Genomics Market was worth US$ 26.74 Bn. in 2022 and total revenue is expected to grow at a rate of 15.35% CAGR from 2023 to 2029, reaching almost US$ 72.67 Bn. in 2029.
Genomics Market Overview:
The Genomics Market study is based on thorough research, qualitative and quantitative assessment by industry experts, and inputs from professionals in the field and supply chain players. The research examines parent market trends, macroeconomic data, and controlling variables in-depth, as well as market attractiveness by segment. The qualitative influence of key market variables on market segments and regions is also mapped out in the study.
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Genomics Market Scope:
This Genomics market review examines the latest developments, regulatory frameworks, trade analysis, business model, supply chain utilization, market dominance, the impact of residential and localized market participants, assessments possibilities in terms of evolving revenue spots, shifts in market regulations, tactical industry growth analysis, sales volume, categorical market growth, implementation niches and dominance, product releases, global coverage, and, product launches. Contact Stellar Market Research for an Analyst Brief to learn more about the Genomics market. Our staff will assist you in making an educated market decision to achieve market growth.
Genomics Market Segmentation
The market is further divided into submarkets for sequencing, microarray, PCR, nucleic acid extraction and purification, and others based on technology. In 2022, the PCR category held the highest proportion (xx%) of the genomics market. Growing genomics research, technological advancements, and the decreasing cost of PCR-amplification of DNA are the main drivers of the genomics market’s expansion. The two main reasons propelling the market are the technical investment and the PCR-based expansion of DNA. In 2022, the second segment will have the biggest share, or xx%. Sequencing technology has several uses, including agriculture and animal breeding, and is connected with benefits including high speed, scalability, and ultra-high throughput.
The market is divided into submarkets based on application, including diagnostics, drug discovery, precision medicine, and others. Within the genomics market, the largest and fastest-growing application segment is diagnostics. This market is expected to grow as a result of growing research into genetic abnormalities and diseases including cancer, as well as falling sequencing costs. Thanks to lower sequencing costs and greater research on genetic abnormalities and diseases like cancer, the drug discovery segment currently maintains the second position in the industry.
The market is divided into three sub-sectors based on product and service: consumables, systems and software, and services. With a market share of xx% in 2022, consumables have the largest share. Consumables are still being used in the genomic system and are being used in more and more genomic tests worldwide. This is among the elements influencing the market. The segment’s revenue is produced by the major players’ use of reagent and nucleic acid. With the debut of a product intended to make whole genome sequencing accessible and inexpensive for labs of all sizes in June 2021, Illumina Inc. announced the NovaSeqTM 6000 reagent kit in August 2021. The Magbind viral RNA Xpress kit was released by Omega Bio-tek Inc. to isolate viral RNA from swab samples in a dependable and quick manner.
Genomics Market Size and Forecast, by Product & Service (2022-2029)
1. Consumables
2. Systems and software
3. Services
Genomics Market Size and Forecast, by Technology (2022-2029)
1. Sequencing
2. Microarray
3. PCR
4. Nucleic Acid Extraction and Purification
5. Others
Genomics Market Size and Forecast, by Test Type (2022-2029)
3. Diagnostic Test
3. Genetic Test
3. Newborn Screening
4. Pre-implantation Testing
5. Prenatal Testing
6. Carrier Testing
Genomics Market Size and Forecast, by Application (2022-2029)
1. Diagnostic
2. Drug Discovery
3. Precision Medicine
4. Others
Genomics Market Size and Forecast, by Method (2022-2029)
1. Molecular Test
2. Chromosomal Test
3. Biochemical Test
Genomics Market Size and Forecast, by End User (2022-2029)
1. Research Centers
2. Hospitals and Clinics
3. Pharmaceutical Companies
Genomics Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Genomics Market Key Players:
To extend their presence in emerging nations and eventually broaden their client base, the key players in the market are embracing different growth tactics such as agreements and strategic alliances, as well as new product debuts. The following are some of the major participants in the Genomics market:
1. Thermo Fisher Scientific Inc
2. Illumina Inc.
3. QIAGEN N.V.
4. Agilent Technologies Inc
5. Eurofins Scientific
6. BGI
7. GE Healthcare
8. Bio-Rad Laboratories Inc
9. F. Hoffmann-La Roche Ltd
10.Oxford Nanopore Technologies
11.Beijing Genomics Institute
12.Foundation Medicine, Inc
13.23andMe, Inc
14.Pacific Biosciences of california
15.Myriad Genetics, Inc.
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Regional Analysis:
Individual market affecting elements and changes in market legislation that affect present and future marketing strategies are also discussed in the country-focused discussion of the Genomics market study. Some of the primary elements utilized to anticipate the market situation for particular nations are consumer volumes, processing facilities, and inventories, shipping analysis, price predictive modeling, price of raw materials, and upstream and downstream value chain analysis. While offering forecast analysis of the national data, the existence and affordability of global brands, as well as the obstacles they face due to significant or limited rivalry from local and domestic manufacturers, the influence of local tariffs, and shipping lanes are all taken into account.
COVID-19 Impact Analysis on Genomics Market:
The COVID-19 outbreak resulted in a severe and prolonged decline in production efficiency, while travel bans and factory closures kept people away from their businesses, leading the Genomics market to slow in 2020. The new research features pandemic’s impact on the Genomics# market, as well as observations, research, estimations, and projections. The Stellar Genomics Market Research study contains an in-depth examination of customer behavior in the aftermath of the virus, as well as its influence on the Genomics market’s outlook, classification, trends, and economic constraints.
Key Questions Answered in the Genomics Market Report are:
- What are the drivers motivating overall Genomics market advancement in the upcoming period?
- What revenue potential is estimated from the Genomics market’s transactions in the years ahead?
- What CAGR potential is forecasted for the Genomics market in the approaching period?
- Who are the significant contenders functioning in the Genomics market?
- Which region is leading the global Genomics market share at the end of the forecast period?
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