Genomics Market To Be Driven At A CAGR Of 9.3% In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Genomics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global genomics market, assessing the market based on its segments like product, technology, application end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 16.21 Billion
• Forecast CAGR (2023-2028): 9.3%
The growth of the global market for genomics is driven by the increasing research and development activities in life sciences sector. The widespread application of genomics in pharmaceutical and biotechnology industries for drug development, diagnostics, toxicogenomic and pharmacogenomics, among others are expected to propel the market growth. Additionally, rising government funding, increasing genome studies, and declining cost for genome sequencing may likely push the growth further.
Moreover, the factors such as the ability to diagnose predisposition for genetic illness at earlier stage and development of precise and efficient personalised medicines through genomic studies are anticipated to bolster the genomics market growth over the forecast period.
Industry Definition and Major Segments
Genomics is the branch of molecular biology dealing with the study of genomes. Genome refers to the genetic material of an organism consisting of nuclear, plasmid, mitochondrial and chloroplast DNA and RNA. Genomics includes study of structure, function, evolution, and mapping of genomes.
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The genomics industry is broadly divided on the basis of product into:
• Systems and Software
Based on technology, the genomics market is divided into:
• Nucleic Acid Extraction and Purification
The genomics market is segmented on the basis of application into:
• Drug Discovery and Development
• Precision Medicine
• Agriculture and Animal Research
Based on end-uses, the genomics market is divided into:
• Research Centres and Academic and Government Institutes
• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies
The regional markets for genomics include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Regionally, North America is expected to dominate the global genomics market. This can be attributed to the increasing research activities and demand for precision medicines. Europe is projected to follow North America due to the presence of key biotechnology and pharmaceutical players in the region. Additionally, the rising incidences of genetic disorders in the geriatric population is further expected to aid the market growth. Meanwhile, Asia Pacific is projected to witness the fastest growth rate over the forecast period owing to the increasing expenditure for pharmaceutical industry.
Key Market Players
The major players in the market are Oxford Nanopore Technologies, F. Hoffmann-La Roche, Illumina, Inc. (NASDAQ: ILMN), Qiagen, Eurofins Scientific, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., BGI Group and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.