The growing funding from the government and growth in the number of genomics projects are driving the market demand.

Market Size – USD 18.60 Billion in 2019, Market Growth - CAGR of 13.1%, Market Trends – Advancement in technology.

The global Genomics market is forecast to reach USD 47.23 Billion by 2027, according to a new report by Reports and Data. The growing demand for genetically modified plants and animals and a reduction in the price of genetic procedures are boosting the growth of the market.

The market is witnessing an increased demand owing to the massive change in technology. The development of innovative machines and increased spending on research is further propelling the demand. The government is taking initiatives to encourage the growth of the market. The growing trend of personalized medicine is also another trend impacting market demand. However, the high cost of the genomic instruments and regulatory guidelines are hampering the growth of the market.

Advancement in genomics will continue to give rise to the economic, environmental, and ethical, legal, and social implications, all of which will garner attention from the public and the policymakers. Several healthcare and research companies are working towards the integration of genomic data, while major clinical centers like Stanford Health Care and many cancer research centers are using genomic data to personalize treatments for treating life-threatening diseases such as cancer.

Key companies profiled in the report include

Thermo Fisher Scientific, Agilent Technologies, Illumina, Inc., Qiagen, Oxford Nanopore Technologies, Eurofins Scientific, F. Hoffmann-La Roche, Danaher Corporation, Bio-Rad Laboratories, and GE Healthcare, among others.

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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Genomics market.

The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.

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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.

The key geographical regions analyzed in the market report are:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Genomics Market Segmentation based on Types:

Deliverables Outlook (Revenue, USD Billion; 2017-2027)

Products
Instrument
Reagent
Services
Core Genomics
Biomarker Translation
NGS-Based
Computational
Others
Technology Outlook (Revenue, USD Billion; 2017-2027)

Sequencing
PCR
Microarray
Nucleic Acid Extraction and Purification
Other Technologies
Application Outlook (Revenue, USD Billion; 2017-2027)

Diagnostics
Precision Medicine
Drug Discovery and Development
Agriculture & Animal Research
Others
End User Outlook (Revenue, USD Billion; 2017-2027)

Hospitals and Clinics
Research centers and government institute
Pharmaceutical and Biotechnology Companies
Others
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Further key findings from the report suggest

Pharmaceutical companies are making use of the available genomic information in personalized medicine, which is forecasted to significantly impact the growth of the market. The reduction in the cost of sequencing has enabled the whole genome sequencing at a very affordable price, which has made it more attractive to pharmaceutical and biotechnology companies.
NGS-based services held a major market share due to its adoption of whole-genome sequencing and application of the sequence databases for disease prognosis and screening. The demand is expected to grow owing to the expansion of the customer base from limited to academic and research centers to CROs, biotech, and pharma players.
Polymerase chain reaction (PCR) has several advantages, which is boosting the demand for the market. The reaction is simple, easy to understand, and also produces results quickly. The technique is very sensitive, with the potential to produce billions of copies of a certain product for cloning, sequencing, and analysis. Thus, it finds its use in analyzing alterations of gene expression levels in tumors, microbes, or other disease states.
A major goal of the genome in animal research is to use the information to enhance the response of animals to selection. The dairy industry witnessed an agri-dairy revolution with the implementation of genome-enables genetic predictions. In the U.S., more than 2 million dairy cattle from 5 breeds have incorporated genome information into the national dairy genetic evaluation. The impact on genetic improvement has been profound.
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