Dublin, Oct. 15, 2021 (GLOBE NEWSWIRE) -- The "Global Genomics Market Size, Share & Trends Analysis Report by Application & Technology (Functional Genomics, Pathway Analysis), by Deliverable (Products, Services), by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global genomics market size is expected to reach USD 62.9 billion by 2028 and is expected to expand at a CAGR of 15.35% from 2021 to 2028
A rise in the demand for the solutions to catalog vast genomic information into a usable form and to utilize it in clinical workflows is expected to drive the market.
This has also led to an increase in the market competition, coupled with the development of breakthrough genomic technologies by Veritas Genetics, 23andMe, and other key players. In August 2020, Ancestry launched a new next-generation sequencing-based tool to screen genes linked to blood disorders, colon cancer, heart diseases, and breast cancer. This product, developed by Quest Diagnostics, has a better DNA analysis efficiency when compared to microarray-based testing.
Technological advancements in genetic technologies that include CGH, FISH, microarray, karyotyping, sequencing, and gene-editing tools have played a pivotal role in reshaping the healthcare systems and basic biomedical research. Furthermore, despite several ethical and legal issues, Direct-To-Consumer solutions are one of the most important innovations in the market for genomics as they help patients to perform genetic tests on their own.
The cost of reagents used in genomics has witnessed a continuous decline, which has led to an increase in adoption among small and mid-sized laboratories. However, with the introduction of novel technology and systems, the requirement for reagents is also changing.
The market has witnessed multiple product launches in 2020 owing to a rise in competition for the development of genomic testing solutions for COVID-19.
For instance, in December 2020, ThermoFisher launched Applied Biosystems TaqCheck SARS-CoV-2 Fast PCR Assay - a new saliva-based PCR test for the detection of COVID-19 infection. Similarly, in June 2020, Cepheid announced the development of the Xpert Xpress SARS-CoV-2/Flu/RSV four-in-one test, which can detect these four pathogens from a single sample. This test can be run on Cepheid's GeneXpert Systems.
Genomics Market Report Highlights
- In the products segment, the consumables and reagents segment is expected to register the fastest CAGR over the forecast period owing to the high volume requirement for reagents and consumables for genomic analysis
- In the services segment, NGS-based services dominated the market in 2020. The use of NGS-based services for the analysis of the SARS-CoV-2 genome drives the segment. The COVID-19 Genomics UK (COG-UK) Consortium delivers rapid and large-scale whole-genome sequencing of SARS-CoV-2
- By application and technology, functional genomics led the market in 2020 due to the development of high-throughput technologies for the gene as well as protein studies. The generation of a large amount of sequencing data has led to significant developments in the segment
- Based on end use, pharmaceutical and biotechnology companies dominated the market in 2020. Pharmaceutical and biotechnology companies like Menlo Park; Grail, Inc.; and Regeneron Pharmaceutical, Inc. have initiated large-scale genomic sequencing projects in collaboration with both community health systems and academic medical centers
- Asia Pacific is expected to register the fastest growth rate from 2021 to 2028 owing to an increase in adoption and awareness about a number of genomics technologies in emerging countries, such as China and India, for the detection, treatment, and prognosis of various genetic disorders, such as diabetes and cancer
Market Dynamics
Market driver analysis
- Growing integration of genomics data into clinical workflows
- More targeted and personalized healthcare
- Growth of newborn genetic screening programs
- Advancements in noninvasive cancer screening
- Military genomics
- Emergence of advanced genome editing techniques
- Integration of new data streams
- RNA biology
- Single cell biology
- Rising adoption of direct to consumer genomics
- Success of genetic tools in agrigenomics
- Increasing participation of different companies
- Increase in government role and funding in genomics
Market restraint analysis
- Issues regarding intellectual property protection, data management, and public policies
- Dearth of skilled personnel
Companies Mentioned
- Thermo Fisher Scientific, Inc.
- Agilent Technologies
- Beijing Genomics Institute (BGI)
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Illumina Inc.
- Oxford Nanopore Technologies
- Pacific Biosciences of California, Inc.
- QIAGEN N.V.
- Quest Diagnostics Incorporated
- Myriad Genetics, Inc.
- Eppendorf AG
- Eurofins Scientific
- Color
- 23andMe, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/7j4idc
