PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485721
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485721
Functional Genomics Market size was valued at USD 12,138.23 Million in 2023, expanding at a CAGR of 13.5% from 2024 to 2032.
The functional genomics market involves genome-wide gene function study to understand biological processes and disease mechanisms. Increasing demand for personalized medicine and rising genomics research investments propel expansion are driving the market growth. Challenges include high technology costs, ethical concerns, and data analysis complexities. However, drug discovery, agriculture, and diagnostic testing applications, with growing collaborations among academic institutions, pharmaceutical firms, and biotechnology companies for precision medicine initiatives, promise significant growth and innovation in the functional genomics market.
Functional Genomics Market- Market Dynamics
Government initiatives to use genomics in personalized medicine
Government initiatives worldwide are driving the adoption of genomics in personalized medicine, aiming to enhance patient care and treatment outcomes. The U.S. National Institutes of Health (NIH) launched the Precision Medicine Initiative which aims to accelerate the understanding of genetic factors in disease and treatment response, with a budget of over USD 215 million. Similarly, the UK's Genomics England project aims to sequence 100,000 genomes from NHS patients to advance personalized medicine and drug development. These initiatives underscore the importance of genomics in tailoring medical treatments to individual genetic profiles, fueling growth and innovation in the functional genomics market for personalized healthcare applications.
Functional Genomics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.5% over the forecast period (2024-2032)
Based on Technique segmentation, Next-Generation Sequencing was predicted to show maximum market share in the year 2023
Based on application segmentation, Gene Expression Analysis was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Functional Genomics Market is segmented based on Technique, Application, End-User, and Region.
The market is divided into six categories based on Technique: microarray analysis, next-generation sequencing (NGS), CRISPR/Cas9 genome editing, RNA interference (RNAi), mass spectrometry, PCR (Polymerase Chain Reaction). Next-generation sequencing (NGS) is the most highly preferred segment due to its ability to provide comprehensive and high-throughput analysis of DNA and RNA sequences, supporting various genomics applications. Following NGS, CRISPR/Cas9 genome editing is favored for its precision and efficiency in targeted gene editing, revolutionizing genetic research and therapeutic development.
The market is divided into five categories based on application: gene expression analysis, proteomics, metabolomics, epigenetics, and transcriptomics are crucial for studying gene function, protein interactions, cellular pathways, and regulatory mechanisms, contributing to advancements in personalized medicine, drug discovery, agriculture, and bioinformatics.
Functional Genomics Market- Geographical Insights
North America, particularly the United States, leads in genomic research and personalized medicine initiatives, driven by substantial government funding, a robust biotechnology industry, and advanced healthcare infrastructure. In Europe, countries like the UK, Germany, and France are also prominent players, with significant investments in genomics research and collaborations between academia and industry. Asia-Pacific is emerging as a key region for genomics, with countries like China and Japan investing in large-scale genomics projects and fostering innovation in precision medicine.
Key players like Illumina, Thermo Fisher Scientific, and Agilent Technologies dominate the market with their advanced sequencing platforms and genomic analysis tools. These companies continuously innovate to enhance sequencing accuracy, throughput, and data analysis capabilities. Emerging startups and biotechnology firms are also making significant strides in functional genomics, developing novel gene editing tools, bioinformatics solutions, and applications in drug discovery and precision medicine. Collaborations between academia, healthcare institutions, and industry players further drive innovation and market growth in functional genomics.
In March 2024, the FGSL, a joint venture between the University of Cambridge, the Medical Research Council (MRC), and AstraZeneca announced a call for project proposals to collaborate with the laboratory. Researchers who are eligible for MRC funding can apply to collaborate on projects that use complex human in vitro models for CRISPR screening.
In November 2023, AstraZeneca and the University of Cambridge expanded their functional genomics collaboration.
In October 2022, February 2024 10x Genomics, Inc. launched GEM-X, the next generation of the company's leading single-cell technology. GEM-X is built on a new and improved microfluidic chip design, featuring the latest technological advancements and optimized reagents for superior performance and high reliability.
GLOBAL FUNCTIONAL GENOMICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thermo Fisher Scientific Inc.
Illumina, Inc.
Agilent Technologies, Inc.
Qiagen N.V.
PerkinElmer, Inc.
Eurofins Scientific
Oxford Nanopore Technologies Ltd.
Fluidigm Corporation
Pacific Biosciences of California, Inc.
F. Hoffmann-La Roche Ltd.
Danaher Corporation
Bio-Rad Laboratories, Inc.
Twist Bioscience Corporation
BGI Group
Takara Bio Inc.
Waters Corporation
Others