The Global Functional Genomics Market Size is valued at 12.09 billion in 2023 and is predicted to reach 33.44 billion by the year 2031 at a 13.6% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Government initiatives, private investments, and research funding aimed at advancing genomic research are driving the growth of the functional genomics market.
- The cooperation and alliances of academic institutions, research organizations, biotechnology corporations, and pharmaceutical enterprises are promoting creativity and propelling the commercialization of functional genomics technologies.
- North America dominated the market and accounted for a global revenue share in 2023.
- The initial investment & operational costs associated with these technologies can be prohibitive for smaller research institutions, academic labs, and biotech startups, limiting their adoption and hindering market growth.
Understanding the roles and interconnections of the genes inside an organism's genome is the goal of the biological area known as functional genomics. In order to discover an organism's phenotype or observable traits entails researching how genes are expressed, controlled, and interact with one another and their environment.
The rising demand for gene therapy, personalized medicine, drug development, rising cancer incidence, and a notable rise in consumer genomics demand in recent years are the factors expanding the genomics market's expansion. Additionally, market participants' increased use of joint ventures and partnerships is anticipated to affect the genomics market's growth positively. The use of artificial intelligence in genomics has grown during the past few years. Artificial intelligence algorithms assess the data produced by sequencing technology, allowing for rapid and accurate identification of the genetic variants causing a particular disease.
However, research and therapeutic uses of genome technology have been complicated by the COVID-19 pandemic outbreak. But during the COVID-19 pandemic, a few specialized applications were beneficial to humanity in facilitating quick attention for developing efficient diagnostics, efficient therapies, and efforts to stop COVID-19 from spreading.
Competitive Landscape:
Some of the functional genomics market players are:
- Agilent Technologies, Inc.
- Becton, Dickinson and Company (BD)
- Bio-Rad Laboratories, Inc.
- (Integrated DNA Technologies, Inc.)
- Exact Sciences Corporation
- Hoffmann-La Roche Ltd
- Illumina, Inc.
- Merck KGaA
- MRM Proteomics
- Pacific Biosciences of California, Inc.
- Promega Corporation
- QIAGEN
- Thermo Fisher Scientific Inc.
Market Segmentation:
The functional genomics market is segmented on the basis of product, technology, application, and end-user. Based on product, the market is segmented into kits & assays and instruments. The technology segment includes Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), and microarray. By application, the market is segmented into transcriptomics, epigenomics, proteomics, and metabolomics. The end-user segment includes academic & research institutions, biotechnology and biopharmaceutical companies, and other end users.
Based On Product, The Biotechnology And Biopharmaceutical Companies Segment Is Accounted As An Essential Contributor To The Functional Genomics Market
The biotechnology and biopharmaceutical companies’ category is expected to hold a significant share of the global Functional Genomics Market in 2024. The rising need for the use of genomes in drug discovery is to blame for this. Additionally, the market is being stimulated by the growing use of spatial genomics and transcriptomics technologies. Numerous studies are being conducted to develop innovative drugs utilizing genomics as a foundation. Firms are advancing drug development, target identification, biomarker discovery, and personalized medicine by leveraging functional genomics technology and methodologies.
The Transcriptomics Segment Witnessed Growth At A Rapid Rate
The transcriptomics segment is projected to grow rapidly in the global functional genomics market. This is due to RNA analysis being easier than protein analysis, and this subject of functional genomics is one of the oldest in the field, with a wealth of research and practical tools already developed. Companies create and market cutting-edge systems and technology for transcriptome analysis. These techniques include single-cell RNA-seq, RNA sequencing (RNA-seq), and microarray-based gene expression profiling. These systems enable the investigation of non-coding RNAs, alternative splicing processes, gene expression patterns, and RNA alterations.
The North American Functional Genomics Market Holds A Significant Revenue Share In The Region
The North America Functional Genomics Market is expected to register the highest market share in terms of revenue in the near future. Due to the impact of genetic expression on human health, genomics has become an essential component of all disease research and therapy development. New advancements in the field of genomics application have resulted from collaborative efforts.
Functional genomics in North America is a key and quickly expanding area of the genomics industry. North America, which consists of the United States and Canada, is renowned for its sophisticated academic institutions and robust biotechnology and pharmaceutical industries. Genome projects receive much money from governmental organizations, such as the Canadian Institutes of Health Research (CIHR) in Canada and the National Institutes of Health (NIH) in the US. The Asia Pacific functional genomics market is a fast-expanding and dynamic segment of the genomics industry. The Asia Pacific region, encompassing China, Japan, India, South Korea, and Australia, is seeing substantial advances in genomics research and technology.
Recent Developments:
- In March 2023, Illumina, Inc. introduced a new cloud-based program called Connected Insights, which allows tertiary analysis of clinical next-generation sequencing data. This program will provide whole-genome sequencing for uncommon diseases, genomic profiling (CGP) for advanced tumours, and other cutting-edge uses.
- In February 2023, Thermo Fisher Scientific, Inc. (USintroduced the TrueMark STI Select Panel, a polymerase chain reaction (PCR) test intended solely for research purposes that measure Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium.
Functional Genomics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 12.09 Bn |
|
Revenue forecast in 2031 |
USD 33.44 Bn |
|
Growth rate CAGR |
CAGR of 13.6% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Product, Technology, Application, And End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Agilent Technologies, Inc., Becton, Dickinson and Company (BD), Bio-Rad Laboratories, Inc., and Danaher. (Integrated DNA Technologies, Inc.), Exact Sciences Corporation, F. Hoffmann-La Roche Ltd, Illumina, Inc., Merck KGaA, MRM Proteomics, Pacific Biosciences of California, Inc., Promega Corporation, QIAGEN, Thermo Fisher Scientific Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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