The Worldwide Genomics Industry is Expected to Reach $68.9 Billion by 2027 - ResearchAndMarkets.com

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DUBLIN, May 19, 2022--(BUSINESS WIRE)--The "Global Genomics Market By Product & Service, By Application, By End User, By Technology, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Genomics Market size is expected to reach $68.9 billion by 2027, rising at a market growth of 17.5% CAGR during the forecast period.

A genome is an organism's genetic material. It includes genes, noncoding DNA, mitochondrial DNA, and chloroplast DNA, among other things. Genomic refers to the science and study of genomes. Because of its applicability in numerous fields of study, such as intragenomic phenomena such as epistasis, pleiotropy, heterosis, and other interactions between loci and alleles inside the genome, genomics is gaining massive traction in the market.

According to the National Cancer Institute, the number of new cancer cases is expected to rise to 29.5 million by 2040, and the number of cancer-related fatalities will rise to 16.4 million per year. The requirement for vast amounts of DNA data to be stored, sequenced, and analyzed has opened the way for novel goods and software. In recent years, the aforementioned factors have played a crucial role in propelling the industry.

The increasing government funding for genomics projects, the rising incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups into the genomics market, and the growing application areas of genomics are the major factors driving the market's growth.

Market Growth Factors:

Innovative Product Launch and Technological Advancements

Several new products and services have emerged as a result of the trend toward individualized medications and lower sequencing costs due to the launch of NGS technology. With new competitors entering the market, the market is becoming increasingly competitive, and enterprises are responding by developing innovative products and services to strengthen their positions.

Adoption of genomics in specialized/personalized medicine

Personalized medicine research is becoming more popular among pharmaceutical corporations. Personalized medicine allows doctors to pinpoint a patient's specific needs and then prescribe medications and treatments to meet those needs. This method ensures improved treatment outcomes. In addition, advances in the field of gene therapy are projected to enable doctors to treat a problem by inserting a gene into a patient's cell, potentially replacing existing medications and operations.

Marketing Restraining Factor:

Growing concerns about Privacy

Genome sequencing not only offers information about the procedure's subject but also about those who are closely related to it. As a result, genomic data may have an impact on connections with other family members. Other family members may not want to know such details, or the client may choose to keep some information private. However, such knowledge may have significant ramifications for family members' well-being, and the client may be left with the difficult problem of determining what information to reveal and what information to keep hidden.

Market Segments Covered in the Report:

By Product & Service

  • Consumables

  • Systems & Software and

  • Services

By Application

  • Drug Discovery & Development

  • Diagnostics

  • Agriculture & Animal Research and

  • Others

By End User

  • Hospitals & Clinics

  • Research Centers and Academic & Government Institutes

  • Pharmaceutical & Biotechnology Companies and

  • Others

By Technology

  • Sequencing

  • PCR

  • Nucleic Acid Extraction & Purification

  • Microarray, and

  • Others

By Geography

  • North America

  • US

  • Canada

  • Mexico

  • Rest of North America

  • Europe

  • Germany

  • UK

  • France

  • Russia

  • Spain

  • Italy

  • Rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Malaysia

  • Rest of Asia Pacific

  • LAMEA

  • Brazil

  • Argentina

  • UAE

  • Saudi Arabia

  • South Africa

  • Nigeria

  • Rest of LAMEA

Key Market Players

  • Creative Biogene

  • Thermo Fisher Scientific, Inc.

  • Illumina, Inc.

  • Bio-Rad Laboratories, Inc.

  • Danaher Corporation

  • Agilent Technologies, Inc.

  • Hoffmann-La Roche Ltd.

  • Eurofins Scientific Group

  • Qiagen N.V.

  • New England BioLabs, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/6xlj7s

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005768/en/

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