The South and Central America genomics market is expected to reach US$ 1,263.61 Mn in 2027 from US$ 527.94 Mn in 2018. The market is estimated to grow with a CAGR of 10.4% from 2019-2027.
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The growth of the genomics market is primarily attributed growth in technology developments in genomics rising investments & funds for genomics and development in the field of the agriculture and biotechnology. However, the market is likely to get impacted due to nonexistence of skilled professionals and high cost of equipment used in genomics are likely to pose a negative impact on the market growth. On the other hand, extensive use of genomics for medical applications is likely to have a positive impact on the growth of the South and Central America genomics market in the coming years.
Genomics is the field of science which deals in the production of whole genomes of organisms, and includes elements from genetics. Genomics uses a mixture of recombinant DNA, DNA sequencing methods, and bioinformatics to sequence, assemble, and analyze the structure and function of genomes. The large-scale Genome Centers will present the All of Us genomics platform.
The genomics platform comprise achieving up to 200,000 genome-wide assays per year, generating high-quality genotyping and genome sequence data, and contributing to the advancement of technologies for population-scale genome analysis. Moreover, World Health Organization (WHO) to initiate almost US $1 million to launch the special program for research and Training in Tropical Diseases (TDR), which was the first broad genomic initiative involving Latin American countries. Thus, a good investments made by the government, companies is expected to increase the growth of the genomics market over the forecast years.
In 2018, the microarray segment held the largest market share in the genomics market, by technology. The microarray is expected to dominate its market share in 2027 owing to the microarrays have been widely used as single-nucleotide-polymorphism (SNP) genotyping platforms and the higher acceptance of the microarray in the field of genomics and wider applications. The next generation sequencing (NGS) segment is also anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.
Research centers segment held the largest market share in the genomics market, by end user channel in 2018. This segment is also expected to dominate the market in 2027 owing research centers have developed various technologies in the field of the genomics and research centers provides researchers with references for further researches and this factor is likely to increase the market in the forecast period. Hospitals and clinics segment is also expected to grow at the fastest growth rate during the forecast period, 2019 to 2027.
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Some of the major primary and secondary sources for genomic included in the report are Thermo Fisher Scientific Inc., Illumina Inc., Eurofins., Qiagen, Agilent Technologies, BGI, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, QIAGEN, Eurofins Scientific.Novo Nordisk a/s and others.
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