The global genomics market size is expected to reach USD 31.1 billion by 2027, registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. Significant changes in disease management processes along with advancements in genomics and personalized medicine are expected to propel the market.
Increasing pool of market innovators such as 23andMe,Oxford Nanopore Technologies, and Veritas Genetics that have launched breakthrough genomic technologies in recent years are also contributing toward market development. 23andMe has expertise in developing direct-to-consumer genomic tests targeted toward disease prognosis and has recently received FDA approval for its commercialization.
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MinION - a trademark sequencing device of Oxford Nanopore Technologies, is witnessing significant traction owing to its ability to sequence any fragment length of DNA in real time. On the other hand, Veritas Genetics offers an affordable solution for a complete readout of the genomic sequence. Earlier procured only by doctors, these tests can now be taken by anyone curious about their DNA and costs approximately USD 1,000. The company has also begun the commercialization of this technique for newborn’s genomic sequencing applications in China in 2017.
Further key findings from the report suggest:
• The consumables and reagents deliverable segment is expected to register highest growth rate owing to high costs associated with specific essential reagents along with high volume requirement
• The computational services deliverable segment is set to expand at a considerable CAGR from 2020 - 2027 owing to the increasing demand for computational sequence alignment and analysis among molecular biologists
• Development of predictive biomarkers targeted toward diagnosis and monitoring and substantial investments by biotechnology and pharmaceutical companies have contributed significantly to the revenue generated by the biomarker discovery application segment in 2019
• Asia Pacific is a potentially lucrative market for genomics and is anticipated to expand at the highest CAGR of 9.1%
• Key players of genomics market include 23andMe; F. Hoffmann-La Roche Ltd.; BGI; Myriad Genetics Inc.; Danaher.; Pacific Biosciences; Illumina; Agilent Technologies; Thermo Fisher Scientific, Inc.; Foundation Medicine; Oxford Nanopore Technologies; and Bio-Rad Laboratories.
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Grand View Research has segmented the global genomics market on the basis of deliverables, application and technology, end use, and region:
Genomics Deliverable Outlook (Revenue, USD Million, 2016 - 2027)
• Products
o Instruments & Software
o Consumables & Reagents
• Services
o Core Genomics Services
o NGS-based Services
o Biomarker Translation Services
o Computational Services
o Others
Genomics Application & Technology Outlook (Revenue, USD Million, 2016 - 2027)
• Functional Genomics
o Transfection
o Real-time PCR
o RNA interference
o Mutational analysis
o SNP analysis
o Microarray analysis
• Epigenetics
o Bisulfite sequencing
o Chromatin immunoprecipitation-sequencing (ChIP & ChIP-Seq)
o Methylated DNA immunoprecipitation (MeDIP)
o High resolution melt (HRM)
o Chromatin accessibility assays
o Microarray analysis
• Pathway Analysis
o Bead-based analysis
o Microarray analysis
o Real-time PCR
o Proteomics tools (2-D PAGE; yeast 2-hybrid studies)
• Biomarker Discovery
o Mass spectrometry
o Real-time PCR
o Microarray analysis
o Statistical analysis
o Bioinformatics
o DNA sequencing
• Others
Genomics End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Clinical & Research Laboratories
• Academic & Government Institutes
• Hospitals & Clinics
• Pharmaceutical & Biotechnology Companies
• Other End Users
Genomics Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o Japan
o China
• Latin America
o Brazil
• Middle East and Africa (MEA)
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.