United States. Illumina creates, produces, and sells integrated solutions for the study of biological function and genetic diversity. The business offers a range of goods and services to the gene sequencing, genotyping and gene expression, and proteomics businesses. Illumina introduced NovaSeq X and NovaSeq X Plus in September 2022, lowering the price of a whole human genome sequencing to $200, according to the firm.
6. Pacific Biosciences
The company was founded in 2004 and is located in California, United States. The business creates, develops, and produces sequencing systems to assist researchers in solving genetically challenging issues. The company provides Single Molecule and Real-Time (SMRT) technology, which enables single molecule resolution real-time study of biomolecules.
7. Myriad Genetics, Inc.
The company was established in 1991 and is located in Utah, United States. Myriad Genetics, Inc. creates and sells molecular diagnostic technologies to give doctors knowledge to aid in directing the care of their patients, to prevent illness, postpone the beginning of illness, and to identify illness at an early stage.
*Definition: The study of human chromosomes and genes is called genomics. It focuses on the structure, use, evolution, mapping, and editing of genomes. DNA and other genetic components make up an organism's genome.
