Advanced technologies in genomics leading to disease prevention, enhanced diagnosis, or optimized treatment is anticipated to provide opportunities to the global genomics market.
Genomics is a branch of molecular biology that studies the structure, function, differentiation, evolution, and mapping of genomes to discover getter treatment options and therapeutics for genetic disorders and other diseases. Genomics market is fast-growing and is highly dynamic. According to general estimates and based on current developments, the global genomics market will rapidly grow with a value of USD 98.45 billion by 2028 with an annual growth rate of 21.5% from 2021 to 2028.
There is combination of factors leading to such as impressive growth. The market growth is driven by lowering costs of sequencing, pharmaceutical and other organizations investing heavily, faster processing techniques, and multiple national & international projects being introduced in the market. Genomics is usually triggered to study the genetic makeup of an individual and find tailored solutions to improve health and prevent disease. For example, modifying diet and exercise plans to prevent or delay occurrence in patients of type 2 diabetes with genetic predispositions.
The current and future of genomics is promising with genomics market experiencing rapid changes and advancements. People are largely getting attracted to genomics as it is providing tailored drugs and diagnostic methods preventing or limiting disease and other bodily health conditions with genetic predispositions.
This has led to immense growth opportunities for the market players and the genomics field. However, although the genomics market is currently in a promising state there are several challenges facing the genomics industry such as lack of skilled professionals, constraints faced in commercializing and scaling up, hurdles in genetic data interpretation are likely to hamper the global genomics market growth.
Furthermore, increasing expertise in machine learning algorithms, advanced technologies and techniques implemented for interpreting genetic variants are some key factors providing opportunities for global genomics market growth. Adroit market research report encompasses a broad outook determining current developments and future growth overview for the global genomic market. The report presents the size growth trends and industry composition of the market. It also provides insights into growth drivers, constraints, and opportunities facing the genomics market and the players operating in the market world over. The report highlight current trends in genomics that are shaping the market, developments in emergent markets, and the barriers that need to be overcome to get benefits.
The report highlights the competitive arena and critical inputs about the players and their growth strategies. The strategies adopted by the players to overcome some complex challenges and also the present pandemic recovery secrets are given in the report. Market players to stay competitive are launching new genomes projects partnering with larger firms.
Depending upon technology the market is classified into segments namely next generation sequencing and PCR. Next generation sequencing held the maximum share in 2020 and is expected see stable growth in future. With NGS it has become possible to detect low-frequency variants, higher throughput, ability to sequence thousands of genomes, etc.
Depending on different segments the market is classified into end user segments namely diagnostics, drug discovery, and others. Drug discovery segment accounted for maximum market share as it is leading to discovering better treatment methods for genetic diseases like Alzheimer’s disease.
Depending on different segments the market is classified into application segments namely pharmaceutical, biotechnological, diagnostic centers, and research institute. The pharmaceutical industry segment is witnessing good market growth. Genomics is allowing pharmaceutical researchers better understand genetic variants leading to diseases and transform drug development. These are key factors driving growth of pharmaceutical segment.
The North American region captured largest market share in genomics market as the region has large presence of pharmaceutical, biotechnological, diagnostic research institutes. This is reflecting strong base for genomics in the region. Also, APAC is leading region in the global genomics market as there are large genomics foreign and local companies in the region. Leading players in the global genomics market are poised to develop unique sequencing patterns, interpretation, and assessment.
Key players in genomics market are General Electric Company, IntegraGen, BGI, QIAGEN, Agilent Technologies, F. Hoffmann-La Roche, Pacific Biosciences of California, Danaher, Oxford Nanopore Technologies, Thermo Fisher, and Illumina among other emerging and established player world over.
Key Segments of the Global Genomics Market
Technology Overview, 2018-2028 (USD Billion)
- Next generation sequencing
End User Overview, 2018-2028 (USD Billion)
- Drug discovery
End USer Overview, 2018-2028 (USD Billion)
- Diagnostic Centers
- Research Institute
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa