Diagnostics Advancement along with several R&D investments Drives the Genomics Market | UnivDatos Market Insights
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Global Genomics Market is experiencing significant growth on account of reduced sequencing costs and genomics application in varied segments. According to data obtained from genome-sequencing groups sponsored by the National Human Genome Research Institute (NHGRI), the cost of producing a high-quality 'draft' of whole human genome sequence in mid-2015 was just above USD 4,000; by late in 2015, which had then fallen below USD 1,500. Overall, the cost of producing a whole-exome sequence was probably less than USD 1,000.
Furthermore, the rising government funding and initiatives in the genomic projects are contributing to the emergence of innovative variants with improved treatment efficacy and effectiveness. For instance, the Genomics Health Futures Mission was proposed by Australian Genomics in 2018 to promote new and expanded clinical research in rare disease, cancer, and complex conditions, as well as early access to clinical trials and discussions to better understand aspects of genomics ranging from privacy and legal concerns to social and familial aspects.
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COVID-19 Impact
The COVID19 pandemic has provided tremendous research resources while also highlighting the threat of deadly epidemic-prone diseases worldwide. Over the last decade, a technical revolution has created many new capabilities for pandemic response. The world was able to quickly identify SARS-CoV-2 owing to sequencing and knowing the genome sequence allowed for the rapid development of diagnostic tests and other response tools. Continuous genome sequencing aids in the tracking of the disease's dissemination, activity, and evolution. The genomes of the extreme SARS-CoV-2 can now be sequenced within hours or days of a case being detected, due to recent advances. As a result, real-time genomic sequencing has been able to warn public health responses in the event of a pandemic. For instance, COVID-19 Genomics UK Consortium (COG-UK) has assessed the effectiveness of travel restrictions by examining over 4000 SARS-CoV-2 importations over the summer of 2020.
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Genomics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product/Services, the market is primarily bifurcated into
Consumables segment dominated the by type of the global genomics market and will grow at 14.27% CAGR to reach USD 29,355.5 million by the year 2027.
By Technology Type, the market is mainly segmented into
Amongst technology types, the sequencing segment accounted for the largest share and is expected to grow at the CAGR of 15.27% during the forecast period 2021-2027. In 2020, the sequencing segment accounted for a revenue share of almost 39.7%.
By Application, the market is primarily studied into
In 2020, the diagnostics segment dominated the global genomics market with nearly 32.2% of the market share and it is anticipated by 2027, the segment will garner USD 16,922.9 million of the market.
By End-user, the market is primarily segmented into
Amongst end-user type, pharmaceutical & biotechnology companies accounted for the largest share in 2020 and is expected to grow at 14.6% CAGR during the forecast period 2021-2027. However, the hospitals & clinics segment is anticipated to grow at the highest CAGR during the analyzed period and is expected to account for a revenue share of almost 25.6% by 2027.
Genomics Market Geographical Segmentation Includes:
Based on the estimation, the North America region dominated the Genomics market with almost USD 8,982.8 million revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 16.51% over the forecast period.
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The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the genomics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
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