Dublin, May 30, 2023 (GLOBE NEWSWIRE) -- The "Genomics Market Size, Share & Trends Analysis Report By Technology & Application (Functional Genomics, Epigenomics, Pathway Analysis, Biomarker Discovery), By Deliverables, End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global genomics market size is expected to reach USD 94.86 billion by 2030. The market is expected to register a CAGR of 16.5% in the forecast period owing to the increasing demand for novel therapeutic and research applications in genomics.
Moreover, it is extensively used for a wide variety of applications, such as pharmacogenomics, and metagenomics.
The emerging applications of genomics are braced up by industrial collaborations and expansions. For instance, in June 2020, Merck & Co., Inc., and 10x Genomics, Inc., collaborates to develop powerful genomics-based experiments to better understand the relationship between specific genes and disease by using 10x Genomics' barcode technology to screen single cells using CRISPR libraries.
Technological advancements in the genomics market such as research on chromosomal instability and gene signatures utilizing unique samples from huge databases give out comprehensive insights into their clinical applicability. For instance, in June 2022, researchers from Cambridge University and the National Cancer Research Center (at Madrid, Spain) deduced to track chromosomal instability and copy number variations to understand the role of internal factors in driving such genomic alterations in cancers that are fatal in nature.
Diseases caused by genetic inheritance can cause a wide range of disease conditions such as cardiovascular, diabetes, and cancer conditions. Genetic disorders can be effectively combatted by understanding specific characteristics of an individual's genome sequence. For instance, in November 2021, Illumina, Inc. and the Genetic Alliance, collectively declared the launch of the iHope genetic health program so as to facilitate access to whole-genome sequencing to survivors of genetic disorders across the globeDee with one-third of the efforts to support subjects in Africa.
The market is positively driven by the lucrative support from the government and other research organizations for advancement in research on the genome sequence. There has been an increasing focus on funds for data-driven initiatives on genome sequence research to derive outcomes that are helpful for the treatment of rare diseases, infectious diseases, inherited disorders, and cancers.
For instance, in August 2022, Medical Device Innovation Consortium launched its somatic reference samples initiative to develop clinically relevant samples and public genomic datasets to aid the enhancement of NGS-based cancer diagnostics. Similarly, in September 2022. The Centres for Disease Control (CDC) declared 5-year awards to establish the pathogen genomics centers of excellence (PGCoE) network to foster innovation and capabilities in bioinformatics, pathogen genomics, and molecular epidemiology.
One of the most important factors anticipated to impact the genomics market is how much and to what extent the medical community will make use of available genomic information in personalized medicine. Furthermore, plummeting costs of sequencing support an increase in the adoption of whole genome sequencing.
Scientists are combining the data generated from sequencing with diagnostics, which has proven effective in enhancing the personalized treatment landscape. According to a report published by OGL, as of July 2021. The UK exceeded 600, 000 SARS-CoV-2 genomically sequenced tests. Genomic sequencing has been helpful in the fight against SARS-CoV-2 by quickly identifying variations that are of concern, elucidating how they spread, and halting them.
Genomics Market Report Highlights
- The overall growth of the genomics market is attributed to the rising dependence of novel therapeutics for genetic disorders and cancers on genomics-based understanding
- Functional genomics held the largest market share in the year 2022, owing to the demand for rising applications in diagnostics and gene therapy. Biomarker discovery is anticipated to be the fastest-growing segment in the forecast period due to rising applications of biomarkers in disease and therapeutics research
- North America dominated the market in 2022 due to the presence of key players and rising support from the government and research institutes to advance the research on Genomics in the region
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $28.09 Billion |
| Forecasted Market Value (USD) by 2030 | $94.86 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, & Scope
3.1. Market Segmentation and Scope
3.2. Market Lineage Outlook
3.2.1. Parent Market Outlook
3.2.2. Related/Ancillary Market Outlook
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.1.1. Growing integration of genomics data into clinical workflows
3.3.1.1.1. More targeted and personalized healthcare
3.3.1.1.2. Growth of newborn genetic screening programs
3.3.1.1.3. Advancements in noninvasive cancer screening
3.3.1.1.4. Military genomics
3.3.1.2. Technological advances to facilitate genomic R&D
3.3.1.2.1. Emergence of advanced genome editing techniques
3.3.1.2.2. Integration of new data streams
3.3.1.2.3. RNA biology
3.3.1.2.4. Single-cell biology
3.3.1.3. Rising adoption of DIRECT-TO-CONSUMER genomics
3.3.1.4. Success of genetic tools in agrigenomics
3.3.1.5. Increasing participation of different companies
3.3.1.6. Increase in government role and funding in genomics
3.3.2. Market Restraint Analysis
3.3.2.1. Issues regarding intellectual property protection, data management, and public policies
3.3.2.2. Dearth of Public databases and personnel knowledge on machine learning algorithms
Chapter 4. Genomics Market: Application & Technology Business Analysis
Chapter 5. Genomics Market: Deliverables Business Analysis
5.1. Genomics Market: Deliverables Market Share Analysis
5.2. Genomics Market Estimates & Forecast, By Deliverables (USD Million)
5.3. Products
5.3.1. Global Products Market, 2018-2030 (USD Million)
5.3.2. Instruments/Systems/Software
5.3.2.1. Global Instruments/Systems/Software Market, 2018-2030 (USD Million)
5.3.3. Consumables & Reagents
5.3.3.1. Global Consumables & Reagents Market, 2018-2030 (USD Million)
5.4. Services
5.4.1. Global Services Market, 2018-2030 (USD Million)
5.4.2. NGS-based Services
5.4.2.1. Global NGS-based Services Market, 2018-2030 (USD Million)
5.4.3. Core Genomics Services
5.4.3.1. Global Core Genomics Services Market, 2018-2030 (USD Million)
5.4.4. Biomarker Translation Services
5.4.4.1. Global Biomarker Translation Services Market, 2018-2030 (USD Million)
5.4.5. Computational Services
5.4.5.1. Global Computational Services Market, 2018-2030 (USD Million)
5.4.6. Others
5.4.6.1. Global Others Market, 2018-2030 (USD Million)
Chapter 6. Genomics Market: End-Use Business Analysis
6.1. Genomics Market: End-Use Market Share Analysis
6.2. Genomics Market Estimates & Forecast, By End-Use (USD Million)
6.3. Clinical Research
6.3.1. Global Clinical Research Market, 2018-2030 (USD Million)
6.4. Academic & Government Institutes
6.4.1. Global Academic & Government Institutes Market, 2018-2030 (USD Million)
6.5. Hospitals & Clinics
6.5.1. Global Hospitals & Clinics Market, 2018-2030 (USD Million)
6.6. Pharmaceutical & Biotechnology Companies
6.6.1. Global Pharmaceutical & Biotechnology Companies Market, 2018-2030 (USD Million)
6.7. Others
6.7.1. Global Others Market, 2018-2030 (USD Million)
Chapter 7. Genomics Market: Regional Business Analysis
Chapter 8. Competitive Landscape
Companies Mentioned
- Agilent Technologies
- Bio-Rad Laboratories, Inc
- BGI Genomics
- Color Genomics, Inc
- Danaher Corporation
- Eppendorf AG
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Illumina, Inc.
- Myriad Genetics, Inc
- Oxford Nanopore Technologies
- Pacific Biosciences of California, Inc
- QIAGEN N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific, Inc
- 23andMe, Inc
For more information about this report visit https://www.researchandmarkets.com/r/xhrhjq
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