Genomics market by type (products (instruments and software and consumables) and services) by technology (polymerase chain reaction (PCR), next generation sequencing (NGS), microarray, sanger sequencing), by application (diagnostics, research), by end-user (research institutes, healthcare facilities, and diagnostic centers, pharmaceutical and biotechnological companies) by regions global market analysis and forecast, 2022-2030.
The global genomics market size was estimated at USD 24.16 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030.
Global Genomics Market: Overview
The genome is the complete set of DNA orders found in a cell. In humans, the genome holds 23 pairs of chromosomes situated in the cell’s nucleus, as well as a small chromosome in the cell’s mitochondria. A genome covers all the information required for an individual to develop and function.
As the study in the genomics market, the growing application of genome analysis across many medical fields, as well as the increase in the burden of the population sorrow from various disorders such as cancer and genetic disorders, and others are expected to drive the genomics market growth in the coming years.
Genomics increases the concern of cancer and genetic diseases which allows doctors to design modified treatments for patients according to their genetic temperament and personal requirement, which is driving the awareness of personalized medicine.
However, genomics is not limited to the healthcare system. It is used in agriculture, pharmacogenomics, forensics, and for understanding human ancestry. Cost-effective and effective genetic study of different diseases along with the capacity to predict community behavior in different environments is driving market income growth.
- The global genomics market size was esteemed at USD 24.16 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030.
- The North American genomics market was appreciated at USD 13.5 billion in 2021.
- By end user, the pharmaceutical and biotechnology businesses segment has accounted maximum revenue share of above 57.8% in 2021.
- The hospital and clinic segment is increasing at an outstanding pace over the forecast period.
The growth of innovative genome technologies by key players in the genomics market and an extensive range of genomic products used in COVID-19 research. It helped researchers to gain a well understanding of the coronavirus. Thus, COVID-19 completely positively impacted the genomics market. Researchers exasperated to address the genetic severity and weakness of SARS-CoV-2 infection by using the present genetic databases.
Genome-wide association studies and Multi-omic-based methods have been employed to unfold the common variants of fundamental host-pathogen interactions and biological systems. Moreover, the data found from genomes, such as ABO blood groups, and polygenic risk scores (PRS), can be theoretically used to decode COVID-19 exposure and complications. Additionally, biobanks that attach genomic data to electronic health records can be used to study the effect of genomic factors on the clinical course of patients infected with COVID-19.
Global Genomics Market: Growth Drivers
Cost savings techniques are the driving for the market growth of the Global Genomics Market
A full genome sequencing technique produces data that can be analyzed and interpreted in perpetuity. Once a genome is decrypted it becomes a multigenerational repository of information. Genomics techniques are attractive to people, and that’s why the market increasing growth in the forecast period.
Physiological benefits are the driving factors for the market growth of the Global Genomics Market
Individuals might undergo suffering over a perceived disease risk if family history shows an inheritance of disease. Although an individual deemed a non-high risk for an exact disease might not be eligible to receive positive medical testing, such an individual can turn to direct-to-consumer testing to control his or her genetic condition. For the various physiological benefits of genomics the market growth in the forecast year.
Lifetime use of genomics technology is the driving factor for the market growth of the Global Genomics Market
As your genome is the same as all the cells in your body and is specific to each individual, an accurate whole genomic sequence needs to be obtained only once the genome sequence does not change except partially by environmental factors. That is the lifetime benefits for people and a key point for the growth of the market in the forecast year.
No privacy for personal disease problems is a restraining factor for the Global Genomics Market
Genome sequencing delivers information about the topic of the procedure, but also about individuals who are carefully related to the subject. Thus genomic information can impact relationships with further family members. So, these are disadvantages point as a restraining factor growth for the market in the forecast year.
The increasing trend of personalized medicine will be the most attractive opportunity for the growth of the Global Genomics Market
The unhealthy aging of individuals following with growing trend of personalized medicine will be the most attractive opportunity for the growth of the market. But, the high investment cost is also one of the major restraining factors which disturb the growth of the market.
But, the limited number of capable professionals across the world is the main challenge faced by the industry today, and forecast year.
Global Genomics Market: Segmentation
By Type, the market is segmented into products and services, and the by-product market is again divided into instruments, software, and consumables. On basis of the products increasing market because of the use of their software, instruments, and other products.
By Technology, the market is distributed into polymerase chain reaction (PCR), next-generation sequencing (NGS), microarray, and Sanger sequencing. There are PCR technology is more aware globally, for accurate results.
By Application, the market is segmented into diagnostics and research. From the COVID-19 pandemic years the increasing demand for research centers and awareness about the research field.
By End User, the market is divided into research institutes, healthcare facilities, diagnostic centers, pharmaceutical, and biotechnological companies. There is huge growth observed in biotechnological companies from the COVID-19 pandemic year. Government invests in research and biotechnological companies.
North America grasps a major rank in the genomics sector and seized more than 45% of the market share in the year 2021.
This is credited to the support of research institutes and pharmaceutical giants. Genomics is now an integral part of any disease research and drug finding due to the effects of genetic expression on human health.
The Europe Genomics market is estimated to reach US$ 15,448.71 million in 2030 from US$ 6,023.59 million in 2019. The market is estimated to grow with a CAGR of 12.8% from 2020-2027. The growth of this market is estimated to grow owing to key driving factors such as the general development in research and growth activities concerning the genomics market and the increase in government creativities for growth in the genomics market.
However, the market growth is likely to be delayed owing to the several challenges that come across regarding the genomics market.
Due to increased requests for genetic sequencing and testing in China and progresses in bioinformatics, Asia Pacific would witness new demand for genomics. Furthermore, the market is being propelled forward by increasing demand for the development of medications for rare diseases, as well as technology advancements.
Agilent Technologies, Bio-Rad Laboratories, Inc., BGI Genomics, Color Genomics, Inc., Danaher Corporation, Eppendorf AG, Eurofins Scientific, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina, Inc., Myriad Genetics, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific, Inc., 23andMe, Inc.
- In October 2021, GenomSys, launched its latest CE-marked GenomSys Variant Analyzer, a platform natively operating on MPEG-G genomic data setup that enables correct variants identification, annotation, and interpretation (SNVs, indels, CNVs).
- In May 2020, Roche acquired Stratos Genomics to strengthen its DNA-based sequencing for diagnostic use
- In February 2020, Nebula Genomics, the top privacy-focused personal genomics company, launched a new product, 30x whole-genome sequencing for USD 399 in the direct-to-consumer market segment.
Global Genomics Market Scope and Segment
|Market Size in 2021
|USD 24.16 billion
|Estimated Market Size in 2030
|US$ 96.35 billion
|CAGR Growth Rate
|By Product type and Services
|By End User
|· Research institutes
· Healthcare facilities
· Diagnostic centers
· Pharmaceutical Companies
· Biotechnological companies
|Major Regions Covered
|· North America
· Asia Pacific
· Latin America
· The Middle East & Africa
|· Agilent Technologies
· Bio-Rad Laboratories, Inc.
· BGI Genomics
· Color Genomics, Inc.
· Danaher Corporation
· Eppendorf AG
· Eurofins Scientific
· F. Hoffmann-La Roche Ltd.
· GE Healthcare
· Illumina, Inc.
· Myriad Genetics, Inc.
· Oxford Nanopore Technologies
· Pacific Biosciences of California, Inc.
· QIAGEN N.V.
· Quest Diagnostics Incorporated
· Thermo Fisher Scientific, Inc.
· 23andMe, Inc
|Revenue forecast, company share, competitive landscape, growth factors, and trends
|Free customization scope (equivalent to 5 analysts’ working days)
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Frequently Asked Questions (FAQs):
1) How big is the genomics market?
– The global genomics market size was esteemed at USD 24.16 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030.
2) Who are the companies in the genomics market?
-Myriad Genetics, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific
3) What are the key factors driving the growth of the genomics market?
-Technological developments in genetic tools, as well as molecular diagnostics are one of the key driving factors.
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