Research report presented by UnivDatos, Emphasis on Product/Services (Consumables, Systems & Software, Services); Technology (Sequencing, Polymerase Chain Reaction, Nucleic Acid Extraction & Purification, Microarray, Others); Application (Diagnostics, Drug Discovery & Development, Personalized Medicine, Agriculture & Animal Research, Others); End-Users (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Academic & Government Institutes, Clinical Research, Others) and Geographical analysis (key regions and countries).
As per the research report, Global Genomics Market is expected to reach the market valuation of USD 57,237.1 million by 2027 expanding at a reasonable CAGR of 15.1% during the forecast period (2021-2027) from USD 21,312.6 million in 2020.
Genomic research is attracting a lot of interest from investors and the general public because it has such a big effect on people's lives and other living life on the planet. The decoding of the first human genome, which took over ten years and cost about $3 billion, was a major achievement in 2003. Since then, the level at which a genome can be sequenced has more than doubled, far outpacing Moore's Law. Today’s high throughput sequencing machines sequence the human genome in a matter of hours at a rate approaching USD 1,000. Researchers have been able to conduct further genomic analyses in less time as a result of these advances, significantly speeding up the rate of scientific exploration.
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The demand is expected to rise due to rising cancer incidence and lower sequencing costs. Because of the advancement of next-generation sequencing, the cost of whole genome sequencing has decreased dramatically over the past decade. The accelerated advancement of DNA sequencing technology in recent years has resulted in a nearly 60% CAGR in the cost of sequencing one mega-base of DNA over the last decade, from over USD 4,953.6 (£3,600) to USD 0.041 (£0.03) per mega-base of DNA in April 2015. Few fixed costs are expected to be decreased as a result of increased automation, but other costs, such as reagents, are unlikely to decrease at the same time.
The growing interest in biomarkers is fueling a surge in genomics-related pharmaceutical R&D, which has increased dramatically since 2000. Several organisations have made genomics investments, either by gathering genomic data for databases or by conducting analysis. For example, Illumina predicted that the number of genomes sequenced would double per year, reaching 1.6 million in 2017. Furthermore, the market is expected to benefit from increased government-funded programmes. The ambitious "Genome India Project" (GIP) was launched by the Department of Biotechnology (DBT) in 2020 to collect 10,000 genetic samples from people across India in order to create a reference genome. The Indian Institute of Science's Centre for Brain Research in Bengaluru is heading this initiative, serving as the central organiser for a consortium of 20 leading universities, each of which gathers samples and performs its own research. Any of the focus areas include precision medicine, rare genetic anomalies, the mutation continuum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational science.
For a detailed analysis of the applications in the Genomics Market browse through – https://univdatos.com/report/genomics-market-current-analysis-and-forecast-2021-2027
Insights Presented in the Report
“Amongst product/services, consumables segment holds the major share”
Precision medicine, unusual genetic abnormalities, the Indian population's mutation spectrum with genetic and complex disorders, genetic epidemiology of multifactorial lifestyle diseases, and translational research are only a few of the emphasis fields.
“Amongst technology, sequencing dominated the market in 2020”
Sequencing, polymerase chain reaction, nucleic acid extraction and purification, microarray, and other technologies make up the technology class category. The sequencing segment led the market in 2020, producing USD 8,388.6 million in sales, and is projected to continue to do so over the forecast period. Over the last quarter-century, advances in genomics have culminated in dramatic cost improvements in genome sequencing, resulting in expanded genome sequencing use. During the forecast period, however, the polymerase chain reaction segment is expected to grow at the fastest rate of 15.8%. (2021-2027).
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“Amongst application, diagnostics is anticipated to grow at the highest CAGR during the analyzed period”
The market is further divided into diagnostics, drug discovery and production, precision medicine, agriculture and animal science, and others depending on use. Diagnostics has a maximum industry sales share of 32.1 percent in 2020 and is projected to stay competitive in the forecast period. Personalized medication, on the other hand, is expected to rise at the fastest rate over the projected period, with a market value of USD 11,001.3 million.
Amongst end-user, pharmaceutical & biotechnology companies segment holds the major share”
The market is segmented into pharmaceutical and biotechnology firms, hospitals and clinics, medical and government institutes, health research, and others, depending on the end-user category. Pharmaceutical and biotechnology firms led the industry in 2020, with sales of USD 12,991.7 million, and are expected to continue to do so in the forecast period. The segment of hospitals and clinics, on the other hand, is projected to rise at the fastest CAGR over the forecast era.
“North America signifies one of the largest markets of Genomics Market”
A detailed analysis was conducted for different regions across the globe, including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of APAC), and the Rest of the World, in order to gain a better understanding of the market dynamics of the Genomics Market. Because of rising cancer prevalence and increased government-funded programmes, North America led the industry in 2020, generating sales of USD 8,982.8 million. During the forecast period, Asia-Pacific is expected to rise at the fastest pace, with a CAGR of 16.51 percent.
The Genomics Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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