SAN FRANCISCO, March 4, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
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.
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.
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.
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)
Protein Stability Analysis Market– Protein stability analysis is an essential step in therapeutics stability studies that enables the assessment of factors causing aggregation and degradation of proteins.
Single Cell Analysis Market– Companies are investing in introducing novel solutions to accelerate the identification and quantification of genetic information in individual cells for research programs, thereby contributing to revenue growth in this market.
Cell Therapy Market– Rapid advances in stem cell research hold the potential to fulfill the unmet demand of pharmaceutical entities, biotech entities, and doctors in disease management.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countscries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.