Genomics Market size to grow by USD 18.24 billion from 2022 to 2027, North America is estimated to account for 37% of the growth- Technavio

NEW YORK, Oct. 19, 2023 /PRNewswire/ -- The genomics market size is expected to grow by USD 18.24 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 10.53%  during the forecast period, according to Technavio Research. The market has been segmented by solution (products and services), application (diagnostic, drug discovery, and others) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

North America is estimated to account for 37% of the growth of the global market during the forecast period. One of the major contributors to the growth of the market in North America is the US. Factors such as the increase in research funding and the growing developments in precision medicine and personalized therapies are fuelling the growth of the market in the region. Hence, such factors drive the market growth in North America during the forecast period. 

Company Profile:

10X Genomics Inc., Abcam plc, Agilent Technologies Inc., Becton Dickinson and Co., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., Danaher Corp., Eppendorf SE, F. Hoffmann La Roche Ltd., Hamilton Bonaduz AG, Illumina Inc., Myriad Genetics Inc., New England Biolabs Inc., Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., Promega Corp., QIAGEN NV, Standard BioTools Inc., Thermo Fisher Scientific Inc., and Perkin Elmer Inc

10X Genomics Inc: The company offers genomics such as single-cell gene expression and single-cell immune profiling.

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Genomics Market: Segmentation Analysis

The market share growth by the products segment is significant during the forecast period. This segment comprises instruments and consumables used in research and testing. Some of these instruments consist of  Polymerase chain reaction systems, Clustered Regularly Interspaced Short Palindromic Repeats -Cas systems, next-generation sequencers, and microarray instruments, which are routinely used in performing nucleic acid extraction, isolation, purification, gene cloning/amplification, high-throughput sequencing, and gene expression. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

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Genomics Market: Driver & Trend:

• Reduction in the cost of genetic sequencing drives the market growth.  There is a significant reduction in the cost of sequencing due to the completion of the Human Genome Project (HGP) and advancements in genomics. In addition, there is a significant revolution in sequencing procedures due to the advent of technologies such as  NGS, DNA microarray, and CRISPR allowing targeted and high-throughput sequencing. As a result, it has led to the increased adoption of gene sequencing in commercial applications, including clinical and research settings, where rapid and cost-effective processing is needed. Hence, such factors are driving the market growth during the forecast period.
• Rising investments in genomics research and development
• Increasing demand for creating and upgrading genome databases

Trend

Advances in sequencing technologies are a primary trend in the genomics market.  Advances in genomics technologies, including high throughput sequencing, DNA microarray, and fluorescence in situ hybridization (FISH), have reduced the operational cost significantly by workflow simplification and providing a rapid and efficient process to perform genomics sequencing and analysis over conventional. Hence, such factors are driving the market growth during the forecast period.
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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Solution

Market Segmentation by Application

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio