Global Genomics Market Report 2023: Sector is Expected to Reach $411.35 Billion by 2030 at a CAGR of 19.4% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Genomics Market Size, Share, Growth Analysis, By Deliverables, By Technology, By End Use, By Application – Industry Forecast 2023-2030” report has been added to ResearchAndMarkets.com’s offering.

The global genomics market size was valued at USD 27.81 billion in 2021 and is poised to grow from USD 33.25 billion in 2022 to USD 411.35 billion by 2030, growing at a CAGR of 19.4% in the forecast period (2023-2030).

The area of molecular biology known as genomics is focused on the structure, purpose, evolution, and mapping of genomes. The genetics industry has significantly impacted health care over time. The genomics revolution is having a rapid impact on the biomedical sciences and medicine.

Government funding for genomics efforts has increased as a result of the rising incidence of cancer worldwide. Research into the human genome has led to the development of personalised medicine, which has altered the clinical landscape for the treatment of cancer and uncommon genetic diseases.

In an effort to comprehend the role of the brain in these illnesses, academics are increasingly investigating the relationship between genetics and cognitive problems. The global genomics market is seeing rapid revenue growth as a result of the expanding amount of research being conducted on cancer and cancer therapy, the growing demand for quick and easy clinical diagnosis, and increased investment in RD by governmental organisations and biopharmaceutical firms.

Segments covered in this report

Global Genomics Market is segmented based on Deliverables, Technology, End Use, application, and Region. Based on Deliverables it is categorized into Product and Service. Based on Technology it is categorized into Sequencing, PCR, Purification, Microarray and Others.

Based on End Use it is categorized into Government and Academic Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies and Others. Based on application, the Genomics Market is segmented into Drug discovery & development, diagnostics, agriculture & animal research, and other applications. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The growth of Next-Generation Sequencing (NGS), which is increasingly being employed in cancer research, is driving the global genomics market. Applications of NGS technologies include whole-genome sequencing, genome diversity analysis, metagenomics, epigenetics, the identification of non-coding RNAs and protein-binding sites, and gene-expression profiling by RNA sequencing. These applications are all helping to increase the market share for genomics.

Projects involving genetics are receiving more government financing. The Economic Survey 2021-22 reports that FDI expanded by 200% in the Indian pharmaceutical industry in 2020-21. The Union Budget for 2022 identifies “Genomics and Pharmaceuticals” as dawn opportunities suitable for a supportive framework to boost regional capabilities and promote R&D that would propel the genomic industry.

Restraints

Genetics-savvy professionals are required. A lack of qualified workers is predicted to impede market expansion. Additionally, the genomics industry is anticipated to face obstacles in the years 2022-2028 due to the high cost of genomic equipment and issues ensuring the storage of enormous amounts of sequenced data.

Utilising genomic information and technology has the potential to improve healthcare outcomes, quality, and safety while reducing costs. Highly qualified professionals are required in order to maximise the benefits from this.

A single patient’s genetic examination can produce about 1 terabyte of data in a single visit. Given that genomics can be examined prior to or during diagnosis, as well as numerous times during treatment, and that it can be combined with lab data, clinical observations, tissue biopsy and other morphologic data, as well as imaging data, the quantity of new data generated makes the creation of roadmaps and big data necessary for its integration.

Market Trends

Replace the Illumina OmniExpress chip with a bespoke Illumina global screening array (GSA) microarray. The GSA chip will gradually replace the OmniExpress chip from Illumina. In order to continue using this equipment, firms like Ancestry.com will have to switch to the GSA, buy products from Thermo Fisher Scientific, or adopt next-generation sequencing technology.

The third revolution in sequencing technology is known as third-generation sequencing (TGS). Several businesses started developing TGS technology to keep up with the changing trends. We can now explore genomes in greater depth than ever thanks to these new tools. By enabling high-throughput sequencing that is more rapid, effective, and affordable than Sanger sequencing, next-generation sequencing (NGS) has upped the standard for genomic research.

Companies Mentioned

• Illumina, Inc. (US)
• Thermo Fisher Scientific (US)
• Qiagen N.V.
• BGI Group
• F. Hoffmann-La Roche AG
• Danaher Corporation
• Pacific Biosciences of California, Inc.
• Oxford Nanopore Technologies, Ltd.
• Agilent Technologies, Inc.
• Eurofins Scientific SE
• Bio-Rad Laboratories, Inc.
• Genewiz, Inc.
• Myriad Genetics, Inc.
• Fluidigm Corporation
• PerkinElmer, Inc.
• Twist Bioscience Corporation
• Natera, Inc.
• Veracyte, Inc.
• Personalis, Inc.
• 10x Genomics, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/7xyupn

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