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Global Functional Genomics Market Report 2023: Sector is Expected to Reach $46.24 Billion by 2033 at a CAGR of 14.04% - ResearchAndMarkets.com

The "Functional Genomics Market - A Global and Regional Analysis: Focus on Product, Technology, Application, End User and Country Analysis - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.

In 2022, the global functional genomics market was valued at $10.57 billion, and it is expected to reach $46.24 billion by 2033, growing at a CAGR of 14.04% during the forecast period 2023-2033. The growth in the global functional genomics market is expected to be driven by its increased applications especially in targeted therapy and precision medicine.

Market Lifecycle Stage

Functional genomics is the study of genes and their interactions in different biological processes. The field aims to narrow down the candidate genes or regions from the entire genome that can be analyzed in detail to understand the working of various biological processes. The workings of individual components of a biological system including various interactions at the DNA, RNA, and proteins level is analyzed at the genotypic as well as the phenotypic level. The field is focused on the dynamics of gene products which can be at a specific developmental stage during a disease. Functional genomics is used to link phenotypes to genotypes using the study findings.

According to BIS Research functional genomics products are used in DNA level (epigenomics), RNA level (transcriptomics), protein level (proteomics) or metabolite level (metabolomics). This includes all the products used in these fields' workflow before bioinformatics and data analysis. Together all these fields describe the transcripts, metabolites, and proteins of any biological system. The integration of all these pieces makes up the entire biological system that is being studied which makes up the field of functional genomics.

Recent Developments in Global Functional Genomics Market

  • In September 2022, Thermo Fisher Scientific partnerered with the joint effort of Acdemia Sinica and multiple hospitals across the country, i.e., Taiwan Precision Medicine Initiative (TPMI) to advance the next phase of the large-scale predictive genomics study. The intent behind this partnership was to support its goal of genotyping 1 million people in Taiwan. TPMI reached the milestone of enrolling more than 500,000 participants in July, making it the largest study of its kind outside of the United States and Europe.
  • In March 2022, Thermo Fisher Scientific collaborated with Symphogen and Servier to provide biopharmaceutical discovery and development laboratories with advanced tools and simplified processes for effective analysis of intricate therapeutic proteins, thereby supporting their research efforts.
  • In July 2021, Pacific Biosciences of California, Inc. has sighned a agreement to acquire Omniome. This acquitision is likley to expand the portfolio in epigenetics segments
  • 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. With the capacity for comprehensive analysis of genetic variants, transcriptomic and epigenetic data on a single platform, this technology is aimed at driving scientific discovery to improve lives.
  • 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.

Key Companies Profiled

  • 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.

Market Dynamics

Drivers

  • Integration of Multi-omics Approaches for Patient Stratification
  • Increasing Popularity of Epigenetics Leading to Vast Usage
  • Increased Technological Advancements and Government Initiatives in the Functional Genomics Ecosystem

Challenges

  • Limitations in Implementation of Data in Proteomics and Metabolomics
  • Regulatory Compliance Issues Related to Functional Genomics Technology

Opportunities

  • Upsurge in Proteomic Approaches in Biomarker Discovery
  • Rising Opportunities for Translational and Clinical Studies

Market Segmentation

Segmentation 1: by Product

  • Kits and Assays
  • Instruments

As of 2022, the global functional genomics market (by product) was dominated by the kits and assays segment, holding a 58.12% market share.

Segmentation 2: by Technology

  • Next-Generation Sequencing (NGS)
  • Polymerase Chain Reaction (PCR)
  • Microarray
  • Other

The global functional genomics market (by technology) is expected to be dominated by the next-generation sequencing (NGS) segment during the forecast period 2023-2033. This is because it is the most efficient and accurate technology currently available when it comes to gene analysis.

Segmentation 3: by Application

  • Transcriptomics
  • Epigenomics
  • Proteomics
  • Metabolomics

The global functional genomics market (by application) is expected to be dominated by the transcriptomics segment in the market during the forecast period 2023-2033. This is because this is one the oldest fields of functional genomics with much research and efficient tools already done, additionally it is easier to analyse RNAs as compared to proteins, thus the high revenue of this segment.

Segmentation 4: by End User

  • Academic & Research Institutions
  • Biotechnology and Biopharmaceutical Companies
  • Other End Users

As of 2022, the global functional genomics market (by end user) was dominated by the academic and research institutions segment, holding a 60.32% market share.

For more information about this report visit https://www.researchandmarkets.com/r/ilosn4

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