Increasing the number of government-sponsored genome projects will boost market revenue growth
The global hereditary market size is expected to reach USD 128.75 Billion in 2030 and register a revenue CAGR of 19.0% over the forecast period, according to the latest report by Reports and Data. Increase in number of government-sponsored genome project is expected to boost the market revenue growth during forecast period. Demand for hereditary is increasing further with introduction of novel equipment and increasing research investment. Government has taken initiatives to boost market's growth. For instance, as of January 2020, the Department of Biotechnology (DBT) announced the making of "Genome India Project" (GIP). Project's objective is to gather 10,000 genetic samples from Indian people in order to create a reference genome that can be used for research.
Development of personalized medication is driving market revenue growth and the ability to tailor medications to each patient's specific needs is quickly becoming one of the field's most attractive features. Clinicians can examine a person's genetic code in order to better determine what type of therapy is appropriate for them. It also has the power to improve the health and well-being of entire patient groups by enhancing therapy at a level higher than that of the individual.
Key companies profiled in the report include
Illumina, Inc, 10X Hereditary, GenScript, Intellia Therapeutics, Inc, CRISPR Therapeutics, Thermo Fisher Scientific, BGI Hereditary, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., and Myriad Genetics, Inc
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Hereditary market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Hereditary Market Segmentation based on Types:
Deliverable Type Outlook (Revenue, USD Billion; 2019-2030)
- Product
- Instruments/systems/software
- Consumables & Reagents
- Service
- NGS-based Service
- Core Hereditary Service
- Computational Service
- Biomarker Translational Service
- Other Services
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Next Generation Sequencing
- PCR
- Nucleic Acid Extraction & Purification
- Microarray
- Sanger Sequencing
- Other Technology
Application Outlook (Revenue, USD Billion; 2019-2030)
- Drug Discovery & Development
- Diagnostic
- Agriculture & Animal Research
- Other Applications
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Pharmaceutical & Biotechnology Companies
- Hospital & Clinics
- Research Centers & Academic
- Other End-use
Some Key Highlights in the Report
- PCR segment accounted for a significantly large revenue share in global hereditary market in 2021 owing to increased demand for testing of COVID-19 virus. It offers several benefits such as faster results, shorter time to optimal therapy, improved treatment decisions, the ability to detect rare viruses, and other research applications. As a result, it finds use in the study of gene expression changes in cancers, bacteria, and other disease states.
- Next Generation Sequencing (NGS) segment revenue is expected to register a steady growth rate during the forecast period as the approach is utilized to determine the nucleotide sequence of entire genomes or specific portions of Deoxyribonucleic Acid (DNA) or Ribonucleic Acid (RNA). NGS has transformed biological sciences by enabling laboratories to conduct a broad range of applications and research biological systems on a scale never achieved before.
- Pharmaceutical firms are using accessible genetic data in customized treatment, which is expected to have a substantial influence on the market's growth. The costs of sequencing have decreased significantly, making whole-genome sequencing more appealing to biotechnology and pharmaceutical firms, increasing R&D expenditure by pharmaceutical giants for discovering innovative gene treatments to fight cancer and immunological illnesses.
- Hereditary market in Asia Pacific is expected to account for largest revenue share in the global market over the forecast period owing to increased demand from China for genetic sequencing and testing, as well as improvements in bioinformatics research in the region. To reach its objective of becoming a worldwide biotech leader, the People’s Republic of China (PRC) is significantly investing in the "biotech revolution" and has adopted national laws favoring the collecting of healthcare data, both at home and abroad. The PRC recognizes that collecting and analyzing huge genetic data sets from a variety of population aids in the development of novel medical discoveries and treatments with significant economic value, as well as the advancement of its artificial intelligence and precision medicine sectors.
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