Genomics Market Surpass US$ 49,996.15 million by 2027 and to grow at a CAGR of 13.1% , Says The Insight Partners
According to our latest study on “Genomics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology, Product & Service, Application, and End User,” the market was valued at US$ 19,084.74 million in 2019 and is projected to reach US$ 49,996.15 million by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Genomics Market: Competition Landscape and Key Developments
Illumina, Inc.; Danaher; F. HOFFMANN-LA ROCHE LTD.; BIO-RAD LABORATORIES INC.; General Electric Company; Thermo Fisher Scientific Inc.; Agilent Technologies, Inc.; Eurofins Scientific; QIAGEN; and BGI are among the leading companies operating in the global genomics market.
Scientists are collaborating to generate and share genomic sequence data information and apply it to disease diagnosis and control efforts. The US is increasing its ability to track the mutations of novel coronavirus with genomic sequencing as experts warned that new variants drive up number of cases and hospitalizations. For instance, the US ranked 43rd in genome sequencing project by sequencing 3% of the sample, according to the GISAID Initiative, a global genome sequencing database project. The sequencing of the genome can aid in the fight against COVID-19 outbreak and the newly emerging variants.
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Genomic sequencing is rapidly transitioning into clinical practice. Also, substantial government investments, totaling over US$ 4 billion in at least 14 countries, are supporting its implementation into healthcare systems. These national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to the implementation and gathering evidence for broader adoption, which is bolstering the market growth. The UK announced the world’s largest genome project as a part of 200 million public–private collaboration between charities and pharma.
The UK has already developed the largest genome database in the world through the 100,000 Genomes Project. Led by Innovate UK as part of UK Research and Innovation, the project will fund researchers and industries to combine data and real-world evidence from UK health services and create new products and services that diagnose diseases quickly and more efficiently. In November 2018, Stilla Technologies announced that it had completed a US$ 18.3 million (€16 million) Series A financing round led by Illumina Ventures. The company will use funds to commercialize its Naica digital PCR system and develop clinical applications. Further, on June 2020, Base Genomics, an Oxford, England, UK-based Epigenetics Company, closed a seed funding round of US$11 million (£9 million GBP).
The major factors driving to the growth of the market are growing government support, rising number of genomics studies, declining sequencing cost, and increasing genomics applications. However, the dearth of skilled professionals is restricting the genomics market growth.
Genomic Market: Segmental Overview
Based on technology, the genomics market is segmented into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment held the largest share of the market in 2019, whereas the microarray segment is anticipated to register the highest CAGR during the forecast period. The market growth for the microarray segment is attributed to increasing use of technology in the diagnosis of infectious and genetic diseases, drug discovery, pharmacogenomic research, cancer diagnostics, and forensic applications. Additionally, the microarray technology is also used in immunology research such as the study of the relation between phenotype and gene expression, activation and differentiation of immune cells, regulation of immune responses, analysis of the molecular mechanisms of allergy, and immunological pharmacology.
Based on application, the genomics market is segmented into diagnostics, drug discovery & development, precision/personalized medicine, agriculture & animal research, and others. The diagnostics segment held the largest share of the market in 2019, and the same segment is estimated to register the highest CAGR during the forecast period. The clinical applications of genomic technologies are vast and offer opportunities to enhance diagnosis and treatment capabilities for chronic disease. For instance, they offer huge potential in gene discovery and diagnosis of rare monogenic disorders.
Based on product & services, the genomics market is segmented into instruments/systems, consumables, and services. The consumables segment held the largest share of the market in 2019, whereas the services segment is anticipated to register the highest CAGR during the forecast period. The market growth of the consumables segment is attributed to rising government funding and surging number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field.
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