Global Genomics Market was worth US$ 23.18 Bn. in 2021 and total revenue is expected to grow at a rate of 15.35% CAGR from 2021 to 2029, reaching almost US$ 72.67 Bn. in 2029.
Genomics Market Overview:
The Genomics market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Genomics Market as well as the factors influencing regional variations in the growth of the sector.
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Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Drivers:
Government support for genomics projects is growing. The cost of researching tumour treatments in the US will exceed $150 billion in 2021. In India, the department of biotechnology has launched the “Genome India Project.” To create a reference genome, 10,000 samples are being collected as part of that project. For 36 research projects, the Ministry of Science and Sport of Canada raised $33.4 million in funding. How much and to what extent the medical community will use current genomic information in personalised medicine is one of the crucial factors that is likely to have a significant impact on the genomics market.
Segmentation:
The market is divided into Sequencing, Microarray, PCR, Nucleic Acid Extraction and Purification, and Others based on technology. The market for genomics is expanding primarily due to technological advancements, an increase in genomics research, and decreased costs for DNA amplification using PCR. The market is primarily driven by technological investment and DNA expansion using PCR. Sequencing technology has benefits like ultra-high throughput, scalability, and high speed. It is used for a variety of tasks, including farming and animal breeding.
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Key Players:
To identify the market’s leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the significant thought leaders and subject matter experts that are included in the primary study’s in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and global market breakdowns. The results of these calculations are then compared to primary data. The Genomics market is dominated by the following businesses:
• Thermo Fisher Scientific Inc
• Illumina Inc.
• QIAGEN N.V.
• Agilent Technologies Inc
• Eurofins Scientific
• BGI
• GE Healthcare
• Bio-Rad Laboratories Inc
• F. Hoffmann-La Roche Ltd
• Oxford Nanopore Technologies
• Beijing Genomics Institute
• Foundation Medicine, Inc
• 23andMe, Inc
• Pacific Biosciences of california
• Myriad Genetics, Inc.
Regional Analysis:
The regional market research analysis for Genomics also covers particular market driving forces and changes in market laws affecting current and future market trends. Current and upcoming trends are studied in order to evaluate the potential market as a whole and find profitable patterns to establish a better foundation. The appraisal of the geographic market is built on the basis of the current environment and expected tendencies.
COVID-19 Impact Analysis on Genomics Market:
Due to a halt in operations, the growth of end-user industries using Genomics decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Genomics manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market’s expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Genomics has been severely decreased.
Key Questions Answered in the Genomics Market Report are:
- Which market segment accounted for the most percentage of Genomics in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Genomics market’s growth?
- Which region dominates the Genomics market in terms of market share?
- What will be the market’s expected CAGR from 2022 to 2029?
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