Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global genomics market size is projected to reach USD 94.66 billion by 2028, exhibiting a CAGR of 19.4% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Genomics Market, 2021-2028”. As per the report, the value of the market stood at USD 23.12 billion in 2020 and USD 27.81 billion in 2021. One of the key factors promoting the significance of this field of biology is its potential to manage zoonotic diseases, such as rabies, bird flu, plague, and the evident coronavirus. These diseases are life-threatening and can cause huge burdens if not monitored carefully. According to the World Health Organization, in 2020, rabies accounted for nearly 55 000 deaths in Asia and Africa.
Industry Developments:
August 2020 – Ancestry, a privately-held genealogy company launched AncestryHealth, which comprises next-generation sequencing and screening capabilities of genes associated with diseases such as colon cancer, breast cancer, blood disorders, and heart diseases.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 19.4% |
| 2028 Value Projection | USD 94.66 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 27.81 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Type, Technology, Application, End-User and Geography |
| Growth Drivers | Rising number of Government Genome Project to Drive the Market |
| New Products and Innovative Services to Favor the adoption of sequencing | |
| Increasing Research Funding by Government to Surge the Research Institutes Segments |
Increasing Government Funded Products Supporting Genomics to Drive Growth
Governments worldwide are focusing on developing the healthcare infrastructure of their countries by investing in research facilities and other advancing domains in the industry. Genomics has been the key area of investments since the study helps scientists and medical professionals understand diseases and develop an effective cure for the same. The increasing number of government-funded projects in the field of such studies is projected to drive the genomics market growth. For instance, in January 2020, Genomics England, a specialized enterprise operated by the Department of Health and Social Care in the U.K., partnered with Illumina to develop nearly three lakh genome equivalents in the span of five years.
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Genomic sequencing to Showcase High Demand amid COVID-19 Due to Rising Application
Genomic sequencing has played a vital role in identifying and diagnosing the COVID-19 virus. Continuous sequencing during the pandemic has enabled healthcare experts to closely monitor the virus, which has helped in developing effective vaccines. Such episodes have propelled the demand for genomics. Based on our findings, the genomics market experienced robust growth of 22.6% in 2020.
Surging Adoption of Third-generation Sequencing to Boost Demand in North America
The market value of North America stood at USD 10.16 billion in 2020. The increasing adoption of the latest generation of sequencing is predicted to strengthen the genomics market share in the region. Another factor boosting growth is the presence of best-in-class healthcare infrastructure in the U.S. In addition, the growing inclination toward personalized therapy and treatment of diseases is anticipated to propel the demand for genomics in the region.
The rapidly surging demand for genetic sequencing and testing in China and advancements in bioinformatics in the region are some of the key factors driving the genomics market in Asia Pacific. In addition, the high interaction of people with livestock in India and China increases the risk of animal-based zoonotic diseases, further strengthening the demand for genomics in the region.
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Developing Advanced Facilities to Help Key Players Offer Personalized Medicines
Prominent enterprises operating in the market are focusing on leveraging the third generation of sequencing in order to explore new horizons in the field. Such technological advancements will help them offer personalized medicines. Industry leaders are investing in establishing cutting-edge facilities to develop their services. For instance, in October 2018, Helix OpCo LLC, a leading enterprise specialized in genomics study, established a new DNA Product Studio in San Carlos, California. This new facility will help the company develop new applications and tests.
Key Players in the Global Genomics Market:
- Illumina Inc. (California, U.S.)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- Pacific biosciences of California Inc. (California, U.S.)
- F. Hoffman-La Roche Ltd. (Basel, Switzerland)
- Agilent Technologies Inc. (California, U.S.)
- Oxford Nanopore Technologies (England, U.K.)
- Danaher (Washington, D.C., U.S.)
- QIAGEN (Hilden, Germany)
- BGI (Guangdong, China)
- IntegraGen (Evry, France)
- General Electric Company (Illinois, U.S.)
- Bio-Rad Laboratories (Illinois, U.S.)
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