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Genomics Market worth $54.4 billion by 2025

 



(IT-NEWSWIRE.COM, December 07, 2022 )

The global genomics market is projected to reach USD 54.4 billion by 2025 from USD 22.7 billion in 2020, at a CAGR of 19.0% during the forecast period.



Major Growth Driving Factors:



The rising geriatric population and the surging prevalence of chronic diseases are projected to foster demand for genomics-based therapeutics.The growth of this market is driven by the government initiatives to support genomics projects, the high prevalence of cancer, technological advancements and rising adoption of NGS in cancer research. Moreover, the entry of new players and start-ups coupled with increasing application areas is also propelling the growth in genomics market.



The next generation sequencing dominated the genomics market in 2019.



Based on technology, the genomics market is segmented into sequencing technologies, PCR, nucleic acid extraction and purification, microarrays, and other technologies. The sequencing segment is further sub segmented into next-generation sequencing (NGS) and other sequencing technologies. NGS advantages includes ultra-high-throughput, scalability, and high speed, enable researchers to perform a wide variety of applications, including animal breeding, agriculture, and human genomics. In 2019, the next-generation sequencing technology dominated with largest share of the genomics market. The substantial focus on new targeted therapies and rising prevalence on cancer offers a lucrative opportunity for the adoption of NGS. Moreover, other factors such as NGS adoption in clinical diagnostics due to rapid result time and faster processing will drive the growth in NGS technology on large scale. Also, growing technological advancements in NGS instruments and technologies are likely to favor the significant growth of NGS in coming years.



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The hospitals and clinics segment contributed for the largest share by end use in the genomics market in 2019.



Based on end users, the genomics market is segmented into hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies, and other end users. In 2019, the hospitals & clinics segment accounted for the largest share of the market and is expected to grow at steady rate during the forecast period. The rising prevalence of cancer and other chronic diseases, the growing demand for advanced medical treatments, and the rising number of biomarker-based therapies are attributed to its growth. Hospitals & clinics are shifting from traditional genomic testing methods to cost-effective and more sensitive methods, such as whole-exome sequencing, which is a major factor driving the market growth.



The Asia Pacific region is the fastest growing region of the genomics market in 2019.



In 2019, the Asia Pacific region accented for the fastest growing region of the genomics market. It is also estimated to grow at the highest CAGR in the genomics market during the forecast period, mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, advancement in bioinformatics and increasing healthcare expenditure in the region. Moreover, increasing prevalence for the development of drugs for the rare diseases and expansions by key players are helping to strengthen their presence in the APAC region.



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Key Market Players:



Some of the leading players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), and BGI (China).



Read More About Related Topics:



Metagenomic Sequencing Market - Global Future Forecasts to 2027



Nucleic Acid Isolation & Purification Market - Global Future Forecasts to

2027



Next generation Sequencing Market - Global Future Forecasts to 2026



Genome Editing Market - Global Future Forecasts to 2026



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