Genomics Market size is set to grow by USD 18.24 billion from 2022-2027 | Reduction in the cost of genetic sequencing to boost the market growth- Technavio

NEW YORK, Nov. 27, 2023 /PRNewswire/ -- The significant driver in the genomics market is the decreased cost of genetic sequencing, driven by the completion of the Human Genome Project (HGP) and advancements in genomics. Innovations in technologies such as NGS, DNA microarray, and CRISPR have revolutionized sequencing methods, allowing for targeted and high-throughput sequencing, particularly in clinical and research applications. The cost of genome sequencing has notably reached more than 99.99% from 2000 to 2019, making genomics-based tests like paternity tests more affordable and thus increasing consumer adoption, thereby boosting the demand for genomics products and services.

The global genomics market size is estimated to grow by USD 18.24 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 10.53% during the forecast period. Continual progress in sequencing technologies remains a prevailing trend within the genomics market. The conclusion of the Human Genome Project (HGP) and strides in next-generation genetic testing methods have significantly contributed to comprehending human genomics and variations in genetic makeup. Next-generation sequencing (NGS) has transformed genetic research by facilitating extensive sequencing, identification of disease-linked mutations, and cost reduction in sequencing procedures. Technologies like high-throughput sequencing and DNA microarrays have optimized processes and decreased operational expenses. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Buy the report

Global Genomics Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on solution (products and services) Application (Diagnostic, Drug discovery, and Others) and Geography (North America, Europe, Asia, and Rest of World (ROW)). 

• The products segment is anticipated to experience substantial growth in market share during the forecast period. This segment encompasses instruments and consumables utilized in research and testing activities. Instruments consist of Polymerase Chain Reaction (PCR) systems, Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)-Cas systems, next-generation sequencers, and microarray instruments. These tools are commonly employed for tasks such as nucleic acid extraction, isolation, purification, gene cloning/amplification, high-throughput sequencing, and gene expression analyses.

Geography Overview

By geography, the global genomics market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global genomics market.

• North America is projected to contribute 37% to the global market growth during the forecast period, with the US as the leading country in the region. The rise in research funding and advancements in precision medicine and personalized therapies are driving the demand for genomics analyses in North America. Moreover, the region shows the presence of key market players like Illumina, Bio-Rad Laboratories, Agilent Technologies, Thermo Fisher Scientific, PerkinElmer, and Fluidigm Corp. These factors collectively shape the dominating position of North America in the global market.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Global Genomics Market – Market Dynamics
Major challenges hindering the market growth

• Shortage of skilled genetics professionals in the genomics market set a challenge due to limited expertise in gene editing, sequencing, and counseling, impacting accuracy and precision.
• Growing demand for laboratory technicians contrasts with limited availability owing to an aging workforce and inadequate accredited training programs, exacerbating the shortage of trained professionals.
• Scarcity of skilled experts stands as a significant challenge in the genomics market, affecting accurate interpretations and observations, and hindering advancements in the field.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report

What are the key data covered in this Genomics Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Genomics Market between 2023 and 2027
• Precise estimation of the size of the Genomics Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Genomics Market industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Genomics Market vendors

Related Reports:

NGS-based RNA-seq Market: The global NGS-based RNA-seq market size is estimated to grow by USD 3,753.73 million between 2022 and 2027 accelerating at a CAGR of 15.34%.

Bioinformatics Market: The bioinformatics market size is estimated to grow at a CAGR of 13% between 2022 and 2027. The market size is forecast to increase by USD 8,535.52 million.

TOC

• Executive Summary
• Market Landscape
• Market Sizing
• Historic Market Size
• Five Forces Analysis
• Market Segmentation by Solutions
• Market Segmentation by Application
• Customer Landscape
• Geographic Landscape
• Drivers, Challenges, and Trends
• Company Landscape
• Company Analysis
• Appendix

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SOURCE Technavio