Genomics Market Revenue to Cross US$ 49996.15 by 2027: The Insight Partners – Digital Journal

The genomics market was valued at US$ 19,084.74 million in 2019 and is projected to reach US$ 49,996.15 million by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027.

According The Insight Partners study on Genomics Market Forecast to 2027 COVID-19 Impact and Global Analysis by Technology, Product & Service, Application, End User, The report highlights trends existing in the market, and drivers and hindrances pertaining to the market growth.

The report emphasizes on parameters such as market trends, technological advancements, market dynamics, and leading companys competitive landscape analysis to offers insights and in-depth analysis of the Genomics Market.

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Market Insights

Growing Funding for Genomics Drives Genomics Market Growth

Genomic sequencing is rapidly transitioning into clinical practice. Also, substantial government investments, totaling over US$ 4 billion in at least 14 countries, are supporting its implementation into healthcare systems. These national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to the implementation and gathering evidence for broader adoption, which is bolstering the market growth. The UK announced the worlds largest genome project as a part of 200 million publicprivate collaboration between charities and pharma. The UK has already developed the largest genome database in the world through the 100,000 Genomes Project. Led by Innovate UK as part of UK Research and Innovation, the project will fund researchers and industries to combine data and real-world evidence from UK health services and create new products and services that diagnose diseases quickly and more efficiently. In November 2018, Stilla Technologies announced that it had completed a US$ 18.3 million (16 million) Series A financing round led by Illumina Ventures. The company will use funds to commercialize its Naica digital PCR system and develop clinical applications. Further, on June 2020, Base Genomics, an Oxford, England, UK-based epigenetics company, closed a seed funding round of US$11 million (9 million GBP).

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Based on technology, the genomics market is segmented into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment held the largest share of the market in 2019, whereas the microarray segment is anticipated to register the highest CAGR during the forecast period. The market growth for the microarray segment is attributed to increasing use of technology in the diagnosis of infectious and genetic diseases, drug discovery, pharmacogenomic research, cancer diagnostics, and forensic applications. Additionally, the microarray technology is also used in immunology research such as the study of the relation between phenotype and gene expression, activation and differentiation of immune cells, regulation of immune responses, analysis of the molecular mechanisms of allergy, and immunological pharmacology.

Based on product & services, the genomics market is segmented into instruments/systems, consumables, and services. The consumables segment held the largest share of the market in 2019, whereas the services segment is anticipated to register the highest CAGR during the forecast period. The market growth of the consumables segment is attributed to rising government funding and surging number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field.

Based on application, the genomics market is segmented into diagnostics, drug discovery & development, precision/personalized medicine, agriculture & animal research, and others. The diagnostics segment held the largest share of the market in 2019, and the same segment is estimated to register the highest CAGR during the forecast period. The clinical applications of genomic technologies are vast and offer opportunities to enhance diagnosis and treatment capabilities for chronic disease. For instance, they offer huge potential in gene discovery and diagnosis of rare monogenic disorders.

Based on end user, the genomics market is segmented into research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The research centers segment held the largest share of the market in 2019, whereas the hospitals & clinics segment is estimated to register the highest CAGR during 20202027.

Genomics Market : Competitive Landscape and Key Developments

Illumina, Inc.,Danaher,F. HOFFMANN-LA ROCHE LTD.,BIO-RAD LABORATORIES INC.,General Electric Company,Thermo Fisher Scientific Inc.,Agilent Technologies, Inc.,Eurofins Scientific,QIAGEN,BGI

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Genomics Market Revenue to Cross US$ 49996.15 by 2027: The Insight Partners - Digital Journal