Westford, USA, July 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global Genomics Market will attain a value of USD 411.35 billion by 2031, with a CAGR of 19.4% during the forecast period (2024-2031). Genomics has been scientifically proven in the prevention, management and treatment of diseases. The healthcare environment is slowly changing from precision medicine to precision medicine and has driven this change through specialized medical products in the last few years. Whole genome sequencing has emerged as a useful tool for the diagnosis of complex diseases such as cancer. For example, according to the National Cancer Institute, the number of new cases of cancer is expected to increase by 29.5 million and cancer-related deaths to reach 16.4 million annually by 2040. The importance of preserving DNA data sizes, sorted and analysed have paved the way for new products and software.
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Browse in-depth TOC on " Genomics Market "
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Genomics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 33.25 billion |
| Estimated Value by 2031 | USD 411.35 billion |
| Growth Rate | Poised to grow at a CAGR of 19.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Technology, End Use, Application and Study Type |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increase in Demand for Consumer Genomics |
| Key Market Drivers | NGS Applications Propel Genomics Market Growth |
Functional Genomics Segment to Dominate Due to Increasing Importance Due to Research Activities
By 2023, the functional genomics segment dominated the market with the largest revenue share of 32% of the respondents. This category has gained increasing importance due to research activities undertaken to characterize the phenotypic manifestations of various diseases. Most cancer gene therapies rely on functional genomic technology. For example, in June 2023, scientists at the European Molecular Biology Laboratory EMBL in Heidelberg optimized the CRISPR/Cas9-based functional genomics screen from the single-cell level by targeting single-cell RNA an applied to these single cells. Provides deeper insights into the measurement of gene expression levels, enabling analysis of CRISPR/Cas9 functional genomics screens.
Hospitals and Clinics Segment to Drive Market Due to Offers Gene Sequencing to Patients
The hospitals and clinics segment are expected to witness significant growth compared to the previous years. The cost of the performing genomic sequencing has decreased and most hospitals and clinics now offer this service to the patients. Stanford Medicine, for example, offers gene sequencing to patients with unknown or rare diseases.
North America to Lead Due to Increased Support from Research Organizations
North America dominated the genomics market in terms of market share by 2023 with a share of 42%, largely due to increased support from research organizations and pharmaceutical companies. They do modify genetics, expression, and health so their effects on disease and drug development make genomics important. Examples include the joint venture between Illumina, Inc.; and Nashville Biosciences, LLC between January 2022 and Vanderbilt University Medical Center. This collaboration will use genomics to discover drugs and optimize medical genomic resources.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to the increasing use of genomics for diagnosis and novel therapeutic agents to treat the increasing number of diseases in the region. The project, which is planned to sequence and analyse 100K genes, is believed to lead to advances in medical science, particularly in developing new drugs for the public and raising awareness of broader diseases.
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Drivers
- Increasing Applications of Genomics and Rising Government Support
- Technological Advancements and Growing Adoption of Genomic Medicine
Restraints
- High Cost of Equipment and Consumables
- Dearth of Skilled Professionals
Prominent Players in Genomics Market
The following are the Top Genomics Companies
- Danaher Corporation (US)
- Pacific Biosciences of California, Inc. (US)
- Oxford Nanopore Technologies, Ltd. (United Kingdom)
- Agilent Technologies, Inc. (US)
- Eurofins Scientific SE (Luxembourg)
- Bio-Rad Laboratories, Inc. (US)
- Genewiz, Inc. (US)
- Myriad Genetics, Inc. (US)
- Fluidigm Corporation (US)
- PerkinElmer, Inc. (US)
- Twist Bioscience Corporation (US)
- Natera, Inc. (US)
- Veracyte, Inc. (US)
- Personalis, Inc. (US)
- 10x Genomics, Inc. (US)
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Key Questions Answered in Genomics Market Report
- What is the current market size of genomics market?
- Which is the fastest growing region in the genomics market?
- Which region has the biggest share in the genomics market?
This report provides the following insights:
- Analysis of key drivers (increasing applications of genomics and rising government support, technological advancements and growing adoption of genomic medicine), restraints (shortage of skilled professionals and high costs challenge genomics), opportunities (increasing investments by government entities and innovative product launches), influencing the growth of Genomics Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Genomics Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Genomics Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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Next Generation Sequencing Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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