Press release
Genomics Market to Worth US$ 60.26 Billion by 2027 | Industry CAGR of 15.54%
Genomics Market Report
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 is the study of the structure of the genome that contains non-coding DNA, genes, chloroplast, and mitochondrial DNA. It is employed to prevent, manage, and treat diseases. Genomics aims to understand the mapping of the genes and sequence the DNA by examining the molecular mechanisms and the interplay of genetic and environmental factors in diseases.
Genomics is also instrumental in solving complex genetic problems, and the examination of the biological functions of individual genes is a common process in medical and biological research. As a result, genomics finds application in diagnostics, drug discovery, development of precision medicine, and agricultural research.
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 market is primarily driven by the growing demand for personalized medicine to provide effective treatment. Genomics is also used in the agricultural sector to produce genetically modified (GM) plants and organisms. Besides this, the introduction of microarrays and DNA technologies backed by genomics is attracting extensive investment from government and private agencies. Along with this, governments of various countries are promoting research and development activities in the field of genomics, which, in turn, is providing a favorable market outlook.
In addition to this, the rising incidences of chronic diseases and cancer have resulted in the growing adoption of non-invasive cancer screening-based research, thereby propelling the market growth. Moreover, the advent of next-generation sequencing technology has enabled the development of life-science databases and projects to support scientific research, which is propelling the market growth.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
Products
Instruments and Software
Consumables and Reagents
Services
Core Genomics Services
NGS-Based Services
Biomarker Translation Services
Computational Services
Others
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
Epigenomics
Biomarkers Discovery
Pathway Analysis
Others
Functional genomics dominates the application segment as they help improve crop plants, human health, and livestock.
Breakup by Technology:
Sequencing
Microarray
Polymerase Chain Reaction
Nucleic Acid Extraction and Purification
Others
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
Others
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.
By Geography:
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
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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