The latest report by IMARC Group, titled “Genomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global genomics market reached a value of US$ 25.1 Billion in 2021. 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.
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.
Global Genomics Market Trends:
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. Looking forward, the market is expected to grow at a CAGR of 15.54% during the forecast period (2022-2027).
- Based on the component, the market has been segmented into products (instruments and software, and, consumables and reagents) and services (core genomics, NGS-based, biomarker translation, computational, and other services).
- On the basis of the application, the market has been classified into functional genomics, epigenomics, biomarkers discovery, pathway analysis, and others.
- The market has been categorized based on the technology into sequencing, microarray, polymerase chain reaction, nucleic acid extraction and purification, and others.
- On the basis of the end-user, the market has been segregated into research centers, hospitals and clinics, pharmaceutical and biotechnology companies, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 23andMe Inc., Agilent Technologies Inc., Bayer AG, BGI Genomics Co. Limited, Bio-RAD Laboratories Inc., Danaher Corporation, Illumina Inc., Oxford Nanopore Technologies, PerkinElmer Inc., Myriad Genetics Inc., Roche Holding AG, and Thermo Fisher Scientific Inc.
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