Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global genomics market is expected to grow from USD 30.21 Billion in 2022 to USD 138.66 Billion by 2032, at a CAGR of 16.46% during the forecast period 2023-2032.
Many factors are driving the market, such as a reduction in the cost of sequencing, a surge in the investment from pharmaceutical organizations and national and international government-funded projects. For instance, in 2012, around 100,000 genome projects were launched by the UK government to sequence 100,000 human genomics. They set up the genomic medicine service for the NHS for the development of new scientific discoveries and to start the development of the genomic industry in the UK.
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Competitive Strategy
To enhance their market position in the global genomics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2023: Agilent Technologies acquired Avida Biomed, which develops tools that enable simultaneous genomic and DNA methylation profiles from a single sample. This acquisition helps the oncology customers of the organization worldwide, which is working to improve understanding of cancer and diagnosis and also the treatment of the customer patients. It is helping the organization in gaining more customers.
Market Growth & Trends
Genomics has many uses; it is utilized in rare diseases to help the gene discovery of rare diseases and facilitate the development of better diagnostic tools for monogenic disorders. These genomic technologies help clinicians diagnose patients with high-risk genetic errors, which can lead to rare diseases. Many researchers are using genomics to find genes which trigger disease. Single genetics can lead to many diseases; more than 4000 are already identified. Genomics is also used to understand more common diseases and conditions like cancer, diabetes and high blood pressure. Genomics is broadly used in demonstrating and progressing such diseases and conditions. Genomics are very crucial in pharmacogenetics and targeting therapy. A genetic disease can be deadly for children; hence prenatal testing is crucial for helping in the decision of early treatment before birth. One of the studies in 2021 found that human genetics and genomics added USD 265 Billion to the US economy in 2019, which is 5-fold increase in around 10 years. The genomics future will mainly be due to the health sector, which is crucial in diagnosing and treating the disease.
Key Findings
• In 2022, the products segment dominated the market with the largest market share of 71.33% and market revenue of USD 21.55 Billion.
The deliverables segment is divided into products and services. In 2022, the products segment dominated the market with the largest market share of 71.33% and market revenue of USD 21.55 Billion. The genomics market is getting competitive with the launch of many new products.
• In 2022, the functional genomics segment dominated the market with the largest market share of 40.23% and market revenue of USD 12.15 Billion.
The application & technology segment is divided into epigenomics, pathway analysis, functional genomics, biomarker discovery and others. In 2022, the functional genomics segment dominated the market with the largest market share of 40.23% and market revenue of USD 12.15 Billion. This significant market share is due to growing research revealing the controlling of cognitive disease and behaviours using genetic changes. Many more revelations will emerge regarding genetic regulation and its connection with diseases like Autism Spectrum Disorder (ASD).
• In 2022, the pharmaceutical & biotech company segment dominated the market with the largest market share of 48.22% and market revenue of USD 14.57 Billion.
The end-user segment is divided into pharmaceutical & biotech companies, academic & Government institutes, hospitals & clinics and others. In 2022, the pharmaceutical & biotech company segment dominated the market with the largest market share of 48.22% and market revenue of USD 14.57 Billion. The key users of applied genomics are pharmaceutical organizations.
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Regional Segment Analysis of the Genomics Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global genomics industry, with a market share of 41.66% and a market value of around USD 12.59 Billion in 2022. This high market share in North America is attributed to the potential of the US-based firms investing in global genomics revenues. Asia Pacific is growing at the fastest pace. The surge in the middle class is contributing to the increase in genomics in the region. Based on one of the studies, the middle-class population in Asia was around 28% of the global population in 2009, and by 2030 it is estimated to be 66% of the global population and around 59% of the global middle-class consumption.
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Key players operating in the global genomics market are:
• Agilent Technologies
• Eppendorf AG
• QIAGEN N.V.
• Color Genomics, Inc.
• Danaher Corporation
• Myriad Genetics, Inc.
• Eurofins Scientific
• BGI Genomics
• Thermo Fisher Scientific, Inc.
• Illumina, Inc.
• Oxford Nanopore Technologies
• Pacific Biosciences of California, Inc.
• Quest Diagnostics Incorporated
• 23andMe, Inc.
• Bio-Rad Laboratories, Inc.
• F. Hoffmann-La Roche Ltd.
• GE Healthcare
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global genomics market based on below mentioned segments:
Global Genomics Market by Deliverables:
• Products
• Services
Global Genomics Market by Application & Technology:
• Epigenomics
• Pathway Analysis
• Functional Genomics
• Biomarker Discovery
• Others
Global Genomics Market by End-user:
• Pharmaceutical & Biotech Company
• Academic & Government Institutes
• Hospital & Clinics
• Others
About the report:
The global genomics market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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