Genomics Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Product/Services (Consumables, Systems & Software, Services); Technology (Sequencing, Polymerase Chain Reaction, Nucleic Acid Extraction & Purification, Microarray, Others); Application (Diagnostics, Drug Discovery & Development, Personalized Medicine, Agriculture & Animal Research, Others); End-Users (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Academic & Government Institutes, Clinical Research, Others); and Region & Country

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Report ID:

UMHE21218

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Report Description
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Research Methodology

Report Description

The study of genomics is receiving immense attention from investors as well as from the public as it impacts the very core of the lives and all living things around globe. Completing the sequencing of the first human genome in 2003 was a key breakthrough that took over 10 years and cost approximately USD 3 billion. Since then, the sequencing speed of a genome has more than doubled, significantly outpacing Moore’s Law. Today’s high throughput sequencing machines process the human genome in a matter of hours at a cost approaching USD 1,000. These advancements have allowed researchers to run more genome analysis in less time, greatly increasing the pace of scientific discovery.

The surging cancer incidence and reduced sequencing costs is anticipated to boost the market growth. The cost of whole genome sequencing has dropped rapidly over the last decade because of the evolution of the next generation sequencing. The rapid evolution of DNA sequencing technologies in recent years has meant that the cost of sequencing one mega-base of DNA has decreased by almost 60% CAGR over the past decade, from over USD 4,953.6 (£3,600) down to USD 0.041 (£0.03) per mega-base of DNA in April 2015. Few fixed costs are anticipated to be reduced through greater automation, however, other costs such as reagents are unlikely to fall at the same rate.

The rising interest in biomarkers is also driving interest in genomics-related pharmaceutical R&D, which has grown significantly since 2000. Several companies have invested in genomics either through collecting genomic information for databases or by generating research. For instance, Illumina estimated the number of genomes sequenced to be doubled every year, up to 1.6 million genomes in 2017. Furthermore, the increasing government funded initiatives are also anticipated to boost the market. Recently in 2020, the Department of Biotechnology (DBT) initiated the ambitious “Genome India Project” (GIP) to collect 10,000 genetic samples of citizens across India to build a reference genome. This project is led by the Indian Institute of Science’s Centre for Brain Research in Bengaluru, which serves as the central coordinator for a collaboration of 20 leading institutions, each of which collects samples and conducts its own research. The precision health, rare genetic disorders, mutation spectrum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research are some of the priority areas.

Timeline Illustrating Key Events in History of Genomics

 

Agilent Technologies, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche, Illumina, Myriad Genetics, Oxford Nanopore Technologies, QIAGEN N.V., Thermo Fisher Scientific, and BGI Genomics are some of the prominent players operating in the global Genomics market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst product/services, consumables segment holds the major share”

Based on the product/services type, the market is fragmented into consumables, systems & software, and services. The consumables segment dominated the market with a share of 53.9% in 2020 and is expected to maintain its dominance during the forecast period owing to the increasing number of genomic tests worldwide.

“Amongst technology, sequencing dominated the market in 2020”

The technology type segment is further divided into sequencing, polymerase chain reaction, nucleic acid extraction and purification, microarray, and others. The sequencing segment dominated the market in 2020 generating a revenue of USD 8,388.6 million and is expected to maintain its dominance during the analyzed period. Over the last quarter-century, developments in genomics have resulted in significant cost reductions in genome sequencing leading to the increased utilization of genome sequencing. However, the polymerase chain reaction segment is anticipated to witness the highest CAGR of 15.8% during the forecast period (2021-2027).

“Amongst application, diagnostics is anticipated to grow at the highest CAGR during the analyzed period”

Further based on application, the market is fragmented into diagnostics, drug discovery and development, personalized medicine, agriculture & animal research, and others. In 2020, diagnostics accounted for a maximum market revenue share of 32.1% and is expected to remain dominant during the analyzed period. However, personalized medicine is anticipated to grow at the highest CAGR over the forecast period and reach a market evaluation of USD 11,001.3 million.

Amongst end-user, pharmaceutical & biotechnology companies segment holds the major share”

Based on the end-user type, the market is fragmented into pharmaceutical & biotechnology companies, hospitals & clinics, academic & government institutes, clinical research, others. The pharmaceutical & biotechnology companies dominated the market in 2020 with revenue of USD 12,991.7 million and is anticipated to maintain its dominance during the analyzed period. However, the hospitals & clinics segment is expected to grow at the highest CAGR during the period.

“North America signifies one of the largest markets of Genomics Market”

For a better understanding of the market dynamics of the Genomics market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD 8,982.8 million in 2020 owing to the increasing cancer incidence and higher government-funded initiatives. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of 16.51% during the forecast period.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The Genomics Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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  1.1Market Definitions
  1.2Objective of the Study
  1.3Limitation
  1.4Stake Holders
  1.5Currency Used in Report
  1.6Scope of the Global Genomics Market Study

 

  2.1Research Methodology for the Global Genomics Market
   2.1.1Main Objective of the Global Genomics Market

 

  8.1Consumables
  8.2Systems and Software
  8.3Services
  9.1Sequencing
  9.2Polymerase Chain Reaction (PCR)
  9.3Nucleic Acid Extraction and Purification
  9.4Microarray
  9.5Others

 

  10.1Diagnostics
  10.2Drug Discovery and Development
  10.3Personalized Medicine
  10.4Agriculture & Animal Research
  10.5Others 
  11.1Pharmaceutical & Biotechnology Companies
  11.2Hospitals & Clinics
  11.3Academic & Government Institutes
  11.4Clinical Research
  11.5Others 

 

  12.1North America Genomics Market 
   12.1.1United States
   12.1.2Canada
   12.1.3Rest of North America
  12.2Europe Genomics Market 
   12.2.1Germany
   12.2.2France
   12.2.3United Kingdom
   12.2.4Italy
   12.2.5Spain
   12.2.6Rest of Europe
  12.3Asia Pacific Genomics Market
   12.3.1China
   12.3.2Japan
   12.3.3India
   12.3.4Rest of Asia Pacific
  12.4Rest of World Genomics Market 

 

  13.1Market Drivers
  13.2Market Challenges
  13.3Impact Analysis

 

  18.1 Drivers 
  18.2Challenges
  18.3Impact Analysis
  18.4Opportunity
  17.1Demand Side Analysis
  17.2Supply Side Analysis
   17.2.1Top Product Launches
   17.2.2Top Business Partnerships
   17.2.3Top Business Expansions, Investments and Divestitures
   17.2.4Top Merger and Acquisitions

 

  19.1Agilent Technologies
  19.2Bio-Rad Laboratories
  19.3Danaher Corporation
  19.4F Hoffmann-La Roche
  19.5Illumina 
  19.6Myriad Genetics
  19.7Oxford Nanopore Technologies
  19.8QIAGEN 
  19.9Thermo Fisher Scientific
  19.10BGI Genomics

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Genomics Market were the three major steps undertaken to create and analyze the adoption of Genomics for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Genomics sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Genomics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Genomics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product/services, technology, application, and end-user. Further country-level analyses were conducted to evaluate the overall utilization of Genomics in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Genomics. Further, we conducted factor analysis using dependent and independent variables such as increasing cancer incidence and rising government funded initiatives. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Genomics industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Genomics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (USD) and the utilization rate of Genomics across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Genomics market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Genomics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product/services, technology, application, and end-user of the Genomics market.

Main Objective of the Genomics Market Study

The current & future market trends of Genomics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Genomics in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of product/services, technology, application, and end-user
  • Define and analysis of the regulatory framework for the Genomics industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Genomics market for the major region
  • Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India), and Rest of the World
  • Company profiles of the Genomics market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry