A rise in government funding for genomics projects and increasing R&D activities based on genomics are the key growth drivers
Market Size – USD 18.60 Billion in 2019
Market Growth – CAGR of 13.1%
Market Trends – Advancements in medical research
The global genomics market is expected to be valued at USD 47.23 Billion by 2027. Genomics refers to the study of genetics and the whole genomes of various organisms. It combines different DNA sequencing methods, recombinant DNA, and bioinformatics in order to assemble, sequence, and analyze the structure and functions of genomes. The growing adoption of genetically modified plants and animals for medical research and experiments, increasing genetic procedures, emergence of innovative machines, and augmented government funding for health research & development activities are the primary factors inducing the global market growth. The rising trend of personalized medicine, technological advancements in genomics, increasing focus of research institutions on genomic data integration, and the development of liquid biopsy tests have further boosted the market growth.
Numerous other factors like cancer screening-based research, rising application of genomics in medicine, the escalating number of human genomics studies, growing number of healthcare companies focusing on medical genomics, diminishing sequencing costs, and the entry of new market players in the genomics field are further expected to bolster the global genomics market growth. Several biotechnology companies focus on using advanced gene-editing tools to address the challenges associated with personalized medicine and genetically engineered and recombinant products. Moreover, the rising focus of agriculture research institutes and forensic centers on genomics is another key propeller for the global market growth.
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Key Findings of the Report:
- Based on the deliverable type, the NGS-based services sub-segment leads the global genomics market in terms of revenue share. Surging adoption of whole-genome sequencing, increasing applications of sequence databases for disease prognosis, and growing participation of biotechnology & pharmaceutical companies, academic and research centers, and CROs in genomics research are the key factors contributing to the growth of this segment.
- The polymerase chain reaction (PCR) segment is the most dominant segment in terms of technology. The simplicity and efficiency of this technology and its significant role in sequencing, cloning, and analysis are the leading factors behind this segment’s growth. The technology also finds application in the study of various alterations of gene expression levels in microbes, tumors, and other disease forms.
- Based on application, the agriculture and animal research segment is the key market segment. Various agriculture and animal research centers use fundamental information related to genomics to stimulate animals’ responses.
- Among the various end-users, the pharmaceutical and biotechnology companies segment leads the global genomics market. Pharmaceutical and biotechnology companies worldwide employ the available information pertaining to genomics in personalized medicine. Moreover, reduced costs of sequencing have made whole-genome sequencing relatively more affordable for these companies. These are the crucial factors contributing to this segment’s growth.
- Leading competitors in the global genomics market include Thermo Fisher Scientific, Illumina, Inc., Agilent Technologies, Oxford Nanopore Technologies, Qiagen, Eurofins Scientific, Danaher Corporation, Bio-Rad Laboratories, F. Hoffmann-La Roche, and GE Healthcare.
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For the purpose of this report, the global genomics market is segmented based on deliverable type, technology, application, end-user, and region:
Deliverable Type Outlook (Revenue, USD Billion; 2017-2027)
- Core Genomics
- Biomarker Translation
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase chain reaction (PCR)
- Nucleic Acid Extraction and Purification
Application Outlook (Revenue, USD Billion; 2017-2027)
- Agriculture & Animal Research
- Precision Medicine
- Drug Discovery & Development
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Pharmaceutical and biotechnology companies
- Research centers and government institutes
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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