Genomics Market Size is poised to depict considerable expansion from 2022 to 2028, mainly driven by higher application scope and the rising intake of precision medicine. The growing burden of cancer across the world has resulted in soaring government support in the form of funds for supporting the genomics projects. The surging number of prenatal genetic screening programs will also push the market demand.
Genomics refers to the study of genomes and incorporates DNA sequencing methods, recombinant DNA, and bioinformatics for sequencing, assembling, and analyzing the structure and functions of genomes. The increasing penetration of NGS (Next-Generation Sequencing) in cancer research coupled with the influx of new players and start-ups will further fuel the industry revenue expansion.
Based on product, the consumables is slated to proliferate through 2028 due to their growing utility in genomic systems given their disposable nature and ultimate safety to the health workers. They can be touted as a highly sought-after solution as they offer protection against airborne particles as well as harsh liquids that could bring severe effects on the skin. The increasing number of genomic tests performed worldwide, and the rising emergence of nucleic acid extraction kits and reagents will also favor the segment progression.
With respect to technology, the genomics market share from the sequencing segment will grow on account of their higher involvement in research across animal breeding, agriculture, and human genomics. Considering their benefits like high speed & scalability, and ultra-high-throughput, sequencing technologies are largely used in scientific research, modern molecular biology, and diagnostic medicine.
On the other hand, the market value from the real-time PCR technology will expand, propelled bythe increasing deployment of new technologies. This technique offers absolute quantification of the genetic elements in genomic DNA. The rising government focus and the growing number of R&D investments in genomics across several countries will add positive impetus to the market growth.
North America is expected to emerge as a major revenue-generating source for the genomics industry. This is mainly ascribed to the growing burden of chronic diseases, and the presence of advanced healthcare infrastructure in the region. The soaring need for biotechnological practices along with the rising count of government initiatives has made way for the higher adoption of precision medicine and the surge in technological advancements.
Higher consumer awareness has resulted in an upsurge in R&D investments. The increasing efforts, such as strategic partnerships and regulatory approvals, undertaken by prominent industry players to offer effective genomics solutions are other driving forces leading to the regional market expansion.
Market participants are striving towards focused marketing initiatives, comprising partnerships, acquisitions, investments, and technical innovations to proliferate their global presence and to reinforce their competitive stronghold.
For instance, in March 2021, the operating company of Danaher Corporation, Integrated DNA Technologies, acquired Swift Biosciences to complement its existing next-generation sequencing product line with the latter’s broad portfolio of library preparation and enrichment products.
Likewise, in May 2020, Roche purchased Stratos Genomics, an early-stage sequencing technology firm to advance the development of its nanopore sequencer. The acquisition helped the company in accessing Sequencing by Expansion (SBX™), the latter’s unique chemistry.
Some of the other firms offering genomics testing include Oxford Nanopore Technologies, Danaher Corporation, Thermo Fisher Scientific Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd., Illumina Inc., Bio-Rad Laboratories, Agilent Technologies, Eppendorf, GE Healthcare Inc. (General Electric), BGI, and Qiagen N.V.
In response to the COVID-19 outbreak, which caused tremors in the global economy, the market witnessed an upward trajectory. This is owing to the growing instances of genome sequencing of SARS-CoV-2 as it acted as a powerful supplementary tool for characterizing the transmission dynamics in healthcare settings.
The increase in persistent efforts undertaken by numerous industry players also contributed a profitable edge to the market proliferation amidst the pandemic. For instance, in April 2021, QIAGEN added QIAseq DIRECT SARS-CoV-2 Kit, a new ultra-fast sequencing solution to its COVID-19 portfolio to offer high-throughput genomic surveillance.
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