Genomics Market Size, Share Revenue to Grow At 20.9% CAGR Through 2030

The global Genomics market size was estimated at USD 27.90 billion in 2021 and is expected to surpass around USD 96.25 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 20.9% during the forecast period 2022 to 2030.

The global Genomics market size was estimated at USD 27.90 billion in 2021 and is expected to surpass around USD 96.25 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 20.9% during the forecast period 2022 to 2030.

Request Free Sample of This Report@ https://www.novaoneadvisor.com/report/sample/6825

The development of innovative genome technologies by key players of the genomics market and a wide range of genomic products used in COVID-19 research helped researchers to gain a better understanding of the coronavirus. Thus, COVID-19 positively impacted the genomics market. Researchers tried to address genetic severity and susceptibility to SARS-CoV-2 infection by using the existing genetic databases. Genome-wide association studies (GWAS) and Multiomic-based approaches have been employed to unfold the common variants underlying host-pathogen interactions and biological networks. Additionally, the data obtained from genomes, such as ABO blood groups, polygenic risk scores (PRS), can be potentially used to decode COVID-19 susceptibility, complications, and resistance. Moreover, biobanks that connect genomic data to electronic health records can be used to study the impact of genomic factors on the clinical course of patients infected with COVID-19.

The major factors attributing to the growth of the genomics market are the growing government support and increased number of genomics studies, declining sequencing cost, and increased genomics applications. The genomics market is geared to exponential growth due to the essential genetic developments and their applications in numerous areas of study, such as intragenomic phenomena, like epistasis, heterosis, pleiotropy, and other associations within the genome between alleles and loci. Bioengineering and synthetic biology applications are expected to further propel the growth of the genomics market.

Governments in various countries are investing in research and developments in the arena of genomics for the development of new technologies. For instance, in January 2020, the Department of Biotechnology (DBT) initiated the “Genome India Project” (GIP) in India. Under this project, 10,000 genetic samples of Indian citizens will be collected to build a reference genome. This project is aimed at precision health, mutation spectrum of genetic and complex diseases, rare genetic disorders, genetic epidemiology of multifactorial lifestyle diseases, and translational research. Such initiatives are expected to increase the usage of genomics products, which will drive the overall market growth.

However, factors, such as the high cost of equipment and consumables and the shortage of skilled professionals, are expected to impact market growth.

Ask here for more customization study@ https://www.novaoneadvisor.com/report/customization/6825

Report Scope of the Genomics Market

Report Coverage

Details

Market Size

US$ 96.25 Billion by 2030

Growth Rate

CAGR of 20.9% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Application & technology, deliverable, end-use and Region,

Application & Technology Insights

Functional genomics held the largest revenue share of 33.0% in 2021. Real-time PCR was the dominant revenue generator within functional genomics. Real-time quantitative PCR has played a major role in the absolute quantification of genetic elements in genomic DNA. This technology has been employed to evaluate the use of tissue genomic DNA as a universal external standard for accelerating quantification of any target sequence in the genome of various species.

The use of this technology in combination with reverse transcription PCR enables quantification of low-abundance mRNA, which, in turn, allows researchers to quantify relative gene expression at a particular time. Since this technology is observed to be more sensitive than array technology, when it comes to the detection of small changes in gene expression, its adoption rate is continuously growing. However, it requires more input and is found to be less adaptable in high-throughput studies.

Pathway analysis is expected to register the fastest CAGR from 2021 to 2028. Investigation of how individual targets communicate and respond within the molecular networks has helped elaborate the functioning of biological processes at a cellular level. Hence, pathway analysis has become an integral aspect of drug development and life sciences research. The research community uses pathway analysis to improve fundamental understanding of cellular and molecular biology.

Deliverable Insights

The products segment dominated the market in 2021 with a revenue share of 70.3%. Continuous launch of nucleic acid extraction reagents and kits by key manufacturers is driving the revenue generation in the segment. For instance, in June 2020, Omega Bio-tek, Inc. introduced the Mag-Bind Viral RNA Xpress Kit for reliable and rapid viral RNA isolation from nasopharyngeal swab samples.

This introduction of a new kit helps overcome the scarcity of RNA purification kits that are used in the testing of COVID-19. Similarly, in April 2020, PHASE Scientific announced the global release of the PHASIFY VIRAL RNA Extraction Kit that is used to help in the detection and control of coronavirus. This kit allows purification and concentration of the viral nucleic acid in Viral Transport Media (VTM) samples of patients.

Similarly, in October 2020, QIAGEN NV announced the future launch of a novel kit to simplify and accelerate PCR-based analysis of COVID-19 and other RNA-based viruses. Such advancements in product offerings are anticipated to augment organic revenue generation in the market.

On the other hand, key players are acquiring smaller companies to advance their products in accordance with the latest technologies. For instance, in June 2020, Illumina, Inc. acquired Bluebee to boost genomic analysis. The cloud capability of Bluebee is expected to help in reducing the costs of sharing, storing, and managing genomic data in new products.

End-use Insights

Pharmaceutical and biotechnology companies held the largest share of 61.3% in 2021. Genomic technologies are witnessing high demand from pharmaceutical and biotechnology companies owing to the increasing number of genetic research studies. As genomics plays a crucial role in drug discovery and development, several drug developers are employing genomic techniques to ease and improve the process.

For the past few years, direct-to-consumer genomic tests are being offered by companies, resulting in the changing of business models. Personal genomics companies are generating genomics data to offer to pharmaceutical companies. With convenient data analysis and the availability of cheaper data acquisition, several new players have entered the genomics services market to meet the growing demand.

Furthermore, the market is witnessing increased demand for advanced gene-editing tools from biotechnology companies. Biotechnology companies are entering into strategic alliances or licensing partnerships to avail of this technology. For instance, in October 2020, Merck licensed CRISPR technology to Takara Bio USA, Inc. and PanCELLa, Canada. These licenses are aimed to boost the development of new therapies by improving drug discovery.

Similarly, in January 2020, New England Biolabs signed an agreement with ERS Genomics Limited for the commercialization of CRISPR gene editing reagents and tools. Thus, the market is witnessing increased adoption of genomic technologies by pharmaceutical and biotechnology companies.

Regional Insights

North America dominated the market with a share of 37.8% in 2021 owing to an increase in the number of research programs, a high number of strategic partnerships, and a rise in regulatory approvals by the U.S. FDA. Changing regulations for reimbursement and usage are anticipated to further propel the adoption of genetic tests in this region.

In January 2020, Color Genomics, Inc., in collaboration with NorthShore University HealthSystem, completed the delivery of clinical genomics in routine care under its U.S. program. The company has also supported Sanford’s genomics program, Imagenetics, to improve clinical decision-making.

Asia Pacific is witnessing an increasing adoption of genomic technologies owing to the initiation of various research programs. The GenomeAsia 100K Project is one such project that includes whole-genome sequencing (WGS) to enable genetic discoveries across Asia. The study covered four different countries from Asia.

Moreover, supportive regulatory bodies are contributing to the market growth by increasing the number of approvals. In February 2020, the National Cancer Center (NCC) Japan collaborated with Foundation Medicine, along with Chugai Pharmaceutical, Ltd., to use FoundationOneLiquid in the third stage of Japan’s cancer genomic screening consortium. This enhanced the growth of the genomic testing services market in Japan.

Some of the prominent players in the Genomics Market include:

  • Thermo Fisher Scientific, Inc.
  • Agilent Technologies
  • Beijing Genomics Institute (BGI)
  • Bio-Rad Laboratories
  • Danaher Corporation
  • F. Hoffmann-La Roche Ltd.
  • GE Healthcare
  • Illumina, Inc.
  • Oxford Nanopore Technologies
  • Pacific Biosciences of California, Inc.
  • QIAGEN N.V.
  • Quest diagnostics
  • Myriad Genetics, Inc.
  • Eppendorf AG
  • Eurofins Scientific
  • Color
  • 23andMe, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Genomics market

  • Application & Technology
    • Functional Genomics
      • Real-time PCR
      • Transfection
      • SNP Analysis
      • Mutational Analysis
      • Microarray Analysis
      • RNA Interference
    • Pathway Analysis
      • Microarray Analysis
      • Bead-based Analysis
      • Proteomics Tools (2-D PAGE; yeast 2-hybrid studies)
      • Real-time PCR
    • Biomarker Discovery
      • DNA Sequencing
      • Microarray Analysis
      • Real-time PCR
      • Mass Spectrometry
      • Statistical Analysis
      • Bioinformatics
    • Epigenetics
      • Bisulfite Sequencing
      • Microarray Analysis
      • Chromatin Immunoprecipitation (ChIP & ChIP-Seq)
      • Methylated DNA Immunoprecipitation (MeDIP)
      • High Resolution Melt (HRM)
      • Chromatin Accessibility Assays
    • Others
  • Deliverable
    • Products
      • Instruments/Systems/Software
      • Consumables & Reagents
    • Services
      • NGS-based Services
      • Core Genomics Services
      • Biomarker Translation Services
      • Computational Services
      • Others
  • End-use
    • Pharmaceutical and Biotechnology Companies
    • Hospitals and Clinics
    • Academic and Government Institutes
    • Clinical Research
    • Other End Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Full Report is Ready | For Purchase Inquiry@ https://www.novaoneadvisor.com/report/checkout/6825

You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333

Blog: https://www.novaoneadvisor.com/

Blog: https://www.visionresearchreports.com/

Blog: https://qyresearchmedical.com/