Genomics Market Size is Predicted to Hit US$ 72.13 Billion by 2030

The global genomics market size is predicted to hit around US$ 72.13 billion by 2030, growing at a CAGR of 13.65% from 2021 to 2030.

In 2022, the genomics market study provides crucial information on market share, market size, growth rate analysis Y-O-Y, production, consumption, and sales analysis for the forecast period 2021 to 2030. The report contains 150+ pages with detailed analysis.

Growth Factors

Market growth is driven by factors such as growing government funding and growth in the number of genomics projects, decreasing sequencing costs, increasing genomics application areas, and the entry of new players and start-ups into the genomics business. However the high cost of genomic equipment in the coming years may, to a certain degree, restrict market development. The key tool for the creation of successful therapies is genomic research, a primary reason why many government agencies are investing in a genome project. Traditional techniques of genome editing are time-consuming, costly, and labor-intensive and have a limited ability to keep pace with the age of rapidly advancing genome modification.

However, by enabling quick and accurate genome editing, the advent of CRISPR/Cas9 nuclease, ZFN, and TALEN is intended to overcome these challenges. Clinical healthcare is considered a pathway for U.S. citizens to adopt new sequencing technologies. This trend is powered by giants in healthcare concentrating on delivering medical genomics through the delivery of clinical patient care. Also through the detection of underlying mutations in an organism, newly developed gene-editing technologies can monitor and potentially cure specific diseases. During the forecast era, the rise in preference for modified medicine and the popularization of alliances between research institutes and businesses are expected to drive the growth in the market size of genomics.

Military organizations have drawn attention from continuous advances in genomics, culminating in a significant increase in the use of genetic engineering in their healthcare systems. During the forecast period, this increasing adoption of genomics from different sectors is expected to drive the growth of the size of the Genomics Market. In addition, growing investment by both public and private organizations in genetic research on personalized medicines is projected to increase the size of the genomics industry.

Market Scope:

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The genomics report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Regional Snapshots

In 2018, North America accounted for the greatest share of the genomics market. The increase in research funding and government programs in genomics is due to the large share of North America. On the other hand, the Asia Pacific market is projected to report the highest CAGR during the forecast era. Owing to growing acceptance and understanding of the new genomics technologies in the developing countries of this region, Asia Pacific is expected to see the highest growth rate. The substantial growth in this field is due to an increased awareness of genomics and increased focus by the government on supporting research into genomics. Initiatives such as the launch of the Precision Medicine Initiative (PMI) for the use of genomics in healthcare in 2017 have played a key role in China’s regional market development.

Key Players:

The genomics market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Some of the prominent players in the genomics market include: 

• Thermo Fisher Scientific, Inc.
• Illumina, Inc.
• Oxford Nanopore Technologies
• QIAGEN N.V.
• BGI
• Eurofins Scientific
• GE Healthcare
• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Hoffmann-La Roche Ltd.
• Others

Market Segmentation

By Product and Services

• Consumables
• Systems and software
• Services Equipment

By Technology

• PCR (polymerase chain reaction)
• Sequencing
• Microarray
• Nucleic acid extraction and purification
• Other technologies (branched DNA analysis, single-cell genomics analysis, and flow cytometry)

By Application

• Drug discovery and development
• Diagnostics
• Precision medicine
• Agriculture and animal research
• Other applications

By End-Users

• Hospitals & clinics
• Research centers and academic & government institutes
• Pharmaceutical & biotechnology companies
• Other end users

Regional Segmentation

• North America (U.S. and Canada)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Find More Press Releases at https://www.globenewswire.com/en/search/organization/Precedence%2520Researchv

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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