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Genomics Market to reach US$ 49,996.15 million by 2027 and to grow at a CAGR of 13.1%

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Genomics Market to reach US$ 49,996.15 million by 2027 and to grow at a CAGR of 13.1%

May 14
00:32 2021
Genomics Market to reach US$ 49,996.15 million by 2027 and to grow at a CAGR of 13.1%

Genomics Market
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

The major factors driving to the growth of the market are growing government support, rising number of genomics studies, declining sequencing cost, and increasing genomics applications. However, the dearth of skilled professionals is restricting the genomics market growth.

Scientists are collaborating to generate and share genomic sequence data information and apply it to disease diagnosis and control efforts. The US is increasing its ability to track the mutations of novel coronavirus with genomic sequencing as experts warned that new variants drive up number of cases and hospitalizations. For instance, the US ranked 43rd in genome sequencing project by sequencing 3% of the sample, according to the GISAID Initiative, a global genome sequencing database project. The sequencing of the genome can aid in the fight against COVID-19 outbreak and the newly emerging variants.

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However, the lack of skilled professionals hinders the growth of this market. 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; and BGI are among the leading companies operating in the global genomics market.

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. The market growth for this segment is ascribed to its growing applications in medical, biotechnology, agriculture, diagnostics, and DNA Sequencing. Also, increasing government genome sequencing programs, declining sequencing cost, and genomics studies. However, the market for microarray segment is expected to grow at the fastest rate during the coming years.

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).

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 world’s largest genome project as a part of 200 million public–private collaboration between charities and pharma.

The report segments global genomics market as Follows:

By Technology

  • Sequencing
  • Microarray
  • Polymerase Chain Reaction
  • Nucleic Acid Extraction and Purification
  • Others

By Product & Services

  • Instruments/Systems
  • Consumables
  • Services

By Application

  • Diagnostics
  • Drug Discovery and Development
  • Precision/Personalized Medicine
  • Agriculture & Animal Research

By End User

  • Research Centers
  • Hospitals & Clinics
  • Biotechnology & Pharmaceutical Companies
  • Others

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