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Global Genomics Market Size Worth USD 29.02 billion by 2026, Says Market Data Forecast

August 31st, 2021 Market Data Forecast Releases

Global Genomics Market Size & CAGR (2021 to 2026)

According to our analysis, the global genomics market was anticipated to be worth USD 18.1 billion in 2021. It is expected to grow to USD 29.02 billion by the end of 2026, at a CAGR of 9.9%.

Impact of COVID-19 on the global genomics market:

Researchers gained a greater understanding of coronavirus thanks to developing novel genome technologies by active participants in the genomics market and a broad spectrum of genomic products employed in COVID-19 research. The genomics market was thus positively affected by COVID-19. Researchers have been leveraging existing genetic databases to address the genetic seriousness and sensitiveness of SARS-CoV-2 infection. Genome-wide association studies (GWAS) and multitopic-based techniques have been used to uncover the common variations underlying host-pathogen interactions and biological networks. Furthermore, data derived from genomes, such as ABO blood classes and polygenic risk scores (PRS), could be used to decipher COVID-19 susceptibility, complications, and resistance. Furthermore, biobanks that link genomic data to electronic health records can be utilized to research the impact of genomic variables on the clinical course of COVID-19 patients.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/global-genomics-market

KEY DRIVING FACTORS:

Raising government financing for genomics research is driving the global genomics market growth.

Governments of various nations have made considerable investments in genomics in recent years. These government investments have had a significant impact on the development of innovative technology. Here are a few examples of recent developments in this area:

In January 2020, the “Genome India Project” was launched by the Department of Biotechnology (DBT) (GIP). The project’s goal is to collect 10,000 genetic samples from Indian residents to create a reference genome. This initiative focuses on rare genetic illnesses and complicated diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research.

In September 2019, A USD 224 million whole-genome sequencing initiative was formed, forging cooperation of pharmaceutical companies and health professionals, investigating and decoding the genetic code of 500,000 volunteers at the UK Biobank in Stockport, UK. The project aims to enhance health by conducting genetic research to prevent, diagnose, and treat a wide range of severe and life-threatening disorders, such as diabetes, dementia, heart disease, cancer, and arthritis.

In 2019, Science and Sports minister announced USD 22.7 million in funding and USD 33.4 million in provincial governments to support 36 research initiatives through Genome Canada. The initiatives address various issues, including environment, agriculture, health, and natural resources. These funding initiatives are projected to promote the use of genomics products, hence driving market growth overall.

Increasing usage in specialized/personalized medicine is likely to boost genomics market growth.

The personalized medicine market is likely to expand to provide many opportunities for participants in the genomics market. As a result, several pharmaceutical corporations are investing more in customized medicine research. Personalized medicine allows doctors to pinpoint a patient’s specific needs and then prescribe medications and treatments to meet those needs. For instance, Chinese and MGI announced a collaboration agreement in 2020 to enable breakthroughs in precision diagnostics using whole-genome sequencing. According to the terms of the agreement, the two businesses will lead the whole-genome sequencing project by leveraging their combined capabilities in medical testing based on MGI’s gene sequencing platform, DNBSEQ-T7, and Chigene’s extensive data analysis and storage system.

Furthermore, in 2019, Thermo Fisher Scientific, Inc. (the US) launched the Oncomine Precision Assay, a novel pan-cancer panel for their Genexus platform, to advance precision medicine in clinical settings. In addition, GlaxoSmithKline plc (UK) announced a four-year collaboration with 23andMe (US) to use human genetics to inform medication development in 2018. As part of the collaboration, it also invested USD 300 million in 23andMe.

RESTRAINING FACTORS:

The shortage of trained professionals is expected to hamper the growth rate of the global genomics market.

Genomic data is used in a variety of applications, including pharmacogenomics, diagnostics, and toxicogenomic. The analysis of massive amounts of data generated in genomics research, on the other hand, is a severe difficulty. In some circumstances, technological developments have enabled the instruments to analyze; however, the interpretation remains the reader’s responsibility. Because of the intricacies involved and the requirement for extensive knowledge in genomics, it is vital to recruiting skilled professionals to evaluate and interpret the outcomes of genomic sequencing data. The Association of the British Pharmaceutical Industry recognized new areas of developing problems, implying that immunology and genomics in biological sciences were in short supply. This is mostly owing to the rapid development of medical innovation, which is changing the skill needs. This affects the ability to produce appropriate training and qualifications to match current needs. Because significant countries worldwide are experiencing a shortage of competent experts to interpret genetic data effectively, short-term improvements in this sector are projected to be hampered to some extent.

Avail sample market brochure of the report to understand report usefulness, ask a copy @ https://www.marketdataforecast.com/market-reports/global-genomics-market/request-sample

KEY MARKET INSIGHTS:

  • Based on the product, the consumables segment dominated with a revenue share of around 62.6% of the overall market in 2020. Consumables are widely employed in genomic systems, and their use will grow in tandem with the increasing number of genetic tests performed around the world. This is a significant driver of market expansion.
  • Based on the technology, the sequencing segment is estimated to account for a reasonable share, expanding at a CAGR of over 11.6% from 2021 to 2026. The benefits of sequencing technologies, including ultra-high throughput, scalability, and speed, allow researchers to perform various applications, including animal breeding, and agriculture, human genomics.
  • Based on the application, the drug discovery and development segment dominated with a revenue share of around 38.6% of the overall market in 2020. The expanding research on diseases such as cancer and genetic disorders and the reducing cost of sequencing can be linked to the substantial share of this market.
  • Geographically, Asia-Pacific is projected to record the fastest growth, registering a CAGR of around 11.5% from 2021 to 2026. Because of its enormous patient population and rapidly growing technology, Asia Pacific is experiencing the fastest growth in the genomics market.
  • The genomics market is concentrated, as key players such as Thermo Fisher Scientific, Bio-Rad Laboratories Inc., and GE Healthcare are the majority of the share.

The report can be customized as per requirements; talk to our analyst team @ https://www.marketdataforecast.com/market-reports/global-genomics-market/customization

Recent Market Developments:

  • In 2021, With CDC support, Illumina (US) partnered with Helix OpCo (US) to develop the national surveillance infrastructure in the US to track the emergence and prevalence of emerging strains of SARS-CoV-2.
  • In 2020 BGI (China) has signed agreements with leading distributors in Brazil, Argentina, Peru, Ecuador, Colombia, and Mexico to make its DNA sequencing and laboratory automation solutions available throughout Latin America.

MARKET SEGMENTATION:

By Product: 

  • Instruments/Systems
  • Consumables
  • Services

By Technology: 

  • Sequencing
  • Microarray Technology
  • PCR
  • Nucleic Acid Extraction

By Process: 

  • Library Preparation
  • Sequencing
  • Imaging
  • Data Analysis

By Application: 

  • Diagnostics
  • Drug Discovery & Development
  • Personalized Medicine
  • Agriculture & Animal Research

By End User:  

  • Research Centres
  • Hospitals & Clinics
  • Pharmaceutical Companies

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

KEY MARKET LEADERS PROFILED IN THIS REPORT:

  1. Affymetrix Inc.
  2. Agilent Technologies
  3. BGI
  4. Bio-Rad Laboratories Inc.
  5. GE Healthcare
  6. Illumnia Inc.
  7. Qiagen
  8. Roche Diagnostics
  9. Life technologies
  10. Cepheid

BROWSE REGIONAL REPORTS:

  • North America Genomics Market
  • Europe Genomics Market
  • APAC Genomics Market
  • Latin America Genomics Market
  • MEA Genomics Market

About MarketDataForecast:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

Contact Us:

Market Data Forecast
Phone: +1-888-702-9626
Email: contact@marketdataforecast.com

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