Genomics Market Size Worth $62.9 Billion By 2028 | CAGR: 15.35%: Grand View Research, Inc.

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Mar 24, 2021, 05:05 ET

SAN FRANCISCO, March 24, 2021 /PRNewswire/ -- The global genomics market size is expected to reach USD 62.9 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.35% from 2021 to 2028. A rise in the demand for the solutions to catalog vast genomic information into a usable form and to utilize it in clinical workflows is expected to drive the market. This has also led to an increase in the market competition, coupled with the development of breakthrough genomic technologies by Veritas Genetics, 23andMe, and other key players. In August 2020, Ancestry launched a new next-generation sequencing-based tool to screen genes linked to blood disorders, colon cancer, heart diseases, and breast cancer. This product, developed by Quest Diagnostics, has a better DNA analysis efficiency when compared to microarray-based testing.

Key suggestions from the report:

In the products segment, the consumables and reagents segment is expected to register the fastest CAGR over the forecast period owing to the high volume requirement for reagents and consumables for genomic analysis
In the services segment, NGS-based services dominated the market in 2020. The use of NGS-based services for the analysis of the SARS-CoV-2 genome drives the segment. The COVID-19 Genomics UK (COG-UK) Consortium delivers rapid and large-scale whole-genome sequencing of SARS-CoV-2
By application and technology, functional genomics led the market in 2020 due to the development of high-throughput technologies for the gene as well as protein studies. The generation of a large amount of sequencing data has led to significant developments in the segment
Based on end use, pharmaceutical and biotechnology companies dominated the market in 2020. Pharmaceutical and biotechnology companies like Menlo Park; Grail, Inc.; and Regeneron Pharmaceutical, Inc. have initiated large-scale genomic sequencing projects in collaboration with both community health systems and academic medical centers
Asia Pacific is expected to register the fastest growth rate from 2021 to 2028 owing to an increase in adoption and awareness about a number of genomics technologies in emerging countries, such as China and India, for the detection, treatment, and prognosis of various genetic disorders, such as diabetes and cancer

Read 224 page research report with ToC on "Genomics Market Size, Share & Trends Analysis Report By Application & Technology (Functional Genomics, Pathway Analysis), By Deliverable (Products, Services), By End-use, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/genomics-market

Technological advancements in genetic technologies that include CGH, FISH, microarray, karyotyping, sequencing, and gene-editing tools have played a pivotal role in reshaping the healthcare systems and basic biomedical research. Furthermore, despite several ethical and legal issues, Direct-To-Consumer solutions are one of the most important innovations in the market for genomics as they help patients to perform genetic tests on their own.

The cost of reagents used in genomics has witnessed a continuous decline, which has led to an increase in adoption among small and mid-sized laboratories. However, with the introduction of novel technology and systems, the requirement for reagents is also changing.

The market has witnessed multiple product launches in 2020 owing to a rise in competition for the development of genomic testing solutions for COVID-19. For instance, in December 2020, ThermoFisher launched Applied Biosystems TaqCheck SARS-CoV-2 Fast PCR Assay—a new saliva-based PCR test for the detection of COVID-19 infection. Similarly, in June 2020, Cepheid announced the development of the Xpert Xpress SARS-CoV-2/Flu/RSV four-in-one test, which can detect these four pathogens from a single sample. This test can be run on Cepheid's GeneXpert Systems.

Grand View Research has segmented the global genomics market on the basis of application and technology, deliverable, end-use, and region:

Genomics Application & Technology Outlook (Revenue, USD Million, 2017 - 2028)

Functional Genomics

Real-time PCR
Transfection
SNP Analysis
Mutational Analysis
Microarray Analysis
RNA Interference

Pathway Analysis

Microarray Analysis
Bead-based Analysis
Proteomics Tools (2-D PAGE; yeast 2-hybrid studies)
Real-time PCR

Biomarker Discovery

DNA Sequencing
Microarray Analysis
Real-time PCR
Mass Spectrometry
Statistical Analysis
Bioinformatics

Epigenetics

Bisulfite Sequencing
Microarray Analysis
Chromatin Immunoprecipitation (ChIP & ChIP-Seq)
Methylated DNA Immunoprecipitation (MeDIP)
High Resolution Melt (HRM)
Chromatin Accessibility Assays

Others

Genomics Deliverable Outlook (Revenue, USD Million, 2017 - 2028)

Products

Instruments/Systems/Software
Consumables & Reagents

Services

NGS-based Services
Core Genomics Services
Biomarker Translation Services
Computational Services
Others

Genomics End-use Outlook (Revenue, USD Million, 2017 - 2028)

Pharmaceutical and Biotechnology Companies
Hospitals and Clinics
Academic and Government Institutes
Clinical Research
Other End Users

Genomics Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

Japan
China
India
South Korea
Australia

Latin America

Brazil
Mexico

Middle East and Africa (MEA)

South Africa
Saudi Arabia

List of Key Players of Genomics Market

Thermo Fisher Scientific, Inc.
Agilent Technologies
Beijing Genomics Institute (BGI)
Bio-Rad Laboratories
Danaher Corporation
F. Hoffmann-La Roche Ltd.
GE Healthcare
Illumina, Inc.
Oxford Nanopore Technologies
Pacific Biosciences of California, Inc.
QIAGEN N.V.
Quest diagnostics
Myriad Genetics, Inc.
Eppendorf AG
Eurofins Scientific
Color
23andMe, Inc.

Find more research reports on Biotechnology Industry, by Grand View Research:

Biotechnology Market – The global biotechnology market size was valued at USD 752.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.83% from 2021 to 2028.
Genomics In Cancer Care Market – Increasing prevalence of cancer coupled with adoption of next generation sequencing for the diagnosis & treatment is expected to fuel the market with future growth opportunities.
Consumer Genomics Market – The global consumer genomics market size was estimated at USD 1.26 billion in 2018 and is projected to expand at a CAGR of 20.3% from 2019 to 2025.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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