IMARC Group, a leading market research company, has recently releases report titled “Genomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global genomics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the genomics market?
The global genomics market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.8 Billion by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.
What is genomics?
Genomics is the study of the structure of the genome that contains non-coding DNA, genes, chloroplast, and mitochondrial DNA. It is employed to prevent, manage, and treat diseases. Genomics aims to understand the mapping of the genes and sequence the DNA by examining the molecular mechanisms and the interplay of genetic and environmental factors in diseases. Genomics is also instrumental in solving complex genetic problems, and the examination of the biological functions of individual genes is a common process in medical and biological research. As a result, genomics finds application in diagnostics, drug discovery, development of precision medicine, and agricultural research.
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What are the growth prospects and trends in the genomics industry?
The market is primarily driven by the growing demand for personalized medicine to provide effective treatment. Genomics is also used in the agricultural sector to produce genetically modified (GM) plants and organisms. Besides this, the introduction of microarrays and DNA technologies backed by genomics is attracting extensive investment from government and private agencies. Along with this, governments of various countries are promoting research and development activities in the field of genomics, which, in turn, is providing a favorable market outlook. In addition to this, the rising incidences of chronic diseases and cancer have resulted in the growing adoption of non-invasive cancer screening-based research, thereby propelling the market growth. Moreover, the advent of next-generation sequencing technology has enabled the development of life-science databases and projects to support scientific research, which is propelling the market growth. Looking forward, the market is expected to grow at a CAGR of 15% during the forecast period (2023-2028).
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Instruments and Software
- Consumables and Reagents
- Core Genomics Services
- NGS-Based Services
- Biomarker Translation Services
- Computational Services
Breakup by Application:
- Functional Genomics
- Biomarkers Discovery
- Pathway Analysis
Breakup by Technology:
- Polymerase Chain Reaction
- Nucleic Acid Extraction and Purification
Breakup by End-User:
- Research Centers
- Hospitals and Clinics
- Pharmaceutical and Biotechnology Companies
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 23andMe, Inc
- Agilent Technologies, Inc.
- Bayer AG
- BGI Group
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Illumina, Inc.
- Oxford Nanopore Technologies
- PerkinElmer, Inc.
- Myriad Genetics, Inc.
- Hoffmann-La Roche Ltd
- Thermo Fisher Scientific Inc
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