Pune, India, Jan. 07, 2022 (GLOBE NEWSWIRE) -- The global genomics market size was USD 23.11 billion in 2020. The market is projected to grow from USD 27.81 billion in 2021 to USD 94.65 billion in 2028 at a CAGR of 19.4% in the 2021-2028 period. Based on the research conducted by our analysts, the healthcare environment is steadily shifting from conventional treatment procedures towards accuracy medicine and has revolved this evolution through incomparable clinical possessions over the last few years. This information is provided by Fortune Business Insights™, in its report, titled, “Genomics Market, 2021-2028.”
Additionally, the requirement for storing, sequencing, and examination of huge DNA information has carved the way for fresher products and software. The above-mentioned aspects have considerably contributed to directing the market in recent years.
Industry Developments
- 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, breast cancer, etc., using next-generation sequencing.
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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 deCODE genetics has partnered to conduct the demonic analysis of coronavirus. Likewise, the Government of India is helping HaystackAnalytics 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 forthcoming years. However, the lack of trained professionals and the high instrument costs are expected to hinder the market growth.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 19.4% |
| 2028 Value Projection | USD 94.66 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 27.81 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Type, Technology, Application, End-User and Geography |
| Growth Drivers | Rising number of Government Genome Project to Drive the Market |
| New Products and Innovative Services to Favor the adoption of sequencing | |
| Increasing Research Funding by Government to Surge the Research Institutes Segments |
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COVID-19 Impact
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.
Report coverage
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.
Surging Number of Government-Assisted Genome Programs to Support Growth
One of the significant aspects that have contributed to the growth of the market is the rising number of government-sponsored genome ventures. Genomic study is an effective instrument that can assist the development of proficient treatments; a principal factor why various government organizations are participating in genome assignments. This is estimated to bolster the genomics market growth during the forecast period.
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Regional Insights
North America to Dominate Led by Advancing R&D in Sequencing
North America held the maximum genomics market share and was worth USD 10.15 billion in 2020. The speedy implementation of novel sequencing technologies and move towards customized medicines will drive the market in North America.
Active backing from the government through research funding and genomic examination and research and academic institutions, particularly in the U.K., are anticipated to aid the development of the market in Europe.
Asia Pacific is projected to document the highest CAGR during the forecast years owing to the greater demand for genetic sequencing and testing in China and progressions in bioinformatics.
Competitive Landscape
Collaborations among Companies to Fortify Their Brand Values in Global Market
Important players in the market are incessantly opting for operative tactics to endorse their products and establish their positions in the market. One such stratagem is to launch novel products by teaming up with other companies to expand their reach to end-users.
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.)
- F. 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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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Genomic Projects – For Key Countries
- Overview of Genomic Services
- New Product Launches
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Key Trends
- Global Genomics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Instruments & Software
- Consumables
- Services
- Products
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing (NGS)
- Microarray
- Sanger Sequencing
- Others
- Market Analysis, Insights and Forecast – By Application
- Diagnostics
- Research
- Others
- Market Analysis, Insights and Forecast – By End User
- Research Institutes
- Healthcare Facilities & Diagnostic Centers
- Pharmaceutical & Biotechnological Companies
- Contact Research Organizations (CROs)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Genomics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Instruments & Software
- Consumables
- Services
- Products
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing (NGS)
- Microarray
- Sanger Sequencing
- Others
- Market Analysis, Insights and Forecast – By Application
- Diagnostics
- Research
- Others
- Market Analysis, Insights and Forecast – By End User
- Research Institutes
- Healthcare Facilities & Diagnostic Centers
- Pharmaceutical & Biotechnological Companies
- Contact Research Organizations (CROs)
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
TOC Continued…..!!!!!!
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