DUBLIN--(BUSINESS WIRE)--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.
- 23andMe, Inc.
- Agilent Technologies
- Bio-Rad Laboratories
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd
- GE Healthcare
- Illumina, Inc.
- Luminex Corporation
- Myriad Genetics Inc.
- Oxford Nanopore Technologies
- Pacific Biosciences of California Inc.
- Perkinelmer Inc.
- Quest diagnostics
- Thermo Fisher Scientific
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.
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
5.2 By Techniques
5.3 By Application
5.4 By End User
5.5.1 North America
5.5.4 Middle East and Africa
5.5.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7b2jha