The genomics market was estimated at USD 20.06 billion in 2020 and is expected to reach US$ 72.13 billion by 2030, with a growing CAGR of 13.65% from 2021 to 2030, according to new report by Precedence Research.
The genomics market was estimated at USD 20.06 billion in 2020 and is expected to reach US$ 72.13 billion by 2030, with a growing CAGR of 13.65% from 2021 to 2030, according to new report by Precedence Research.
Growth Factors
The genome which includes non-coding DNA, mitochondrial DNA, genes, and chloroplast is the genetic material of an organism. The term genomics refers to the study of DNA sequences. In recent years, an inflow of startups has sprung up because to the huge potential of genome sequencing. The key market players have begun offering genome sequencing services for a number of applications including ancestry, nutrition, and hereditary illnesses as a result of the enormous potential of genome sequencing. The increasing number of governments funded genome studies is one of the major factors contributing to the genomics market’s expansion. A main reason why various government agencies are investing in genome projects is that genomic research is an important instrument that can aid in the creation of successful treatments. This factor is driving the growth of the global genomics market during the forecast period.
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Report Highlights:
- Based on the products and services, the consumables segment dominated the global genomics market in 2020 with largest market share. Consumables are widely utilized in genomic systems and their use will continue to rise as the number of genetic tests performed around the world increases.
- On the basis of technology type, the PCR segment holds the largest market share the global genomics market in 2020. One of the primary driving reasons for market expansion is the high frequency of infectious diseases combined with the advancement of PCR technology.
- By application type, the diagnostics segment is the largest segment in the genomics market. The genomics market’s expansion will be aided by lower diagnostic costs.
- By end user type, the research institutes segment is the largest segment in the genomics market. The genomics market is growing due to an increase in practical application among academics.
- North America is the largest segment for genomics market in terms of region. The North American market is being driven by an increase in government initiatives to promote precision medicine as well as the implementation of many strategies by major market players to provide effective genomics solutions in this region.
- Asia-Pacific region is the fastest growing region in the genomics market. As a result of the start of numerous research initiatives, Asia-Pacific region is seeing an increase in genomic technology use.
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Future of Genomics Market
The major market players in the genomics market will benefit from the growth of the personalized medicine market. The personalized medicine research is becoming more and more popular among pharmaceutical industry players. The medical practitioners can use personalized medicine to point out a patient’s requirements and then suggestdrugs to meet those requirements. This method ensures that the patient receives the best possible care. Furthermore, advances in gene therapy are projected to eventually replace traditional medications and operations by allowing doctors to treat a problem by putting a gene into a patient’s cell.
COVID-19 Impact Analysis:
- The COVID-19 epidemic has drastically transformed the healthcare business as a whole with the pandemic’s repercussions felt in all areas of healthcare.
- Both the government and commercial and biotechnology businesses have boosted their research efforts and funding in order to create an effective COVID-19 vaccination or innovative treatment.
- The COVID-19 genome sequence can be used to trace the spread of infection and its influence on the human genome.
- This information can subsequently be used to create an efficient infection treatment.
Key Developments in the Marketplace:
- QIAGEN purchased NeuMoDx Molecular in 2020 to expand its position as a leader in automated molecular testing. NeuMoDx automation solutions based on PCR testing technology for medium and high throughput will now be included in QIAGEN’s offering.
- The Oncomine Myeloid Assay GX was introduced by Thermo Fisher Scientific in 2020.
- Nebula Genomic will announce a new product in February 2020 that will provide clients with whole genome sequencing.
- Illumina Inc. declared the availability of the eTruSight Software Suite in July 2020, which provides ready to use infrastructure for whole genome sequencing to discover hereditary illnesses.
- PCR Biosystems introduced a line of IsoFast Bst Polymerase reagents for robust, rapid, and sensitive Ribonucleic Acid and Deoxyribonucleic Acid amplification in March 2021, allowing for faster results and allowing Deoxyribonucleic Acid and Ribonucleic Acid amplification in the field without the use of specialist thermocycling equipment.
- Omega Bio-tek Inc. released the Mag-Bind Viral Ribonucleic Acid Xpress Kit in June 2020, which allows for reliable and quick viral RNA isolation from nasopharyngeal swab samples.
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Market Segmentation
By Product and Services
- Consumables
- Systems and software
- Services Equipment
By Technology
- PCR (polymerase chain reaction)
- Sequencing
- Microarray
- Nucleic acid extraction and purification
- Other technologies (branched DNA analysis, single-cell genomics analysis, and flow cytometry)
By Application
- Drug discovery and development
- Diagnostics
- Precision medicine
- Agriculture and animal research
- Other applications
By End-Users
- Hospitals & clinics
- Research centers and academic & government institutes
- Pharmaceutical & biotechnology companies
- Other end users
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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