Industry Background:
Genomics is defined as the branch of molecular biology that includes mapping genes and sequencing the DNA. It includes functional genomics, structural genomics, comparative genomics, pharmacogenomics, and others. The global genomics market is propelled by several key drivers, including advancements in genomic technologies, rising demand for personalized medicine, and increasing research activities in the fields of genetics and biotechnology. Additionally, government initiatives and funding for genomics research, along with growing awareness about the potential benefits of genomic sequencing in disease diagnosis and treatment, further stimulate market growth. However, the market faces restraints such as high costs associated with genomic testing, ethical concerns related to genetic privacy, and the complexity of interpreting vast genomic data. Despite these challenges, opportunities abound in the form of expanding applications of genomics in areas like agriculture, forensics, and drug discovery, as well as the emergence of innovative sequencing technologies and data analysis tools, which are expected to drive the market forward.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Thermo Fisher Scientific, Inc. (United States), Illumina, Inc. (United States), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (United States), Eurofins Scientific (Germany), BGI Genomics (China), GE Healthcare (United States), Bio-Rad Laboratories, Inc. (United States), F. Hoffmann-La Roche Ltd. (Switzerland), Pacific Biosciences of California, Inc. (United States) and Myriad Genetics (United States) |
According to AMA, the market for Genomics is expected to register a CAGR of 14.2% during the forecast period to 2028. This growth is primarily driven by Rising Government Funding and Growth in the Number of Genomics Projects and Decreasing Sequencing Costs and Growing Application Areas of Genomics such as Diagnostic Application and Precision Medicine and Entry of New Players.
Globally, a noticeable market trend is evident Growing R&D in the field of Genomics, and the Lower Cost of Deoxyribonucleic Acid Amplification using PCR The Biotechnology sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Thermo Fisher Scientific, Inc. (United States), Illumina, Inc. (United States), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (United States), Eurofins Scientific (Germany), BGI Genomics (China), GE Healthcare (United States), Bio-Rad Laboratories, Inc. (United States), F. Hoffmann-La Roche Ltd. (Switzerland), Pacific Biosciences of California, Inc. (United States) and Myriad Genetics (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The genomics market is highly fragmented with several major players such as Thermo Fisher Scientific, Inc. (United States), Illumina, Inc. (United States), and QIAGEN N.V. (Netherlands), among others
Key Developments in the Market:
In January 2023, Moderna, Inc., a leading biotechnology firm specializing in messenger RNA (mRNA) therapeutics and vaccines, has recently finalized an agreement to acquire OriCiro Genomics K.K., a trailblazer in cell-free DNA synthesis and amplification technologies. This strategic partnership marks a significant step for Moderna in expanding its capabilities and expertise in the field of genomics.
Regulatory Insights:
The FDA regulates genetic tests and other genomic technologies that are used to diagnose, treat, or prevent diseases. The agency reviews and approves new genomic technologies, including gene therapies, and monitors their safety and efficacy.
Influencing Trend:
Growing R&D in the field of Genomics, and the Lower Cost of Deoxyribonucleic Acid Amplification using PCR
Market Growth Drivers:
Rising Government Funding and Growth in the Number of Genomics Projects and Decreasing Sequencing Costs and Growing Application Areas of Genomics such as Diagnostic Application and Precision Medicine and Entry of New Players
Challenges:
Problem Regarding Secure Storage of Large Volumes of Sequenced Data as well as Dearth of Trained Professionals
Restraints:
High Cost of Genomic Equipment
Opportunities:
Increasing Use of Genomics in Specialized/Personalized Medicine across the World
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Genomics Market
- Analysis about New Entrants in Genomics Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Genomics Study Sheds Light on
The Genomics Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Genomics industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Genomics industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.