With 19.4% CAGR, Genomics Market Size to Reach USD 94.65 Billion [2021-2028]

Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The global genomics market size is projected to reach USD 94.65 billion by 2028, exhibiting a CAGR of 19.4% during the forecast period. Fortune Business Insights™ shares this information in its report, titled "Genomics Market, 2021-2028". As per the report, the value of the market stood at USD 23.12 billion in 2020 and USD 27.81 billion in 2021. One of the key factors promoting the significance of this field of biology is its potential to manage zoonotic diseases, such as rabies, bird flu, plague, and the evident coronavirus. These diseases are life-threatening and can cause huge burdens if not monitored carefully. According to the World Health Organization, in 2020, rabies accounted for nearly 55 000 deaths in Asia and Africa.

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Industry Developments:

April 2020 – Eurofins announced the launch of its "SARS-CoV-2 Full-length Genome Sequencing" service, a new next generation sequencing (NGS) service enabling end-to-end surveillance of the coronavirus genome sequence and mutational drift.

August 2020 – Ancestry, a privately-held genealogy company launched AncestryHealth, which comprises next-generation sequencing and screening capabilities of genes associated with diseases such as colon cancer, breast cancer, blood disorders, and heart diseases. 

Report Scope

Genomic sequencing to Showcase High Demand amid COVID-19 Due to Rising Application

Genomic sequencing has played a vital role in identifying and diagnosing the COVID-19 virus. Continuous sequencing during the pandemic has enabled healthcare experts to closely monitor the virus, which has helped in developing effective vaccines. Such episodes have propelled the demand for genomics. Based on our findings, the genomics market experienced robust growth of 22.6% in 2020.

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Developing Advanced Facilities to Help Key Players Offer Personalized Medicines

Prominent enterprises operating in the market are focusing on leveraging the third generation of sequencing in order to explore new horizons in the field. Such technological advancements will help them offer personalized medicines. Industry leaders are investing in establishing cutting-edge facilities to develop their services. For instance, in October 2018, Helix OpCo LLC, a leading enterprise specialized in genomics study, established a new DNA Product Studio in San Carlos, California. This new facility will help the company develop new applications and tests.

Increasing Government Funded Products Supporting Genomics to Drive Growth

Governments worldwide are focusing on developing the healthcare infrastructure of their countries by investing in research facilities and other advancing domains in the industry. Genomics has been the key area of investments since the study helps scientists and medical professionals understand diseases and develop an effective cure for the same. The increasing number of government-funded projects in the field of such studies is projected to drive the genomics market growth. For instance, in January 2020, Genomics England, a specialized enterprise operated by the Department of Health and Social Care in the U.K., partnered with Illumina to develop nearly three lakh genome equivalents in the span of five years.

Market Segmentation:

Surging Adoption of Third-generation Sequencing to Boost Demand in North America

The market value of North America stood at USD 10.16 billion in 2020. The increasing adoption of the latest generation of sequencing is predicted to strengthen the genomics market share in the region. Another factor boosting growth is the presence of best-in-class healthcare infrastructure in the U.S. In addition, the growing inclination toward personalized therapy and treatment of diseases is anticipated to propel the demand for genomics in the region.  

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The rapidly surging demand for genetic sequencing and testing in China and advancements in bioinformatics in the region are some of the key factors driving the genomics market in Asia Pacific. In addition, the high interaction of people with livestock in India and China increases the risk of animal-based zoonotic diseases, further strengthening the demand for genomics in the region.

Key Players in the Global Genomics Market:

• Illumina Inc. (California, U.S.)
• Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
• Pacific biosciences of California Inc. (California, U.S.)
• F. Hoffman-La Roche Ltd. (Basel, Switzerland)
• Agilent Technologies Inc. (California, U.S.)
• Oxford Nanopore Technologies (England, U.K.)
• Danaher (Washington, D.C., U.S.)
• QIAGEN (Hilden, Germany)
• BGI (Guangdong, China)
• IntegraGen (Evry, France)
• General Electric Company (Illinois, U.S.)
• Bio-Rad Laboratories (Illinois, U.S.)

FAQs:

How big is the Genomics Market?

The global genomics market size was USD 23.11 billion in 2020. The market is projected to grow from USD 27.81 billion in 2021 to USD 94.65 billion in 2028 at CAGR of 19.4% in the 2021-2028 period.

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Detailed Table of Content:

• Global Genomics Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Type
    • Products
      • Instruments & Software
      • Consumables
    • Services
  • Market Analysis, Insights and Forecast – By Technology
    • Polymerase Chain Reaction (PCR)
    • Next-generation Sequencing (NGS)
    • Microarray
    • Sanger Sequencing
    • Others
  • Market Analysis, Insights and Forecast – By Application
    • Diagnostics
    • Research
    • Others
  • Market Analysis, Insights and Forecast – By End User
    • Research Institutes
    • Healthcare Facilities & Diagnostic Centers
    • Pharmaceutical & Biotechnological Companies
    • Contact Research Organizations (CROs)
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
• North America Genomics Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Type
    • Products
      • Instruments & Software
      • Consumables
    • Services
  • Market Analysis, Insights and Forecast – By Technology
    • Polymerase Chain Reaction (PCR)
    • Next-generation Sequencing (NGS)
    • Microarray
    • Sanger Sequencing
    • Others
  • Market Analysis, Insights and Forecast – By Application
    • Diagnostics
    • Research
    • Others
  • Market Analysis, Insights and Forecast – By End User
    • Research Institutes
    • Healthcare Facilities & Diagnostic Centers
    • Pharmaceutical & Biotechnological Companies
    • Contact Research Organizations (CROs)
  • Market Analysis, Insights and Forecast – By Country
    • U.S.
    • Canada

TOC Continued…..!!!!!!

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