Dublin, May 19, 2021 (GLOBE NEWSWIRE) -- The "Genomics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The genomics market is expected to register a CAGR of nearly 15.89 % during the forecast period, with a revenue of approximately USD 19.5 billion in 2020, and it is expected to reach USD 47 billion by 2026.
The development of innovative genome technologies by key players of the genomics market and a wide range of genomic products used in COVID-19 research have helped researchers to gain a better understanding of the coronavirus. Hence, COVID-19 has positively impacted the genomics market. The researchers have tried to address genetic severity and susceptibility to SARS-CoV-2 infection by using existing genetic databases.
Genome-wide association studies (GWAS) and Multiomic-based approaches have been employed to unfold the common variants underlying host-pathogen interactions and biological networks. Additionally, the data obtained from genomes, such as ABO blood groups, polygenic risk scores (PRS) can be potentially used to decode COVID-19 susceptibility, complications and resistance. Moreover, biobanks that connect genomic data to electronic health records can be used to study the impact of genomic factors on the clinical course of patients infected with COVID-19.
The major factors attributing to the growth of the genomics market are growing government support and increased number of genomics studies, declining sequencing cost, increased genomics applications. The genomics market is geared to exponential growth as a result of the essential genetic developments and also because of its applications in numerous areas of study, such as intragenomic phenomena, like epistasis, heterosis, pleiotropy, and other associations within the genome between alleles and loci. Also, there are few more factors which are playing crucial roles in taking the genomics market to the next level; among them, one is on-bioengineering and synthetic biology applications, which are expected to further propel the growth of the genomics market.
In Addition, governments in various countries are investigating in research and developments in the arena of genomics for development of new technologies. For instance, in January 2020, the Department of Biotechnology (DBT) initiated the "Genome India Project" (GIP) in India. Under this projects, 10,000 genetic samples of Indian citizen will be collected to build a reference genome. This projects is aimed at the precision health, mutation spectrum of genetic and complex diseases, rare genetic disorders, genetic epidemiology of multifactorial lifestyle diseases, and translational research. Such initiatives are expected to increase the usage of genomics products, which will drive overall market growth.
However, factors such as high cost of equipment and consumables and dearth of skilled professionals? among others, may impact market growth.
Key Market Trends
Consumables Segment is Expected to Hold the Largest Market Share in the Genomics Market
Owing to the shutting down of research and academic institutes during a pandemic, there has been a decline in the sales of consumables used for genomic analysis. As per the annual report of 2020 by Nanostring Technologies Inc., the company witnessed a massive decline of 18% in its Consumables segment compared to 2019. According to the 2020 results published by 10X Genomics Inc., the company observed a decline of 23.0% compared to 2019. However, the situation is found to be improving gradually.
Consumables accounted for a significant share of the genomics market. Consumables are used in huge numbers in genomic systems, and their use will continue to rise with the increasing number of genomic tests performed across the globe. This is one of the key factors boosting market growth.
Continuous introduction of nucleic acid extraction kits and reagents by key market players is driving the revenue generation in the segment. In August 2020, Eurofins Technologies launched reagents for automated isolation of high-quality SARS-CoV-2 RNA from viral particles of human respiratory specimens. The reagents' magnetic bead-based, automated method extracts and isolates virus particles and their respective RNA on many open platforms for subsequent real-time RT-PCR analysis using approved IVD kits.
Also, in August 2020, Illumina, Inc. launched NovaSeqTM 6000 v1.5 Reagent Kit. The new NovaSeq 6000 v1.5 Reagent Kits aim to make whole genome sequencing more accessible and affordable for labs of all sizes with the introduction of the product. In June 2020, Omega Bio-tek, Inc. introduced the Mag-Bind Viral RNA Xpress Kit for reliable and rapid viral RNA isolation from nasopharyngeal swab samples.Thus, the above-mentioned factors are likely to boost the segmental growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall genomics market, throughout the forecast period. This is owing to the factors, including the rising incidence of chronic diseases, such as cancer, increasing government entities investment in research, raising awareness of patients, and the availability of advanced healthcare infrastructure has contributed to growing technological advances in this sector and rising demand for biotechnological practices in the region, is anticipated to further drive the growth in this region. Further, the domicile presence of some of the major players in the region is also ensuring the dominance of the region.
The current global pandemic has created considerable opportunities for the domestic market players operating in the space. In March 2021, Applied DNA Sciences, Inc. launched Linea COVID-19 Selective Genomic Surveillance Mutation Panel to enhance the utility of limited Next Generation Sequencing (NGS) resources in the United States to track better the SARS-CoV-2 Variants of Concern (VOCs) at local, state, and federal levels.
In August 2020, Helix announced that it has received Emergency Use Authorization from the U.S. Food and Drug Administration for the Helix COVID-19 NGS Test. The test is an amplicon-based next-generation sequencing test intended for the qualitative detection of nucleic acid from the SARS-CoV-2 suspected individuals. Such product approval is likely to have a profound impact on the market studied.
The genomics market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions across the world. Some of the companies which are currently dominating the market are Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, Luminex Corporation, and Myriad Genetics Inc.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Widening Range of Applications of Genomics and Government Support
4.2.2 Technological Advancements and Growing Adoption of Genomic Medicine
4.3 Market Restraints
4.3.1 High Cost of Equipment and Consumables
4.3.2 Dearth of Skilled Professionals?
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product and Services
5.1.2 Systems and Software
5.2 By Techniques
5.2.4 Nucleic Acid Extraction and Purification
5.3 By Application
5.3.2 Drug Discovery and Development
5.3.3 Precision Medicine
5.4 By End User
5.4.1 Hospitals and Clinics
5.4.2 Research Centers
5.4.3 Pharmaceutical and Biotechnology Companies
5.5.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.5.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.5.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 23andMe, Inc.
6.1.2 Agilent Technologies
6.1.3 Bio-Rad Laboratories
6.1.4 Eurofins Scientific
6.1.5 F. Hoffmann-La Roche Ltd
6.1.6 GE Healthcare
6.1.7 Illumina, Inc.
6.1.8 Luminex Corporation
6.1.9 Myriad Genetics Inc.
6.1.10 Oxford Nanopore Technologies
6.1.11 Pacific Biosciences of California Inc.
6.1.12 Perkinelmer Inc.
6.1.14 Quest diagnostics
6.1.15 Thermo Fisher Scientific
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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