Genomics Market Share, Industry Growth, Trend, Drivers, Challenges, Key Companies by 2027

The growing funding from the government and growth in the number of genomics projects are driving the market demand.
Market Size – USD 18.60 Billion in 2019, Market Growth - CAGR of 13.1%, Market Trends – Advancement in technology.
The global Genomics market is forecast to reach USD 47.23 Billion by 2027, according to a new report by Reports and Data. The growing demand for genetically modified plants and animals and a reduction in the price of genetic procedures are boosting the growth of the market.
The market is witnessing an increased demand owing to the massive change in technology. The development of innovative machines and increased spending on research is further propelling the demand. The government is taking initiatives to encourage the growth of the market. The growing trend of personalized medicine is also another trend impacting market demand. However, the high cost of the genomic instruments and regulatory guidelines are hampering the growth of the market.
Advancement in genomics will continue to give rise to the economic, environmental, and ethical, legal, and social implications, all of which will garner attention from the public and the policymakers. Several healthcare and research companies are working towards the integration of genomic data, while major clinical centers like Stanford Health Care and many cancer research centers are using genomic data to personalize treatments for treating life-threatening diseases such as cancer.

Leading companies operating in the market and profiled in the report include:
Thermo Fisher Scientific, Agilent Technologies, Illumina, Inc., Qiagen, Oxford Nanopore Technologies, Eurofins Scientific, F. Hoffmann-La Roche, Danaher Corporation, Bio-Rad Laboratories, and GE Healthcare, among others.

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Further key findings from the report suggest
• Pharmaceutical companies are making use of the available genomic information in personalized medicine, which is forecasted to significantly impact the growth of the market. The reduction in the cost of sequencing has enabled the whole genome sequencing at a very affordable price, which has made it more attractive to pharmaceutical and biotechnology companies.
• NGS-based services held a major market share due to its adoption of whole-genome sequencing and application of the sequence databases for disease prognosis and screening. The demand is expected to grow owing to the expansion of the customer base from limited to academic and research centers to CROs, biotech, and pharma players.
• Polymerase chain reaction (PCR) has several advantages, which is boosting the demand for the market. The reaction is simple, easy to understand, and also produces results quickly. The technique is very sensitive, with the potential to produce billions of copies of a certain product for cloning, sequencing, and analysis. Thus, it finds its use in analyzing alterations of gene expression levels in tumors, microbes, or other disease states.
• A major goal of the genome in animal research is to use the information to enhance the response of animals to selection. The dairy industry witnessed an agri-dairy revolution with the implementation of genome-enables genetic predictions. In the U.S., more than 2 million dairy cattle from 5 breeds have incorporated genome information into the national dairy genetic evaluation. The impact on genetic improvement has been profound.

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Competitive Landscape:
Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.

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Global Genomics Market Segmentation:
Deliverables Outlook (Revenue, USD Billion; 2017-2027)
• Products
o Instrument
o Reagent
• Services
o Core Genomics
o Biomarker Translation
o NGS-Based
o Computational
o Others

Technology Outlook (Revenue, USD Billion; 2017-2027)
• Sequencing
• PCR
• Microarray
• Nucleic Acid Extraction and Purification
• Other Technologies

Application Outlook (Revenue, USD Billion; 2017-2027)
• Diagnostics
• Precision Medicine
• Drug Discovery and Development
• Agriculture & Animal Research
• Others

End User Outlook (Revenue, USD Billion; 2017-2027)
• Hospitals and Clinics
• Research centers and government institute
• Pharmaceutical and Biotechnology Companies
• Others

The global Genomics market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Regional Outlook:
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA

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