DUBLIN, June 2, 2023 /PRNewswire/ -- The "Genomics Market by Product & Service (Consumables, Instrument, System & Software), Technology (Sequencing, PCR, Microarray), Study Type (Epigenomics, Biomarker Discovery), Application (Drug Discovery, Diagnostic, Agriculture) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global genomics market is projected to reach USD 83.1 billion by 2028 from USD 46.2 billion in 2023, at a CAGR of 12.4% during the forecast period of 2023 to 2028.
Continuous developments in sequencing technologies and a better understanding of genomics have increased the efficiency of biomarkers in disease detection.
Since precise diagnosis and personalized medicine increase survival rates as well as reduce the financial burden on national health insurance programs, governments across the globe are making significant investments in genome sciences, and key players in the genomics market are increasingly collaborating with each other as well as with smaller players, biopharmaceutical companies, and other end users to expand their product offerings across the globe which is promoting market growth.
However, dearth of skilled players, ethical issues and the issues associated with secure storage of large volume genomics data is hampering market growth.
Consumables & Reagents is expected to account for the largest share for product and services segment.
Based on product and service, the genomics market is segmented into consumables and reagents, services, and instruments, systems, and software. In 2022, the consumables and reagents segment accounted for the largest share of the genomics market.
The growing applications of genomics in various fields, such as diagnostics, personalized medicine, and drug discovery, animal research, are expected to boost the market for consumables and reagents during the forecast period.
The microarrays segment accounted for the lowest market growth of the technology segment in the genomics market
On the basis of technology, the genomics market is segmented into sequencing, PCR, microarrays, flow cytometry, and other technologies. In 2022, microarray technology accounted for the lowest market growth.
Microarray technology has applications in gene discovery, disease diagnosis, drug discovery, cancer research, and toxicological research. However, the increasing adoption of sequencing technologies will limit the growth of this market to a certain extent.
Europe is the second largest region in the genomics market
After North America, In Europe, extensive developments in genomics, the launch of NGS-based diagnostic tests, and collaborations among industry players and research institutes for the use of genomics products are projected to drive market growth in the region.
Competitive landscape
Prominent Players of the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland).
Premium Insights
- Rising Prevalence of Genetic Disorders to Drive Market
- Consumables and Reagents Accounted for Largest Market Share in 2022
- Drug Discovery and Development Segment Will Continue to Dominate Market in 2028
- China to Register Highest Growth During Forecast Period
Market Dynamics
Drivers
- Increasing Government Funding to Support Genomics Projects
- Rising Incidence and Prevalence of Viral Diseases and Genetic Disorders
- Growing Incidence of Cancer and Increasing Applications of Next-Generation Sequencing in Cancer Research
- Robust Investments in Genomics Startups
- Growing Applications of Genomics
Opportunities
- Use of Genomics in Specialized/Personalized Medicine
Challenges
- Ethical Issues
- Dearth of Trained Professionals
- Secure Storage of Large Volumes of Sequenced Data
Trends
- Partnerships and Collaborations for Technological Advancements in Genomics
- AI in Genomics
Technology Analysis
- Comparison of Sanger Sequencing and Ngs
- Comparison of Pcr Technologies
Company Profiles
Major Players
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation
- Qiagen N.V.
- Agilent Technologies, Inc.
- Perkinelmer Inc.
- Bio-Rad Laboratories, Inc.
- Eurofins Scientific
- Pacific Biosciences
- Oxford Nanopore Technologies PLC
- Takara Bio Inc.
- Bgi Group
- Eppendorf AG
- Merck KGaA
- Becton, Dickinson and Company
- Abbott Laboratories
- 23Andme, Inc.
- 10X Genomics
- New England Biolabs
- Promega Corporation
- Creative Biogene
- Novogene Co. Ltd.
- Ultima Genomics, Inc.
- Freenome Holdings, Inc.
Other Players
- Quest Diagnostics
- Myriad Genetics, Inc.
- Personalis, Inc.
- Helix Opco, LLC
- Polaris Genomics
- Phalanx Biotech Group
- Genomiqa Pty Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/kzus24
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