Genomics Market to Rise at 19.5% CAGR and Reach USD 82.60 Billion by 2027; Advances in Diagnostic Applications will Lead to a Wider Product Adoption,…

September 29, 2020 08:39 ET | Source: Fortune Business Insights

Pune, Sept. 29, 2020 (GLOBE NEWSWIRE) -- The global genomics market size is projected to reach USD 82.60 billion by the end of 2027. The massive investments in the research and development of efficient products will have a massive impact on the growth of the market in the coming years.

According to a report published by Fortune Business Insights, titled Genomics Market Size, Share & COVID-19 Impact Analysis, By Type (Products (Instruments & Software and Consumables) and Services), By Technology (Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), Microarray, Sanger Sequencing, and Others), By Application (Diagnostics, Research, and Others), By End User (Research Institutes, Healthcare Facilities & Diagnostic Centers, Pharmaceutical & Biotechnological Companies, Contract Research Organization (CROs)), and Regional Forecast, 2020-2027, the market was worth USD 18.85 billion in 2019 and will exhibit a CAGR of 19.5% during the forecast period 2020-2027.

Genomics is a concept that involves the human gene and sequencing for treatment and study of several diseases or potential diseases. The study of human genetics helps identify and track critical diseases, with equal focus on the qualities and behaviour of a specific individual. In the past few years, genomics has contributed to the growth of numerous similar branches including the popular precision medicine.

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The massive investments in the research and development of genomics and genomic sequencing will have a positive impact on the growth of the overall market in the coming years. The presence of several large scale companies has had a massive impact on the growth of the market in recent years and the influx of start-ups will create opportunities for growth in the foreseeable future.

Recent Clinical Studies have Indicated the Potential of Genomics to Tracking Patterns of Covid-19 Spread

The recent coronavirus outbreak has created a sense of panic among businesses across the world. Although healthcare industry has witnessed a contrasting impact, as compared to a few other sectors, there has been a recent surge in the need for healthcare professionals. The lack of skilled labour is consequential to the hesitancy among workers due to the severity of the disease. Although there are several ongoing research activities associated with the treatment of the coronavirus, there has been little success in this field.

Accounting to increasing cases of Covid-19 across the world, researchers are focusing on implementing preventive and precautionary measures through newer concepts. The excessive research associated with the use of genomics in Covid-19 pandemic has yielded a few successful measures. As a result, genomics has recently attracted attention from across the world.

The whole world is fighting the novel coronavirus. Sectors and industries are devasted due to the major loss caused by COVID-19 in business. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/genomics-market-100941

Constant Product Innovations are Consequential to Increasing R&D Efforts

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations, driven by rising investments in the research and development of the product, has made the highest impact on the growth of the market. In April 2020, Eurofins announced the launch of a new product in the genome sequencing space.

The company introduced SARS-CoV 2 full length genome sequencing, a product that is categorized under the next-generation (NGS) sequencing category. Increasing number of such product innovations will have a positive impact on the growth of the overall market in the coming years.

North America to Emerge Dominant; Increasing Activities associated with Whole-genome Sequencing will Emerge in Favor of Market Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing research activities associated with whole-genome sequencing by private companies as well as government organizations will contribute to the growth of the regional market.

As of 2019, the market in North America was worth USD 8.27 billion and this value is projected to rise at a considerable pace in the coming years. The market in Asia Pacific will derive growth form the efforts put in towards genetic sequencing by countries such as China.

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List of companies profiled in the Genomics Market report:

Industry Developments:

February 2020: Nebula Genomic announced the launch of a new product that will offer whole genome sequencing at US$ 299 to its customers.

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Next-Generation Sequencing (NGS) Market Share and Global Trend By Type (Products, Instruments & Software, Consumables, Services), By Application (Diagnostics, Research), By End User (Research Institutes, Healthcare Facilities & Diagnostic Centres, Pharmaceutical & Biotechnological Companies, Contract Research Organization) & Geography Forecast till 2026

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Genomics Market to Rise at 19.5% CAGR and Reach USD 82.60 Billion by 2027; Advances in Diagnostic Applications will Lead to a Wider Product Adoption,...