According to a new report Global Genomics Market, published by KBV research, The Global Genomics Market size is expected to reach $68.9 billion by 2027, rising at a market growth of 17.5% CAGR during the forecast period.
The Systems & Software market shows high growth rate of 17.7% during (2021 - 2027). This is owing to the rising demand for next-generation sequencing services and lower sequencing costs, which are encouraging patients to choose genetic tests. PerkinElmer, for example, announced the debut of PerkinElmer Genetics' clinical genomics testing services in August 2021. Through its integrated facilities in the United States, India, and China, the company provides a global genomic lab testing platform. It specializes in newborn screening and high-throughput next-generation sequencing for uncommon hereditary illnesses, as well as diagnostic testing.
The Diagnostics market is expected to witness a CAGR of 17.7% during (2021 - 2027). This is attributed to the rise of direct-to-consumer genetic testing and the use of next-generation sequencing (NGS) technology for clinical diagnostics. Moreover, a surge in the number of nutrigenomics service providers who supply diet recommendations for illness conditions based on the patients' unique genes would further propel the growth of the segment during the forecasting period.
The Pharmaceutical & Biotechnology Companies market is showcasing the growth rate of 18.2% during (2021 - 2027). Genomic technologies are in high demand among pharmaceutical and biotechnology corporations due to the growing number of genetic research investigations. Moreover, as genomics is so important in drug research and development, multiple companies are using genomic approaches to make the process easier and more efficient. Companies have been offering direct-to-consumer genomic tests over the past few years, creating a shift in business strategies. Pharmaceutical corporations are interested in genomic data generated by personal genomics companies. Several new firms have entered the genomics services market to fulfill the expanding demand due to the accessible data analysis and the availability of cheaper data capture.
PCR is the fastest growing segment with a CAGR of 17.4% during (2021 - 2027). This is because of the widespread use and availability of the technology. The adoption of these sequencing technologies for illness diagnosis and the growing number of genome projects in nations such as the United Kingdom, the United States, India, and others are likely to drive growth in the microarray and Sanger sequencing categories.
The North America market dominated the Global Genomics Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $27,704.8 million by 2027. The Europe market is expected to witness a CAGR of 17% during (2021 - 2027). Additionally, The Asia Pacific market is expected to witness a CAGR of 17.6% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/genomics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Creative Biogene, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Eurofins Scientific Group, Qiagen N.V., and New England BioLabs, Inc.
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