Dublin, Nov. 03, 2023 (GLOBE NEWSWIRE) -- The "Genomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global genomics market witnessed remarkable growth, reaching a size of US$ 29.4 billion in 2022. Projections indicate further expansion, with the market anticipated to attain a value of US$ 68.8 billion by 2028, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 15% during 2023-2028.
This growth is underpinned by significant advancements in genomics, a rising prevalence of chronic and infectious diseases, a shift toward personalized medicine, and the increasing adoption of non-invasive cancer screening-based research.
Factors Driving Market Growth:
- Advancements in Genomics: Significant strides in genomics technology are propelling the market forward, offering insights into genetic factors underlying various diseases and conditions.
- Prevalence of Chronic and Infectious Diseases: The increasing occurrence of chronic and infectious disorders is fueling demand for genomics solutions, providing valuable tools for diagnosis and treatment.
- Personalized Medicine: The shift toward personalized medicine, which tailors treatment plans to an individual's genetic makeup, is a key driver of market growth.
- Non-Invasive Cancer Screening: The adoption of non-invasive cancer screening methods, often based on genomics, contributes to the market's expansion by enabling early detection and treatment.
- Agricultural Applications: Genomics is playing a vital role in agriculture, enhancing crop yield and food security, particularly as consumers shift toward organic food products.
- Research and Development Investments: Increasing investments in biotechnology R&D, coupled with improvements in medical infrastructure and diagnostic technologies, are bolstering the genomics market.
- Genomics-based Apps and Tests: The integration of genomics-based applications and tests for identifying DNA alterations is creating lucrative growth opportunities for industry stakeholders.
Key Market Segmentation:
Component:
- Products
- Instruments and Software
- Consumables and Reagents
- Services
Application:
- Functional Genomics
- Epigenomics
- Biomarkers Discovery
- Pathway Analysis
Technology:
- Sequencing
- Microarray
- Polymerase Chain Reaction
- Nucleic Acid Extraction and Purification
End-User:
- Research Centers
- Hospitals and Clinics
- Pharmaceutical and Biotechnology Companies
Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the global genomics market features leading players such as 23andMe, Inc., Agilent Technologies, Inc., Bayer AG, BGI Group, Bio-Rad Laboratories, Inc., Danaher Corporation, Illumina, Inc., Oxford Nanopore Technologies, PerkinElmer, Inc., Myriad Genetics, Inc., F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific Inc.
Key Questions Addressed in the Report:
- Market Size: The report assesses the size of the global genomics market in 2022.
- Growth Rate: Projections provide insight into the expected growth rate during 2023-2028.
- Key Drivers: The report identifies the key factors driving market growth.
- Impact of COVID-19: The impact of the COVID-19 pandemic on the genomics market is analyzed.
- Component Analysis: Insights are provided into the market based on components, including products, instruments and software, consumables and reagents, and services.
- Application Segmentation: The report categorizes the market by applications such as functional genomics, epigenomics, biomarkers discovery, and pathway analysis.
- Technology Breakdown: Analysis is presented based on technologies, including sequencing, microarray, polymerase chain reaction, and nucleic acid extraction and purification.
- End-User Assessment: The report outlines end-users, including research centers, hospitals and clinics, and pharmaceutical and biotechnology companies.
- Regional Insights: The key regions in the global genomics market are identified, highlighting their roles in market growth.
- Key Players: The report profiles key players and companies in the global genomics market.
In conclusion, the global genomics market is experiencing remarkable growth, driven by advancements in the field, the prevalence of diseases, the adoption of personalized medicine, and the need for sustainable agriculture. With a focus on genetics and genomics, the market is poised for continued expansion, offering diverse opportunities for stakeholders in the sector.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $29.4 Billion |
| Forecasted Market Value (USD) by 2028 | $68.8 Billion |
| Compound Annual Growth Rate | 15.2% |
| Regions Covered | Global |
Companies Profiled
- 23andMe Inc.
- Agilent Technologies Inc.
- Bayer Aktiengesellschaft
- BGI Genomics Co. Ltd.
- Bio-RAD Laboratories Inc.
- Danaher Corporation
- Illumina Inc.
- Oxford Nanopore Technologies
- PerkinElmer Inc.
- Myriad Genetics Inc.
- Roche Holding AG
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/16jbv2
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