Diagnostics Advancement along with several R&D investments Drives the Genomics Market

 

A comprehensive overview of the genomics market is recently added by UnivDatos Market Insights to its humongous database. The genomics market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the genomics market. The genomics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the genomics market at the global and regional levels. The Global Genomics Market is expected to grow at a CAGR of 15.1% from 2021-2027 to reach USD 57,231.1 million by 2027.

Market Overview

Global Genomics Market is experiencing significant growth on account of reduced sequencing costs and genomics application in varied segments. According to data obtained from genome-sequencing groups sponsored by the National Human Genome Research Institute (NHGRI), the cost of producing a high-quality 'draft' of whole human genome sequence in mid-2015 was just above USD 4,000; by late in 2015, which had then fallen below USD 1,500. Overall, the cost of producing a whole-exome sequence was probably less than USD 1,000.

Furthermore, the rising government funding and initiatives in the genomic projects are contributing to the emergence of innovative variants with improved treatment efficacy and effectiveness. For instance, the Genomics Health Futures Mission was proposed by Australian Genomics in 2018 to promote new and expanded clinical research in rare disease, cancer, and complex conditions, as well as early access to clinical trials and discussions to better understand aspects of genomics ranging from privacy and legal concerns to social and familial aspects.

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COVID-19 Impact

The COVID19 pandemic has provided tremendous research resources while also highlighting the threat of deadly epidemic-prone diseases worldwide. Over the last decade, a technical revolution has created many new capabilities for pandemic response. The world was able to quickly identify SARS-CoV-2 owing to sequencing and knowing the genome sequence allowed for the rapid development of diagnostic tests and other response tools. Continuous genome sequencing aids in the tracking of the disease's dissemination, activity, and evolution. The genomes of the extreme SARS-CoV-2 can now be sequenced within hours or days of a case being detected, due to recent advances. As a result, real-time genomic sequencing has been able to warn public health responses in the event of a pandemic. For instance, COVID-19 Genomics UK Consortium (COG-UK) has assessed the effectiveness of travel restrictions by examining over 4000 SARS-CoV-2 importations over the summer of 2020.

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Genomics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product/Services, the market is primarily bifurcated into

·       Consumables

·       Systems and Software

·       Services

Consumables segment dominated the by type of the global genomics market and will grow at 14.27% CAGR to reach USD 29,355.5 million by the year 2027.

By Technology Type, the market is mainly segmented into

·       Sequencing

·       Polymerase Chain Reaction (PCR)

·       Nucleic Acid Extraction and Purification

·       Microarray

·       Others

Amongst technology types, the sequencing segment accounted for the largest share and is expected to grow at the CAGR of 15.27% during the forecast period 2021-2027. In 2020, the sequencing segment accounted for a revenue share of almost 39.7%.

By Application, the market is primarily studied into

·       Diagnostics

·       Drug Discovery and Development

·       Personalized Medicine

·       Agriculture & Animal Research

·       Others

In 2020, the diagnostics segment dominated the global genomics market with nearly 32.2% of the market share and it is anticipated by 2027, the segment will garner USD 16,922.9 million of the market.

By End-user, the market is primarily segmented into

·       Pharmaceutical & Biotechnology Companies

·       Hospitals & Clinics

·       Academic & Government Institutes

·       Clinical Research

·       Others

Amongst end-user type, pharmaceutical & biotechnology companies accounted for the largest share in 2020 and is expected to grow at 14.6% CAGR during the forecast period 2021-2027. However, the hospitals & clinics segment is anticipated to grow at the highest CAGR during the analyzed period and is expected to account for a revenue share of almost 25.6% by 2027.

Genomics Market Geographical Segmentation Includes:

·       North America (United States, Canada)

·       Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)

·       Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)

·       Rest of the World

Based on the estimation, the North America region dominated the Genomics market with almost USD 8,982.8 million revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 16.51% over the forecast period.

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The major players targeting the market includes

·       Agilent Technologies

·       Bio-Rad Laboratories

·       Danaher Corporation

·       F. Hoffmann-La Roche

·       Illumina, Inc.

·       Myriad Genetics

·       Oxford Nanopore Technologies

·       QIAGEN N.V.

·       Thermo Fisher Scientific

·       BGI Genomics

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the genomics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Genomics market?

• Which factors are influencing the Genomics market over the forecast period?

• What are the global challenges, threats, and risks in the Genomics market?

• Which factors are propelling and restraining the Genomics market?

• What are the demanding global regions of the Genomics market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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