IMARC Group has recently released a new research study titled “Genomics Market Size: Global Industry Trends, Share, Growth, Opportunity, and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Genomics industry?
The global genomics market reached a value of US$ 25.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 60.26 Billion by 2027, exhibiting a CAGR of 15.54% during 2022-2027.
What is a Genomics?
Genomics represents the study of the mapping, structure, function, evolution, and genomes (genes) of an individual. It relies on systems, software, consumables, and services for drug discovery, the development of precision medicine, diagnostics, and agricultural research. Genomics aids in providing predictive insights that assist healthcare professionals in researching and finalizing treatment options for various diseases, such as diabetes, Alzheimer’s, and cancer. As a result, this study finds widespread applications in solving complex genetic problems and studying biological systems in private clinics, hospitals, diagnostic and research centers, pharmaceutical and biotechnology companies, etc., across the globe.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the Genomics market?
The escalating advancements in the medical field, the increasing prevalence of chronic and infectious illnesses among the masses, and the high preferences for personalized medicines are primarily driving the genomics market. Besides this, the extensive utilization of non-invasive cancer screening-based research is further augmenting the market growth. Moreover, the integration of genomics-based tests and apps to identify DNA alterations is also catalyzing the global market. Apart from this, the growing population across the globe, the changing climatic conditions, and the rising food security concerns are acting as significant growth-inducing factors. In addition, the elevating awareness among the masses toward the harmful effects of chemical-based fertilizers and the shifting consumer preferences for organic food products are also stimulating the market growth. Furthermore, the inflating number of investments in research and development (R&D) of biotechnology and the vast improvements in healthcare infrastructure and diagnostic technologies are expected to bolster the genomics market in the coming years.
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The report has segmented the market into the following categories:
Breakup by Component:
- Instruments and Software
- Consumables and Reagents
- Core Genomics Services
- NGS-Based Services
- Biomarker Translation Services
- Computational Services
Consumables and reagents hold the biggest market share as they aid in performing single-molecule and real-time (SMRT) sequencing.
Breakup by Application:
- Functional Genomics
- Biomarkers Discovery
- Pathway Analysis
Functional genomics dominates the application segment as they help improve crop plants, human health, and livestock.
Breakup by Technology:
- Polymerase Chain Reaction
- Nucleic Acid Extraction and Purification
Sequencing exhibits a clear dominance in the market as it provides information on genetic variants that can lead to different diseases.
Breakup by End-User:
- Research Centers
- Hospitals and Clinics
- Pharmaceutical and Biotechnology Companies
Pharmaceutical and biotechnology companies hold the majority of the total market share as they help modify genes and provide a new platform for the high-throughput genetic analysis of forest trees.
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are
- 23andMe, Inc
- Agilent Technologies, Inc
- Bayer AG
- BGI Group
- Bio-Rad Laboratories, Inc
- Danaher Corporation
- Illumina, Inc
- Oxford Nanopore Technologies
- PerkinElmer, Inc
- Myriad Genetics, Inc
- Hoffmann-La Roche Ltd
- Thermo Fisher Scientific Inc
Related Report by IMARC Group:
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