Genetic Data Analysis Software Market Size, Share, Trends, Growth and Forecast 2032

Genetic Data Analysis Software Industry Prospective:

The global genetic data analysis software market size was evaluated at $214 million in 2023 and is slated to hit $347 million by the end of 2032 with a CAGR of nearly 7.3% between 2024 and 2032.

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Genetic Data Analysis Software Market: Overview

Genetic data analysis software is embedded with various kinds of computer programs that are utilized for analyzing as well as interpreting genetic data. It is designed for processing data produced from various genomic techniques including gene expression profiling, DNA sequencing, and genotyping. Furthermore, genetic data analysis software includes various statistical models & algorithms, determines genetic associations, and performs genetic analysis of various groups of population. In addition to this, the product helps clinicians & researchers derive valuable insights from huge genomic datasets, thereby helping in improving their understanding of genetic factors that will help in bringing improvement in precision medicine approaches and advancements in genetic research activities.  

Key Insights

• As per the analysis shared by our research analyst, the global genetic data analysis software market is projected to expand annually at the annual growth rate of around 7.3% over the forecast timespan (2024-2032) 
• In terms of revenue, the global genetic data analysis software market size was evaluated at nearly $214 million in 2023 and is expected to reach $347 million by 2032. 
• The global genetic data analysis software market is anticipated to grow rapidly over the forecast timeline owing to a surge in the use of next-generation sequencing applications in cancer research activities along with a reduction in sequencing costs. 
• In terms of type, the cloud-based segment is slated to register the highest CAGR over the forecast period. 
• Based on application, the hospitals & health systems segment is predicted to contribute majorly towards the global industry size in the upcoming years. 
•  Region-wise, the Asia-Pacific genetic data analysis software industry is projected to register the fastest CAGR during the forecast timespan.

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Genetic Data Analysis Software Market: Growth Factors

A rise in the application of NGS in oncology research to boost the global market expansion by 2032

A surge in the use of next-generation sequencing applications in cancer research activities along with a reduction in sequencing costs will prop up the expansion of the global genetic data analysis software market. Furthermore, an increase in the number of research initiatives related to genes in emerging countries as well as developed economies will steer the growth of the market globally. With a rise in the throughput, speed, and scalability of next-generation sequencing, researchers make use of genetic data analysis software for investigating biological procedures, thereby steering the global market trends.        

Genetic Data Analysis Software Market: Restraints

Huge prices of genetic testing can pose a huge threat to the expansion of the global industry by 2032

Escalating costs of genetic testing are predicted to hamper the expansion of the global genetic data analysis software industry. Apart from this, next-generation sequencing data takes notable time to gather which is likely to restrict the growth of the global industry.

Genetic Data Analysis Software Market: Opportunities

Escalating need for huge genetic data production can open new growth avenues for the global market

Huge demand for producing genetic data along with a massive reduction in costs related to sequencing is anticipated to open new growth avenues for the global genetic data analysis software market.    

Genetic Data Analysis Software Market: Challenges

A surge in the costs of installing the product can challenge the growth of the global industry over the forecast period

A rise in deployment costs owing to the development of new technologies along with a need for shorter delivery times is likely to challenge the growth of the global genetic data analysis software industry.  

Genetic Data Analysis Software Market: Segmentation

The global genetic data analysis software market is divided into type, application, and region.                                          

In type terms, the genetic data analysis software market across the globe is bifurcated into web-based and cloud-based segments. Additionally, the cloud-based segment, which gathered nearly 70% of the global market earnings in 2023, is expected to record the fastest annual growth rate in the forecast timespan. The expansion of the segment in the next couple of years can be a result of cloud-based tools being the best alternative for activities that need computing power including NGS data processing. 

Based on the application, the global genetic data analysis software industry is divided into hospitals & health systems, and research organizations segments. Moreover, the hospitals & health systems segment, which accumulated approximately 71% of the global industry share in 2023, is predicted to make lucrative contributions towards the global industry size in the coming eight years. The segmental growth in the ensuing years can be credited to a large-scale use of genetic data analysis software in hospitals & health systems. 

Genetic Data Analysis Software Market: Report Scope

Genetic Data Analysis Software Market: Regional Insights

North America is expected to maintain its leadership status in the global market in the next couple of years

North America, which contributed approximately 54.5% of the global genetic data analysis software market size in 2023, is expected to maintain dominance in the global market in the years ahead. In addition to this, the regional market expansion in the coming eight years can be owing to an increase in the number of ongoing research projects in countries such as the U.S. A prominent rise in the regulatory approvals granted by the U.S. FDA is likely to spur the penetration of the product in the region. Additionally, favorable compensation policies as well as government support towards product usage in the biotechnology sector in the North American countries will further drive the regional market trends.    

Asia-Pacific genetic data analysis software industry is projected to record the fastest growth rate in the forecast timespan. The swift progression of the industry in the continent can be a result of the massive acceptance of genomic systems in countries such as India, China, Japan, Taiwan, and South Korea. In addition to this, the presence of key product manufacturers in the region will scale up the expansion of the industry in APAC.  

Key Developments

• In the first half of 2024, Parse Biosciences, a U.S.-based biotech firm, launched TrailmakerTM, a user-friendly cloud tool created for data analysis of solitary cells. Furthermore, these strategic moves are anticipated to boost product penetration in North America.  
• In May 2024, SOPHiA GENETICS, a cloud-native healthcare technology firm, declared its collaboration with NVIDIA Corporation and Microsoft Corporation to introduce new whole genome sequencing capabilities.      

Genetic Data Analysis Software Market: Competitive Space

The global genetic data analysis software market profiles key players such as:

• Agilent Technologies
• Geneyx
• SAS (JMP Genomics)
• PierianDx
• QIAGEN Digital Insights
• Biomatters (Geneious)
• Thermo Fisher Scientific
• DNASTAR Inc.
• Fabric Genomics
• Congenica
• BioDiscovery
• Illumina.

The global genetic data analysis software market is segmented as follows:

By Type

• Web-Based
• Cloud-Based

By Application

• Hospitals & Health Systems
•  Research Organizations

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa