Genomics - Market Insights, Competitive Landscape and Market Forecast–2027


Posted July 31, 2022 by kavitakrishna98

Bharat Book Bureau Provides the Trending Market Research Report on “Genomics - Market Insights, Competitive Landscape and Market Forecast–2027 “under Life Sciences Market Research Report category.
 
Bharat Book Bureau Provides the Trending Market Research Report on “Genomics - Market Insights, Competitive Landscape and Market Forecast–2027 “under Life Sciences Market Research Report category. The Genomics Devices Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.

Genomics Market By Type (Product [Systems & Software, Consumables], Services), By Technology (Pcr, Sequencing, Microarray, Others), By Application (Diagnostics, Drug Discovery, And Development, Precision Medicine, Others), By End-User (Hospitals And Clinics, Research Centers, Pharmaceutical, And Biotechnology Companies, Others), by geography, is projected to grow at a significant CAGR forecast till 2027 owing to the growing application of genomics in various fields and rising cases of various disorders which require genome analysis
The global genomics market was valued at USD 21.81 billion in 2021, growing at a CAGR of 16.90% during the forecast period from 2022 to 2027, to reach USD 55.45 billion by 2027. The rise in the genomics market is predominantly attributed to the widening application of genome analysis across various fields such as diagnosis, research, drug development, and others. Moreover, increase in the burden of the population suffering from various disorders such as cancer, genetic disorders, infectious disorders, and others, further the rising government initiative to support genomics project, and technological advancement in the product arena are some of the key factors responsible for driving the global genomics market during the forecasted period from 2022-2027.
Genomics Market Dynamics:
The genomics market is witnessing growth at present owing to the rise in various diseases such as cancer, genetic disorders, among others across the globe where genome analysis is a potential tool for diagnosis. For instance, according to the data published by the GLOBOCAN database in the year 2020, an estimated 19.3 million new cancer cases were diagnosed in the same year. Furthermore, the rise in the adoption of prenatal genetic screening to identify chromosomal anomalies in the offspring could also boost the market for genomics in the upcoming years. For instance, according to the World Health Organization (WHO) 2020 data, in India, more than 1.7 million children are born with congenital defects every year for which genetic or chromosomal abnormality is the main cause.
Additionally, growing government funding to support research in genome-based projects would also contribute to the overall growth of the genomics market. For instance, in September 2019, the UK government created a £200 million whole genome sequencing project by forming a partnership of pharmaceutical firms and health experts to examine and sequence the genetic code of 500,000 volunteers at the UK Biobank, based in Stockport.
Hence, all the aforementioned factors are anticipated to boost the global genomics market during the forecasted period.
However, the lack of skilled professionals and the high cost of establishing and maintaining genome analysis and sequencing facilities are some of the factors likely to impede the genomics market growth.
Although the unprecedented COVID-19 pandemic has devastated the healthcare facility in the initial phases and had affected the overall healthcare market. However, during the pandemic, the genomics market observed significant growth. This is owing to the rise in the adoption of genomic surveillance to combat the pandemic. For instance, the World Health Organization (WHO) has endorsed surveillance of COVID-19 in humans caused by infection with severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Additionally, in the Americas, the Pan American Health Organization (PAHO) created the COVID-19 Genomic Surveillance Regional Network in the year 2020 to strengthen as well as to establish a routine SARS-CoV-2 genomic sequencing and support the development of diagnostic protocols. In addition, the information from genome analysis could also be used for vaccine development and to better understand the evolution and molecular epidemiology of the SARS-CoV-2.
Furthermore, the approval of the various product for analyzing the COVID-19 genome has also propelled the genomics market during the pandemic. For instance, in June 2020, Illumina received the FDA Emergency Use Authorization for a Sequencing-Based COVID-19 Diagnostic Test “COVIDSeq”. The test includes 98 amplicons that target the full SARS-CoV-2 genome, creating accurate detection and high sensitivity.
Genomics Market Segment Analysis:
Genomics Market By Type (Product [Systems & Software, Consumables], Services), By Technology (PCR, Sequencing, Microarray, Others), By Application (Diagnostics, Drug Discovery And Development, Precision Medicine, Others), By End-User (Hospitals And Clinics, Research Centers, Pharmaceutical And Biotechnology Companies, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the technology segment of genomics market, the sequencing sub-segment is expected to hold a significant market share in the year 2021. This is because of various advancements incorporated into the early available technology to provide better and more efficient results. For instance, Nanopore-based DNA sequencing is a newer technology that offers many potential advantages such as real-time analysis (for rapid insights) in fully scalable formats, analysis of native DNA or RNA, and sequencing of any length of the fragment to achieve short to ultra-long read lengths over the current methods is likely to boost the segment market.
Additionally, the shifting focus of the market players towards the development of NGS-based whole genome sequencing panels for the detection of causative agents of various infections such as COVID-19 would also contribute to the segmental growth of the genomics market in the upcoming years. For instance, in March 2020, the Paragon Genomics team quickly developed and launched an amplicon-based NGS panel: CleanPlex® SARS-CoV-2 Panel for sequencing the whole genome of SARS-CoV-2 (the virus responsible for COVID-19) on both Illumina and MGI Tech Sequencing platforms. The panels are designed to obtain complete viral genomes even from samples with very low SARS-CoV-2 viral content.
Moreover, the establishment of new sequencing laboratories could also boost the market in the upcoming years. For instance, in the year 2019, MGI, a subsidiary of BGI Group (a leading producer of clinical high-throughput gene sequencers) launched the first "benchtop" sequencing laboratory and automation products to accelerate genetic sequencing.
Hence, all the above-mentioned factors are anticipated to surge the market of genomics in the forthcoming years.
North America is expected to dominate the overall Genomics Market:
Among all the regions, North America is expected to occupy a major share in the overall genomics market in the year 2021. This domination is owing to the rising patient population in the region. Moreover, rise in adoption of various strategies by the key manufacturers to provide the better genomic solution in the region, increasing government initiative and funding to various genomic-based clinical diagnoses, research for precision medicine, and regulatory approval of several genomic products in the region, among others are expected to drive the North America genomics market in the forthcoming years.
For instance, in May 2020, the Centers for Disease Control and Prevention (CDC) has established the SARS-CoV-2 Sequencing for Public Health Emergency Response, Epidemiology and Surveillance (SPHERES) consortium to expand the use of whole-genome sequencing (WGS) of the COVID-19 virus. SPHERES will provide consistent, real-time sequence data to the public health response teams investigating cases and clusters of COVID-19 in the US.
In addition, in February 2018, the National Human Genome Research Institute (NHGRI) launched a new round of strategic planning to establish a 2020 vision for genomics research aimed at accelerating scientific and medical breakthroughs.
Moreover, in October 2020, the Government of Canada invested CAD 16 million through Genome Canada to support 10 new genomics projects. The investment will aid in transforming drug discovery and biomedicine by the year 2035 and will also be used to drive research with line-of-sight to the application that addresses real-world opportunities and challenges in the areas of health, agriculture, and the environment.
Also, the presence of key manufacturers in the region such as Illumina, Inc., Thermo Fisher Scientific, Bio-Rad Laboratories, Inc., among others, and their strategic business expansion activities would augment the regional genomic market. For instance, in January 2020, Illumina announced a New Sequencing System partnership with Roche and Software Suite to accelerate the adoption of genomics. Additionally, Color Genomics, Inc., in collaboration with NorthShore University HealthSystem, completed the delivery of clinical genomics in routine care under its US program in the year 2020.
Thus, the interplay of all the above-mentioned factors is likely to propel the genomic market growth in the region during the forecasted period.
Genomics Market Key Players:
Some of the key market players operating in the Genomics market include Thermo Fisher Scientific, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories, Inc., Danaher., F. Hoffmann-La Roche Ltd, Illumina, Inc., Oxford Nanopore Technologies plc., PacBio., QIAGEN, Quest Diagnostics, Myriad Genetics, Inc., Color Health, Inc., Veritas., CD Genomics., GenomSys, IntegraGen., NimaGen B.V., NRGene, Abbott, and others.
Recent Developmental Activities in the Genomics Market:
• On October 27, 2021, GenomSys, launched its latest CE-marked GenomSys Variant Analyzer, a platform natively operating on MPEG-G genomic data format that enables accurate variants identification, annotation, and interpretation (SNVs, indels, CNVs).
• On May 22, 2020, Roche acquired Stratos Genomics to strengthen its DNA based sequencing for diagnostic use
• On February 18, 2020, Nebula Genomics, the leading privacy-focused personal genomics company, launched a new product, 30x whole-genome sequencing for USD 299 in the direct-to-consumer market segment. With this launch, Nebula Genomics also expands its services to 188 countries.

Key Takeaways from the Genomics Market Report Study
● Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
● The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Genomics market.
● Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
● Key companies dominating the Global Genomics Market.
● Various opportunities available for the other competitor in the Genomics Market space.
● What are the top-performing segments in 2021? How these segments will perform in 2027.
● Which are the top-performing regions and countries in the current market scenario?
● Which are the regions and countries where companies should have concentrated on opportunities for Genomics market growth in the coming future?
Target Audience who can be benefited from the Genomics Market Report Study
● Genomics providers
● Research organizations and consulting companies
● Genomics-related organization, association, forum, and other alliances
● Government and corporate offices
● Start-up companies, venture capitalists, and private equity firms
● Distributors and Traders in Genomics
● Various End-users who want to know more about the Genomics Market and the latest technological developments in the Genomics market.
Frequently Asked Questions for the Genomics Market:
1. What is Genomics?
Genomics is an interdisciplinary field of science that focuses on the structure, function, evolution, mapping, and editing of genomes. Genomics can be bifurcated into three main divisions; structural, functional, and comparative genomics.
2. What is the market for Global Genomics?
The global Genomics Market was valued at USD 21.81 billion in 2021, growing at a CAGR of 16.90% during the forecast period from 2022 to 2027 to reach USD 55.45 billion by 2027.
3. What are the drivers for Global Genomics?
The major factor driving the demand for Genomics is the widening application of genome analysis across various fields such as diagnosis, research, drug development, and others. Moreover, the increase in the burden of the population suffering from various disorders such as cancer, genetic disorders, infectious disorders, and others, and rising government initiatives to support genomics projects, among others are some of the factors responsible for driving the global genomics market during the forecasted period.
4. What are the key players operating in Global Genomics?
Some of the key market players operating in the Genomics market include Thermo Fisher Scientific, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories, Inc., Danaher., F. Hoffmann-La Roche Ltd, Illumina, Inc., Oxford Nanopore Technologies plc., PacBio., QIAGEN, Quest Diagnostics, Myriad Genetics, Inc., Color Health, Inc., Veritas., CD Genomics., GenomSys, IntegraGen., NimaGen B.V., NRGene, Abbott, and others.
5. Which region has the highest share in the Genomics market?
Among all the regions, North America is expected to occupy a major share in the overall genomics market during the forecasted period, 2022-2027. This domination is owing to the rising patient population in the region. Moreover, rise in adoption of various strategies by the key manufacturers to provide the better genomic solution in the region, increasing government initiative and funding to various genomic-based clinical diagnoses and research for precision medicine, and regulatory approval of several genomic products in the region, among others are expected to drive the regional genomics market in the forthcoming years.

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https://www.bharatbook.com/report/1360584/genomics-market-insights-competitive-landscape-and-market-forecast

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Tags genomics devices market
Last Updated July 31, 2022