Genomics Market
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Continued innovation in DNA sequencing is anticipated to openup the new avanue for Genomics Market

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The Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Genomics involves the study of an individual’s complete set of DNA or genome. Research in genomics helps in understanding how genes work and how genetic variations impact human health. Genomics research uncovers genetic anomalies underlying diseases and helps develop personalized therapies for their treatment. Genomics technologies enable DNA sequencing of whole genomes rapidly and cost-effectively. This contributes to understanding diseases better, developing targeted drugs, and offering personalized medicines.

Market Dynamics:

One of the key drivers propelling growth of the genomics market is increasing adoption of genomics tools by pharmaceutical and biotechnology companies for drug discovery and development process. Growing need to develop targeted therapies based on an individual’s genetic makeup is also fueling demand for genomics tools worldwide. Furthermore, rising awareness about importance of genetic testing and screening for diagnosis of hereditary disorders is boosting growth of the global genomics market. However, high instrumentation costs involved in genomic analysis poses a challenge for small laboratories and research facilities, thereby restraining market growth to some extent.

Segment Analysis

Content: The genomics market is dominated by the sequencing instruments & consumables sub-segment, which is expected to witness highest demand over the forecast period. This is due to the wide adoption of sequencing instruments and related consumables by research institutes and diagnostic & testing laboratories for research as well as clinical applications. Advancing sequencing technologies are enabling high throughput sequencing and reducing costs, resulting in increased adoption of sequencing instruments.

PEST Analysis

Content: Political: Governments of various countries are supporting initiatives towards genomic research to develop effective disease diagnostics and treatments. Economic: Rising healthcare budgets and investments in genomic research especially in emerging economies is fueling market growth. Social: Increasing awareness about benefits of genomic sequencing and rising preference for personalized medicine is driving adoption. Technological: Rapid advancement of sequencing technologies, artificial intelligence, and cloud computing are expanding applications and facilitating data analysis.

Key Takeaways

Content: The global genomics market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing investments by pharmaceutical and biotechnology companies in genomic research.

Regionally, North America dominates the genomics market currently due to presence of major pharmaceutical players and advanced healthcare research infrastructure in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising healthcare spending, large population with increasing genomic-based disease prevalence, and expanding research initiatives.

Key players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany). Major players are focusing on increasing their sequencing capacities and expanding product portfolios through acquisition strategies to strengthen their market presence

 

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.