Global Genetic Materials Market, By Type (Deoxyribonucleic acid (DNA), (Ribonucleic acid) RNA, Genes, Chromosomes), Application (Genomics, Proteomics, Bioinformatics, Synthetic Biology, Drug Discovery, Others), End-User (Pharmaceuticals and Medicines, Agriculture, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
In recent years, the advancement of genetic modification practises is resulting in a high production of animals with modified breeds, attracting investments from end users.
- Data Bridge Market Research analyses that the genetic materials market growing at a CAGR of 11.00% during the forecast period. The growing awareness among physicians and patients about the benefits of genetic material in the treatment of genetic diseases has had a direct impact on market growth.
Market Definition
A type of material that contains DNA and RNA is genetic material. DNA is found in the nucleus of eukaryotic cells and the cytoplasm of prokaryotic cells and is used to determine the composition of the organism, whereas RNA is a polymeric molecule used to perform biological roles in gene decoding, coding, regulation, and expression.
Genetic Materials Market Dynamics
Drivers
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The rise in the occurrence of genetic disorders and cancer
Increasing occurrences of cancer and genetic disorders, rising consumer awareness about the benefits of genetic testing, adoption of genetic testing in oncology, and surging prevention through early detection are some of the factors that will drive the growth of the genetic material market during the forecast period.
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Government intervention and increased research and development
The increased emphasis by governments around the world on regulating and raising awareness about genetic tests has resulted in a faster adoption of these tests around the world. The increasing R&D funding, combined with the strong market presence of the market's major players, has created a high entry barrier for new entrants. Product design innovation, quality improvement, and strong distribution partnerships are critical parameters for maintaining a competitive edge in the market.
Opportunities
Untapped emerging markets in developing countries are expected to offer lucrative opportunities to market participants. For example, healthcare systems in developing countries such as Brazil, India, and China have seen significant increases in healthcare and infrastructure investment, resulting in a surge in demand for genetic testing in the region.
Restraints/Challenges
On the other hand, the rising cost of genetic testing and its social implications will be a market restraint for the growth of genetic material during the forecast period.
This genetic materials market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the genetic materials market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Genetic materials Market
The pandemic has a negative impact on the market for genetic materials. This is due to genetic counsellors' inability to see patients in person, doctors' inability to provide counselling, and laboratories' inability to run the tests. Furthermore, governmental bodies such as the Centers for Medicaid Services (CMS) do not currently recognise genetic counsellors as healthcare providers, so they are not exempt from practising during lockdowns. In addition, clinics reduced face-to-face genetic counselling to aid in the prevention of the disease's spread. Furthermore, because prenatal testing is so important, it is the least affected of all types of genetic testing. Many prenatal genetic counsellors, for example, reported providing face-to-face services during the pandemic.
Recent Development
- The Food and Drug Administration (FDA) will expand the approval of a cancer blood test liquid biopsy in November 2020, which can detect genetic changes in tumour DNA in the blood and help match patients to potential treatments.
- Guardant360 CDx from Guardant Health and FoundationOne Liquid CDx from Foundation Medicine were approved by the FDA for companion diagnostic testing and general tumour profiling applications in August 2020.
Global Genetic Materials Market Scope
The genetic materials market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Dna
- Rna
- Genes
- Chromosomes
Based on type, genetic material market is segmented into DNA, RNA, genes and chromosomes.
Application
- Proteomics
- Bioinformatics
- Synthetic Biology
- Drug Discovery
- Others
Based on application, genetic material market is segmented into genomics, proteomics, bioinformatics, synthetic biology, drug discovery and others.
End User
- Pharmaceuticals
- Medicines
- Agriculture
- Others
Genetic material market has also been segmented based on the end user into pharmaceuticals and medicines, agriculture and others.
Genetic Materials Market Regional Analysis/Insights
The genetic materials market is analysed and market size insights and trends are provided by country, type, application and end user as referenced above.
The countries covered in the genetic materials market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America was the leading revenue contributor to the global genetic testing market and it is expected to continue to dominate the market during the forecast period. This is due to the presence of the majority of the region's key players.
However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, owing to increased affordability, a surge in healthcare expenditure, and a rise in awareness of genetic disorder early screening.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The genetic materials market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for genetic materials market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the genetic materials market. The data is available for historic period 2010-2020.
Competitive Landscape and Genetic Materials Market Share Analysis
The genetic materials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to genetic materials market.
Some of the major players operating in the genetic materials market are Abbott Laboratories., Bio-Rad Laboratories, Inc., Myriad Genetics, Inc., Danaher., F. Hoffmann-La Roche Ltd, Eurofins Scientific, Illumina, Inc., QIAGEN, Novartis AG, Thermo Fisher Scientific Inc., Agilent Technologies, Inc, Empire Genomics, LLC., FUJIFILM Irvine Scientific, PerkinElmer Genomics, Sysmex Corporationamong others.
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