(MENAFN- PR Newswire) The study projects the market to grow at an influential CAGR of 14.04% between 2023 and 2033.
FREMONT, Calif., June 2, 2023 /PRNewswire/ --
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled functional genomics market
– A Global and Regional Analysis .
According to this study, the global functional genomics market
was valued at $10.57 billion in 2022 and is projected to reach $46.24 billion by 2033, growing at a CAGR of 14.04%.
The following factors are responsible for the increase in demand for functional genomics:
Integration of multi-omics approaches for patient stratification Increasing popularity of epigenetics leading to the vast usage Increased technological advancements and government initiatives in the functional genomics ecosystem
The detailed study is a compilation of 14 market data tables and 139 figures spread across 180 pages.
Check Out the Detailed Table of Contents Here -
Analyst's Take on the Market Projection
According to Swati Sood, Principal Analyst, BIS Research, "Global functional genomics market is one of the major markets going to be involved in the revolution of precision medicine in the coming years. Functional genomics helps us understand the granularity of the interactions between DNA, RNA, and proteins which is the base of all the drug discovery, precision medicine, and targeted therapy research, among many other applications of the field."
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Transcriptomics to be the Leading Application Segment for Functional Genomics Market
Functional genomics includes all products from the epigenomics, transcriptomics, proteomics, and metabolomics fields, which together make up functional genomics. According to BIS Research's findings, the application of transcriptomics is expected to lead the market with the highest demand value during the forecast period of 2023-2033.
The transcriptomics workflow starts with designing the experiment with the help of DNA microarrays, RNA sequencers, and qRT-PCRs, then moves on to biological sample extraction and treatment, sample processing, data obtaining, data interpretation, and results validation.
Major Industry Leaders in the Global Functional Genomics Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are as follows:
Agilent Technologies, Inc. Becton, Dickinson and Company (BD) Bio-Rad Laboratories, Inc. 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.
Recent Developments in the Global Functional Genomics Market
In October 2022, Oxford Nanopore Technologies introduced the new PromethION 2 ("P2") Solo sequencer in the market. It is a high-yield sequencer that provides real-time whole genome sequencing, enabling more than just basic DNA analysis. In September 2022, Illumina Inc. introduced the NovaSeqX Series (NovaSeq X and NovaSeq X Plus), which are next-generation sequencers designed for large-scale production. With the capability to sequence over 20,000 genomes per year, this new technology offers unparalleled accuracy and scalability. In May 2022, Thermo Fisher Scientific, Inc. partnered with Qatar Foundation to develop a pan-Arab genotyping array. The intent behind this product launch was to be a cost-effective alternative to whole-genome sequencing and to provide greater diversity in genome-wide research studies under Qatar Genome Program.
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bis research
is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
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