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Genomic Testing Market to Attain a Revenue Share of US$ 30.08 Billion by 2031


CHICAGO, UNITED STATES, July 3, 2023/EINPresswire.com/ — As of 2022, the worldwide genomic testing market was valued at roughly US$ 13.7 billion and is projected to attain a valuation of US$ 30.08 billion by 2031, rising at a CAGR of 9.54% in the course of the forecast interval from 2023 to 2031.

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Lately, the worldwide genomic testing market has skilled exponential development due to a rising understanding of the position genetic components play within the emergence of many continual illnesses, genetic problems, and cancers. Thanks to the fast development of genomic expertise and the decline in sequencing prices, a bigger vary of sufferers can now entry and afford extra testing choices.

Globally, there have been over 7,000 uncommon illnesses recognized, and several other genetic anomalies exist. 71% of all fatalities worldwide, or 41 million deaths annually, are attributable to continual circumstances reminiscent of coronary heart illness, stroke, diabetes, and respiratory issues. Most cancers, which impacts roughly 19.3 million extra folks yearly and claims 10 million lives, is a vital further trigger of sickness and mortality on the planet.

The rising prevalence of genetic abnormalities and rising new child screening consciousness drive market development. For example, new child screening applications within the U.S. look at infants for greater than 60 diseases, in accordance to the American Affiliation for Medical Chemistry. In accordance to beforehand gathered illness prevalence and incidence statistics, the Division of Well being and Human Companies in the USA has proposed a record of circumstances for which screening for sure genetic illnesses is required. This record is called the proposed Uniform Screening Panel (RUSP).

Reagents and Consumables Maintain 49% of Revenue Share

Due to the rising demand for genetic testing companies and the requirement for high-quality reagents and consumables to assure correct and reliable check outcomes, reagents and consumables now account for greater than 49% of the market. Important components utilized in genetic testing strategies reminiscent of DNA extraction, amplification, sequencing, and evaluation embody reagents and consumables. The necessity for high-quality reagents and consumables to help these processes is probably going to develop together with the demand for genetic testing companies.

Sequencing Testing Sort Resolution Holds Extra Than Two-Third of Revenue

Sequencing options are seemingly to account for greater than two-thirds of the market share. The expansion of this market could be due to the rising use of NGS applied sciences, which supply excessive throughput and cost-effective genomic testing options for numerous functions, together with diagnostics, drug improvement, and analysis. The sequencing options market is probably going to keep its dominance over the genomic testing market as NGS applied sciences develop into extra broadly utilized in scientific and analysis settings.

Drug Discovery and Growth to Generate Greater than 45% of Revenue of the International Genomic Testing Market

Genomic testing has revolutionized drug improvement by offering a fast and reasonably priced approach to determine potential therapeutic targets and produce new medication. Over 45% of market income is anticipated to come from the marketplace for drug discovery and improvement’s increasing want for genomic testing.

Genomic testing can save a lot of cash on drug improvement and discovery prices. Utilizing genetic testing to develop prescription drugs can scale back prices by up to 60% and the time it takes to deliver a remedy to market by up to 50%, in accordance to a examine printed within the Journal of Remedy Discovery Immediately. The worldwide genomic testing market may save up to US$ 500 million per drug by using genomics in drug discovery, claims a totally different examine that was printed within the journal Nature Critiques Drug Discovery.

Asia Pacific to Contribute Over 30% of Revenue

Astute Analytica predicts that Asia Pacific will surpass North America because the second-largest marketplace for genomic testing and can expertise the best CAGR development. In accordance to estimates, the area affords greater than 30% of world market income. Quite a few causes, together with the elevated incidence of continual illnesses, increasing data of the benefits of genomic testing, and rising want for personalised remedy, could be credited for the growth of the market within the space.

With a CAGR of over 17% all through the projected interval, China is anticipated to be the biggest genomic testing market within the Asia Pacific area. The rise in continual illnesses like diabetes, coronary heart illness, and most cancers is a contributing issue out there growth in China. The World Well being Group (WHO) experiences that cardiovascular diseases, which account for over 44% of all fatalities in China. Equally, with greater than 4 million new instances recognized annually, most cancers is one other vital well being fear within the nation. The nation’s demand for genomic testing is anticipated to be pushed by the rising burden of continual illnesses.

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With a CAGR of greater than 16% over the course of the projection interval, India is anticipated to be a sizable marketplace for genomic testing within the Asia Pacific area. The rising incidence of continual illnesses, together with most cancers, diabetes, and cardiovascular circumstances can relate to India’s market growth. Most cancers is the second most typical trigger of dying in India, accounting for greater than 7% of all fatalities, in accordance to the Indian Council of Medical Analysis (ICMR). The nation’s demand for genomic testing is anticipated to be pushed by the rising burden of continual illnesses.

Prime 3 Gamers within the Genomics Testing Market Maintain Extra Than 46% Market Share

The worldwide genetic testing market is sort of aggressive and has a giant quantity of companies providing totally different items and companies. In accordance to in depth research, the market’s prime gamers have used a number of aggressive techniques, like mergers and acquisitions, to seize the initiative within the fast-growing sector. In accordance to Astute Analytica, the six main gamers—Illumina, Inc., QIAGEN, Eurofins Genomics, BGI, F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc.—have a mixed market share of over 64%. This means that the market is topic to oligopolistic competitors.

In accordance to the report, Illumina, Inc. and Eurofins Genomics are the 2 main gamers holding a share of greater than 21% and 16.2% respectively. Illumina, Inc. affords array- and sequencing-based applied sciences for genetic evaluation.

Eurofins Genomics ranks because the second-largest firm within the genetic testing market. The enterprise affords companies for gene synthesis, oligonucleotides, DNA sequencing, and so on.

Segmentation Define

By Providing

• System and Software program

• Reagents & Consumables

• Companies

o DTC Genomic Testing Service

o Sale of genomic knowledge

By Testing Sort

• Sequencing Resolution

o DNA Sequencing

o RNA Sequencing

o Methylation Sequencing

o NGS Library Preparation

o Sequencing Information Evaluation

• Others

o Microarray Resolution

o Human Genotyping with Arrays

o Non-Human Genotyping with Arrays

o Methylation Array Evaluation

o Microarray Information Evaluation

o Others

By Know-how

• Proteomics

• Pharmacogenomics

• Stem Cell Remedy

• Cloning

By Indication

• Most cancers

• Bronchial asthma

• Diabetes

• Fireside Ailments

• Different Indication

By Utility

• Drug Discovery & Growth

• Illness Analysis

• Agricultural Manufacturing

• Others

By Finish-Consumer

• Hospitals & Clinics

• Analysis Facilities & Educational Establishments

• Pharmaceutical & Biotechnology Corporations

• Others

By Area

• North America

o The U.S.

o Canada

o Mexico

• Europe

• Western Europe

 The UK

 Germany

 France

 Italy

 Spain

• Relaxation of Western Europe

Japanese Europe

 Poland

 Russia

• Relaxation of Japanese Europe

Asia Pacific

• Malaysia

• Thailand

• China

• India

• Japan

• Australia & New Zealand

• South Korea

• ASEAN

• Relaxation of Asia Pacific

Center East & Africa (MEA)

• Saudi Arabia

• South Africa

• UAE

• Relaxation of MEA

South America

• Argentina

• Brazil

• Relaxation of South America

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About Astute Analytica

Astute Analytica is a world analytics and advisory firm that has constructed a strong status in a quick interval, thanks to the tangible outcomes we have now delivered to our shoppers. We delight ourselves in producing unparalleled, in-depth, and uncannily correct estimates and projections for our very demanding shoppers unfold throughout totally different verticals. We have now a lengthy record of happy and repeat shoppers from a vast spectrum together with expertise, healthcare, chemical compounds, semiconductors, FMCG, and lots of extra. These completely satisfied prospects come to us from all throughout the Globe. They’re in a position to make well-calibrated selections and leverage extremely profitable alternatives whereas surmounting the fierce challenges all as a result of we analyze for them the advanced enterprise atmosphere, segment-wise present and rising potentialities, expertise formations, development estimates, and even the strategic selections out there. In brief, a full package deal. All that is attainable as a result of we have now a extremely certified, competent, and skilled crew of professionals comprising enterprise analysts, economists, consultants, and expertise specialists. In our record of priorities, you-our patron-come on the prime. You could be certain of finest cost-effective, value-added package deal from us, do you have to resolve to have interaction with us.

Aamir Beg
Astute Analytica
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