As per the report by Fortune Business Insights, the global Genomics Market size is projected to reach USD 94.65 billion in 2028, at a CAGR of 19.4% during the forecast period, 2021-2028
Pune, India, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Global Genomics Market size was valued at USD 23.11 billion in 2020 and the market is projected to grow USD 94.65 billion by 2028, exhibiting a CAGR of 19.4% during the forecast period. Need to store, sequence, and analyze extensive DNA data has paved the way for newer products and software.
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Key Industry Development:
July 2020: Illumina, Inc. declared the unveiling of TruSight Software Suite and offers ready-to use infrastructure for whole genome sequencing that can be utilized to recognize genetic ailments.
In August 2021, Arcensus GmbH unveiled its myLifeHeart service for direct-to-consumer use in Saudi Arabia, utilizing Whole Genome Sequencing (WGS) as its foundation.
In April 2020, Genome Canada revealed the inauguration of the Canadian COVID Genomics Network (CanCOGeN), a venture supported by $40 million in funding.
In August 2020, Ancestry, a consumer genomics company, announced its plans to introduce a new product incorporating next-generation sequencing technology.
Categorized by technology, the market is divided into polymerase chain reaction, next-generation sequencing, microarray, Sanger sequencing, and other methods.
Discover the Leading Players Featured in the Report:
Illumina, Inc. (U.S.),Thermo Fisher Scientific Inc. (U.S.),F. Hoffmann-La Roche Ltd. (Switzerland),Agilent Technologies, Inc. (U.S.),Oxford Nanopore Technologies (U.K.),Danaher (U.S.),QIAGEN (Germany),BGI (China),IntegraGen (France),General Electric Company (U.S.)
Report Scope & Segmentation
2021 to 2028
Forecast Period 2021 to 2028 CAGR
2028 Value Projection
USD 94.65 billion
Market Size in 2021
USD 27.81 billion
No. of Pages
Type; Technology; Application; End User and Geography
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The market is categorized by type into products and services, with the products segment further divided into instruments & software and consumables, expected to maintain its dominance throughout the forecast period.
In terms of technology, the market is segmented into polymerase chain reaction, next-generation sequencing, microarray, Sanger sequencing, and other methods.
By application, the market is classified into diagnostics, research, and other uses.
Based on end-users, the market is categorized into research institutes, healthcare facilities & diagnostic centers, pharmaceutical & biotechnological companies, and contract research organizations (CROs).
Geographically, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Instruments & Software
Polymerase Chain Reaction (PCR)
Next-generation Sequencing (NGS)
By End User
Healthcare Facilities & Diagnostic Centers
Pharmaceutical & Biotechnological Companies
Contract Research Organization (CROs)
Middle East & Africa
The Increasing Count of Government-Supported Genome Initiatives to Foster Growth
A key factor driving market growth is the increasing number of government-funded genome projects. Genomic research serves as a valuable tool for advancing effective treatments, which is a primary reason why multiple government entities are engaged in genome initiatives. This is expected to support the growth of the genomics market in the forecast period.
North America is set to maintain its dominance, driven by advancements in research and development within the sequencing field
In 2020, North America dominated the genomics market, with a value of USD 10.15 billion. The rapid adoption of cutting-edge sequencing technologies and the shift toward personalized medicine are expected to propel the North American market.
In Europe, active government support through research funding, genomic research, and collaboration with academic institutions, particularly in the U.K., is expected to contribute to market growth.
Asia Pacific is anticipated to witness the highest compound annual growth rate (CAGR) during the forecast period, primarily due to increased demand for genetic sequencing and testing in China and advancements in bioinformatics.
Prominent market players consistently employ effective strategies to promote their products and solidify their market positions. One such strategy involves collaborating with other companies to introduce innovative products, thereby extending their reach to end-users.
How big is the Genomics Market?
Genomics Market size was USD 23.11 billion in 2020.
How fast is the Genomics Market growing?
The Genomics Market will exhibit a CAGR of 19.4% during the forecast period, 2021-2028
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