Genomics Market to be Worth $70.52 Billion by 2031
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Meticulous
Research®—a leading global market research
company, published a research report titled, ‘Genomics Market by Technology (Sequencing,
Microarray, PCR, Nucleic Acid Extraction) Application (Drug Discovery,
Diagnostic, Research) End User (Pharmaceutical, Hospital, Academic) Offering
(Instrument, Consumable, Software) – Global Forecast to 2031.’
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According to this latest publication from
Meticulous Research®, the genomics market
is projected to reach $70.52 billion
by 2031, at a CAGR of 11.1% during the forecast period. The growth
of the genomics market is driven by the rising prevalence of genetic diseases,
the increasing incorporation of genomic data in clinical workflows, increasing
funding and investments in genomics projects, the growing applications of
genomics in the healthcare sector, rising pharmaceutical R&D expenditures,
decreasing costs of sequencing, and increasing healthcare spending. However,
the lack of standardized approaches in genomics and concerns over the security
& privacy of genomic data restrain the growth of this market.
Moreover,
the rising adoption of personalized medicines and gene therapies is expected
to generate market growth opportunities. However, the shortage of skilled
bioinformatics and genomics personnel and the commercialization and scaling of
genomic technologies are major challenges for market stakeholders.
Key Plyears
The key
players operating in the global genomics market are Agilent Technologies, Inc.
(U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo
Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V.
(Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore
Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc.
(U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics
Co. Ltd (China).
Genomics market: Future Outlook
The global
genomics market is segmented by Offering (Systems, Consumables, Software, and
Services), Technology (Polymerase Chain Reaction (PCR), Sequencing [Next
Generation Sequencing (NGS) and Other Sequencing Technologies], Nucleic Acid
Extraction and Purification, Microarray and Other Technologies), Application
(Diagnostics, Drug Discovery & Development, Life Science Research [Cancer
Research, Stem Cell Research, and Other Life Science Research], and Other
Applications), End User (Pharmaceutical & Biotechnology Companies,
Hospitals & Clinics, Diagnostic Laboratories, Contract Research
Organizations (CROs), Academic & Research Institutes, and Other End Users)
and Geography. The study also evaluates industry competitors and analyzes
their market shares at the global and regional levels.
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Based on offering, the genomics
market is segmented into systems, consumables, software, and services. In
2024, the consumables segment is expected to account for the largest share of
the market. The large market share of this segment is attributed to increased
demand for consumables for next-generation sequencing and a rise in genetic
research. As genomic research grows, the demand for consumables is further
expected to rise, driving the market’s growth.
Based on technology, the genomics
market is segmented into sequencing, microarray, PCR, nucleic acid extraction
and purification, and other technologies. The sequencing segment is expected
to register the highest CAGR during the forecast period. The factors
contributing to the segment’s highest CAGR are technological advancements in
sequencing, improvements in the efficiency of sequencing processes, and the
increased scalability of sequencing technologies. Moreover, key players are
implementing various growth strategies, such as product launches, approvals,
and acquisitions, contributing to the market’s growth. For instance, in August
2022, Bio-Rad Laboratories acquired Curiosity Diagnostics, Sp. Z. o. o.
(Poland) for the development of a new generation of rapid PCR systems to
market.
Based on application, the genomics
market is segmented into drug discovery & development, diagnostics, life
science research, and other applications. The drug discovery & development
segment is expected to register the highest CAGR during the forecast period.
The growth of this segment can be attributed to the high prevalence of chronic
diseases such as diabetes and cancer and the increased need for discovering
effective drug therapies against diseases.
Based on end user, the genomics
market is segmented into pharmaceutical & biotechnology companies,
hospitals & clinics, academic & research institutes, diagnostic
laboratories, CROs, and other end users. In 2024, the pharmaceutical &
biotechnology companies segment is expected to account for the largest share
of the market. The large market share of this segment is attributed to the use
of genomics in targeted drug development, biomarker discovery, personalized
medicine, and data analysis. Additionally, genomics is widely used in research
activities by pharmaceutical and biotechnology companies as it helps identify
new drug targets, improve patient outcomes, and develop more effective
therapies. NGS and other genomic analysis technologies help biotech and pharmaceutical
researchers better understand genetic variants related to several diseases.
Geographic Review
This
research report analyzes major geographies and provides a comprehensive
analysis of North America (U.S. and Canada), Europe (Germany, France, U.K.,
Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and
the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin
America), and Middle East & Africa. In 2024, North America is expected to
hold the largest share of the global genomics market due to significant
R&D investments, an advanced healthcare system, the presence of prominent
market players, and a surge in the adoption of new technologies.
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Key questions answered in the report-
· Which are
the high-growth market segments in terms of offering, technology, application,
end user, and country/region?
· What was
the historical market for genomics across the globe?
· What are
the market forecasts and estimates for the period 2024–2031?
· What are
the major drivers, restraints, challenges, opportunities, and trends in the
global genomics market?
· Who are
the major players in the global genomics market?
· What is
the competitive landscape like, and who are the market leaders in the global
genomics market?
· What are
the recent developments in the genomics market?
· What are
the different strategies adopted by the major players in the genomics market?
· What are
the geographical trends and high-growth regions/countries?
About
Meticulous Research®
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and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private
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