The global genomics market size is likely to reach USD 94.66 billion by 2028, registering a CAGR of 19.4% during the forecast period. Genomics abilities to manage, prevent and treat diseases majorly assist in precision medicine development. The use of whole-genome sequencing to diagnose serious diseases like cancer has turned out absolutely beneficial for the healthcare industry. Fortune Business Insights™ has presented this information in an upcoming report titled, “Genomics Market, 2020-2028”. The market size stood at USD 27.81 billion in 2021.
The report elucidates the different propellants aiding the market growth. For instance, the COVID-19 pandemic has had a positive impact on the genomics market. Researchers are using genomics to monitor coronavirus’s genome sequence, tracking the virus transmission, and understanding its impact on the human genome. This ongoing research activity is expected to propel the global genomics market growth in the for the coming years.
The global pandemic has wreaked unprecedented havoc on several industries and markets. Healthcare systems are on the verge of collapsing in many nations. However, the coronavirus pandemic has augmented the genomics market growth due to the grave need for effective vaccine development and the continuous monitoring of the coronavirus. Investments in the research activities for developing effective COVID-19 treatment are augmenting the market growth. The global impact of the COVID-19 crisis is expected to gradually fade away as economies are trying to wade their way through the pandemic. It is uncertain to say how long the situation may persist this way. Nonetheless, our research report’s in-depth analysis will help you gain an exhaustive understanding of this niche market.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
On the basis of its type, the market bifurcates into services and products. On the basis of technology, the market fragments into anger sequencing, Next-generation Sequencing (NGS), microarray, Polymerase Chain Reaction (PCR), etc. On the basis of its application, the market divides into research, diagnostics, etc. Based on end-user, the market segments into pharmaceutical & biotechnological companies, research institutes, Contract Research Organizations (CROs), and healthcare facilities & diagnostic centers. Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report is developed using bottom-up and top-down approaches for an exhaustive study of the market. The report contains information gathered through interviews with multiple stakeholders at regional, country, and global levels. The report highlights the effects of the COVID-19 pandemic on the market, PESTLE Analysis, and Porters’ Five Forces Analysis for an infallible prediction of the prospected market. The report also highlights the competitive landscape of the prospected market, including the information on rankings of key players, key market trends, recent industry developments, etc., that are contributing to the market’s growth.
Drivers & Restraints-
Increasing Government Funding for Research Activities to Propel Future Growth
Personalized medicines help in providing effective treatment as per the requirements. The emergence of microarray and DNA technologies has immensely benefited the personalized medicines sector. The growing use of personalized medicines is attracting investments for development and growth, which in return, is expected to boost the genomics market growth. Additionally, the increasing government investment in research and development activities of genomics is expected to fuel the market growth in forthcoming years. For instance, the Government of Iceland and de CODE genetics has partnered to conduct the demonic analysis of coronavirus. Likewise, the Government of India is helping Haystack Analytics to study virus transmission using genome sequencing techniques. The growing number of startups and such initiatives are likely to surge the market growth in the for the coming years.
However, the lack of trained professionals and the high instrument costs are expected to hinder the market growth.
Asia Pacific to Register the Highest CAGR
North America is expected to retain its dominance in the global genomics market share. Increasing government initiatives, innovation in precision medicine, and the swiftly rising acquisition of new sequencing technologies are expected to market growth in North America.
The rising adoption of sequencing technologies, increasing allocation of funds for research projects in countries like England and the U.K. are expected to help Europe expand significantly in the fortheoming years.
Various countries like India, China, Vietnam, etc., are fueling the demand for genomic sequencing due to various research projects. This is expected to help Asia Pacific register the highest CAGR in the forthe coming years.
Improving healthcare sector and potent government support are expected to help the Middle East & Africa and Latin America to expand their share in the global market.
Launch of New Products and Technologies to Bolster Market Growth
Companies are focusing on developing the latest technologies and launching new products. They are either collaborating with other companies or developing their own technologies and products. For instance, e TruSight Software was launched by Illumina in July 2020. Genetic diseases can be identified using the ready-to-use infrastructure.
- December 2020:Personalis Inc., launched Neoantiigen Presentation Score (NEOPS) to predict and analyze the response to cancer therapy.
- August 2020: Ancestry launched AncestryHealth. It is able to identify genes related to colon cancer, heart diseases, etc., using next-generation sequencing.
Key Players in the Global Genomics Market:
- Illumina Inc. (California, U.S.)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- Pacific biosciences of California Inc. (California, U.S.)
- Hoffman-La Roche Ltd. (Basel, Switzerland)
- Agilent Technologies Inc. (California, U.S.)
- Oxford Nanopore Technologies (England, U.K.)
- Danaher (Washington, D.C., U.S.)
- QIAGEN (Hilden, Germany)
- BGI (Guangdong, China)
- IntegraGen (Evry, France)
- General Electric Company (Illinois, U.S.)
- Bio-Rad Laboratories (Illinois, U.S.)
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