Genomics has diverse applications, features, and uses in various fields. In healthcare, it enables personalized medicine by analyzing an individual's genetic information to guide treatment decisions. Genomics also plays a vital role in disease prevention, diagnosis, and drug development. Features include DNA sequencing, gene expression analysis, and variant identification. Genomics finds use in agriculture for crop improvement and conservation biology for studying endangered species. Additionally, it has applications in ancestry testing, forensics, and understanding human evolution. Overall, genomics revolutionizes our understanding of genetics and has profound implications for healthcare, research, and beyond.
According to Data Bridge Market Research, the Global Genomics Market is USD 31.56 billion in 2022 and is expected to reach USD 106.14 billion by 2030. The market is expected to grow with a CAGR of 16.37% from 2023 to 2030.
“Growing incidence of cancer boosts the market’s growth”
The genomics market is experiencing significant growth due to the growing incidence of cancer. As cancer cases continue to rise globally, there is an increased demand for advanced genomic technologies that aid in diagnosis, prognosis, and personalized treatment strategies. Genomic sequencing and analysis techniques provide valuable insights into the genetic alterations driving cancer development, enabling targeted therapies and precision medicine approaches. This rising demand for genomics in cancer research and clinical applications is a major driver of the market's growth, as healthcare providers and researchers strive to improve patient outcomes and develop more effective cancer treatments.
What restraints the growth of global genomics market?
“Requirement of trained professionals restraints the market’s growth”
The growth of the genomics market is hindered by the requirement of trained professionals. Genomic technologies and data analysis techniques are complex and require specialized knowledge and expertise to effectively utilize and interpret the results. The shortage of skilled professionals capable of handling genomic data and implementing genomic testing and analysis procedures acts as a barrier to market growth. To overcome this challenge, investments in training programs and educational initiatives are crucial to develop a skilled workforce that can fully harness the potential of genomics and drive further growth in the market.
Segmentation: Global Genomics Market
The global genomics market is segmented on the basis of deliverables, technology, application and end-user.
- On the basis of deliverables, the genomics market has been segmented into product, software and services.
- On the basis of technology, the genomics market has been segmented into sequencing, microarray, polymerase chain reaction (PCR), nucleic acid extraction, purification, others.
- On the basis of application, the genomics market has been segmented into epigenomics, functional, biomarker discovery, pathway analysis, diagnostics, drug discovery, development, precision medicine, agriculture, animal research, others.
- On the basis of process, the genomics market has been segmented into library preparation, data analysis.
- On the basis of end-user, the genomics market has been segmented into government and academic institutes, clinical research, healthcare facilities, biotechnology and pharmaceutical companies, and others.
Regional Insights: North America dominates the global genomics market
North America dominates the genomics market the rapid advancement of sequencing technology, coupled with genomics research grants and funds in the U.S., support from major industrial players, and the increasing prevalence of cancer cases in the region, are expected to fuel the growth of the genomics market in North America. These factors collectively contribute to a favorable environment for market expansion, as they enable advancements in genomic research, facilitate investments in innovative technologies, and address the growing demand for precision medicine and personalized treatments in the region.
Asia Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the rising demand for genomics applications in diagnostics and the increasing need for novel therapeutic drugs to combat the growing incidence of diseases. The region is witnessing several major human genome sequencing projects, which are playing a significant role in driving market growth.
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Recent developments
- In March 2021, PCR Biosystems has introduced a series of IsoFast Bst Polymerase reagents that enable rapid, robust, and sensitive DNA and RNA amplification. These reagents offer faster results and facilitate DNA and RNA amplification even in field settings without the need for specialized thermocycling equipment.
- In August 2022, Trivitron Healthcare has inaugurated a state-of-the-art Centre of Excellence in India, equipped with advanced research and development (R&D) and manufacturing facilities. The center will focus on research and innovation in various fields, including genomics.
- In Feb, 2023, Complete Genomics has unveiled the launch of DNBSEQ-T20, a new genetic sequences that boasts the distinction of being the first sub-$100 with low to midrange throughput. With this new technology, Complete Genomics aims to provide cost-effective genetic sequencing.
- In July 2020, Illumina has introduced the TruSight software suite, offering a pre-built infrastructure designed to unlock the potential of whole-genome sequencing for the detection and analysis of rare genetic diseases. This software suite provides researchers and clinicians with a ready-to-use platform, simplifying the process of identifying and interpreting genomic data related to age-old diseases.
The Prominent Key Players Operating in the Global Genomics Market Include:
- Agilent Technologies, Inc. (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- BGI (China)
- Color Health, Inc. (U.S.)
- Danaher (U.S.)
- Eppendorf SE (Germany)
- Eurofins Scientific (Luxembourg)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- GE Healthcare (U.S.)
- Illumina, Inc. (U.S.)
- Myriad Genetics, Inc. (U.S.)
- Oxford Nanopore Technologies plc. (U.K.)
- PacBio (U.S.)
- QIAGEN (Germany)
- Diagnostics Incorporated (U.S.)
- Thermo Fisher Scientific, Inc. (U.S.)
- 23andMe, Inc. (U.S.)
- FOUNDATION MEDICINE, INC. (U.S.)
- IntegraGen (France)
- Genome Diagnostics Pvt. Ltd. (India)
- Cytiva (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global genomics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Genomics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
