A newly-released report by Future Market Insights reveals that the global genomics market was valued at US$ 24.3 billion in 2021. The market is set to experience robust growth with a projected CAGR of 19.8% from 2022 to 2032, significantly outpacing its historical growth trajectory.
Among the segments, functional genomics is poised to dominate as the highest revenue-generating type, forecasted to grow at an impressive CAGR of 23% during the projection period. This growth is fueled by rising adoption of genomic technologies in personalized medicine, drug development, and disease diagnosis, along with advancements in sequencing technologies.
A Full Report Analysis – https://www.futuremarketinsights.com/reports/genomics-market
Key Market Drivers:
- Personalized Medicine: Increasing demand for tailored treatment strategies leveraging genomic data.
- Technological Innovations: Rapid advancements in sequencing and bioinformatics tools.
- Government and Private Funding: Significant investments supporting research and development in genomics.
- Healthcare Applications: Growing utilization of genomics in cancer diagnostics, rare disease identification, and therapeutic interventions.
Key Takeaways:
- The genomics market is projected to expand at a CAGR of 19.8% from 2022 to 2032, reaching unprecedented levels.
- Functional genomics will lead the market, growing at a CAGR of 23% during the forecast period.
- Advances in sequencing technologies and increased focus on personalized healthcare are driving demand.
- Continued investment in R&D and strategic collaborations are expected to sustain market momentum.
Competitive Analysis
Key players in the genomics market are purchasing smaller businesses in order to enhance their products in line with the latest innovations. Illumina, Inc., for example, acquired Bluebee in June 2020 to improve genetic analysis. Bluebee’s cloud capabilities are projected to lower the costs of sharing, storing, and maintaining genetic data in new products.
The growing number of brands offering cutting-edge technology Genomics, continuous development of characteristics offering the best consumer experience and at prices suitable for different income groups, and a growing e-commerce sector all contribute to market growth.
The key players in the market include Thermo Fisher Scientific, Agilent Technologies, Beijing Genomics Institute, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche Ltd., GE Healthcare, Illumina Inc., Oxford Nanopore Technologies, QIAGEN N.V., Myriad Genetics, Inc., Quest Diagnostics Incorporated, Eppendorf AG, and Eurofins Scientific.
Some of the recent developments of key Genomics providers are as follows:
- In January 2020, Color Genomics, Inc., in partnership with NorthShore University Health System, launched a smartphone-based clinical genomics project in routine health care.
- In February 2020, the National Cancer Center of Japan partnered with the Foundation Medicine Corporation and Chugai Pharmaceutical, Ltd. to launch a clinical trial for the third stage of the country’s cancer genomic screening collaboration.
- In September 2020, Thermo Fisher Precision Medicine Science Center (PMSC) partnered with the University of Nebraska Medical Center (UNMC) and AstraZeneca to come up with more standard healthcare biomarker discovery solutions. This was meant to help support the standardization of various processes.
- In December 2020, Agilent Technologies gained permission from Japan’s Ministry of Health, Labour, and Welfare for its GenetiSure Dx Postnatal Assay (MHLW). Microarray analysis is used in this test. The corporation was able to sell this product in Japan after receiving this approval.
Similarly, recent developments related to companies offering Genomics have been tracked by the team at Future Market Insights, which are available in the full report.
Key Companies Profiled
- Thermo Fisher Scientific
- Agilent Technologies
- Beijing Genomics Institute
- Bio-Rad Laboratories
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Illumina Inc.
- Oxford Nanopore Technologies
- QIAGEN N.V.
- Myriad Genetics, Inc.
- Quest Diagnostics Incorporated
- Eppendorf AG
- Eurofins Scientific
Market Segments Covered in Genomics Industry Analysis
By Application:
- Functional Genomics
- Real-time PCR
- Transfection
- SNP Analysis
- Mutational Analysis
- Microarray Analysis
- RNA Interference
- Pathway Analysis
- Microarray Analysis
- Bead-based Analysis
- Proteomics Tools
- Real-time PCR
- Mass Spectrometry
- Biomarker Discovery
- DNA Sequencing
- Microarray Analysis
- Real-time PCR
- Mass Spectrometry
- Other Biomarker Discoveries
- Epigenetics
- Bisulfite Sequencing
- Microarray Analysis
- Chromatin Immunoprecipitation
- Methylated DNA Immunoprecipitation
- Other Epigenetics
- Other Applications & Technologies
By Deliverable:
- Products
- Services
By End-use:
- Pharmaceutical and Biotechnology Companies
- Hospitals and Clinics
- Academic and Government Institutes
- Clinical Research
- Other End Users
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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