Genomics Market Outlook

The Genomics Market is predicted to develop at a compound annual growth rate (CAGR) of 19.6% from 2024 to 2034, when it is projected to reach USD 169.4 Billion, based on an average growth pattern. The market is estimated to reach a value of USD 29.1 Billion in 2024.

The Genomics is the study of an organism’s entire genome—its full set of DNA, including all of its genes. This field goes beyond genetics, which typically focuses on single genes, by analyzing how all genes interact with each other and the environment. Genomics aims to understand the structure, function, evolution, and mapping of genomes, which is crucial for medical and biological research. In healthcare, genomics helps identify genetic factors involved in diseases, leading to advances in personalized medicine. It allows for targeted therapies based on a patient's genetic makeup, enhancing treatment effectiveness and reducing side effects. Techniques such as genome sequencing and CRISPR gene editing are key tools in genomics, enabling scientists to read, edit, and manipulate genetic material. Overall, genomics holds promise for improving human health, advancing agriculture, and fostering understanding of evolutionary biology.

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Genomics Market Dynamics

Drivers

·         Growing incidence of cancer

One major driver supporting the market's growth is the incidence of cancer and the growing uses of next-generation sequencing in cancer research. The diagnosis and treatment of cancer are changing as a result of genomics. Advances in genome research are boosting blood sample procedures for cancer diagnosis. Thanks to genomics, the number of cancer screening tests for inherited diseases is rising. As a result, the market is expanding due to the rising number of cancer cases and the effective application of genomics in cancer diagnosis and treatment.

·         Implementation of artificial intelligence

The use of artificial intelligence (AI) in genomics has grown within the last several years. Artificial intelligence algorithms analyze the data produced by sequencing technology to provide a rapid and accurate diagnosis of the genetic variants causing a certain disease. Additionally, individualized patient treatment programs are created using artificial intelligence. This aids medical professionals in recommending the best course of action for their patients. Since using artificial intelligence yields correct findings, it is turning into a significant growth prospect for the market.

Opportunities

·         Research and development on genomics

The market for genomics is expanding as a result of increased attention being paid to genomes research and advancements. The WHO established the Science Council of Experts in July 2022 to promote the fair application of genomics. It focuses on filling the gaps in funding, supplies, highly skilled workers, and laboratory infrastructure in order to increase access to genomic technology, primarily in low- and middle-income nations. Thus, it is anticipated that each of these initiatives will contribute to the market's notable expansion.

·         Applications of genomics in rare disorder diagnosis

Patients with uncommon disorders may have more choices for diagnosis and therapy because to widespread genetic testing. The diagnosis of rare illnesses has advanced as a result of the rapid and affordable understanding of genomes. Patients with uncommon ailments benefit greatly from the greater diagnosis and treatment, which also helps the patients comprehend the disorder's risk to future generations. Consequently, the market would expand with the use of genomes in the diagnosis and treatment of uncommon ailments.

Competitive Analysis

The Genomics Market is dominated by a few large companies, such as

• 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.

Genomics Market- Segmental Analysis

By Technology

• Sequencing

• PCR

• Nucleic Acid Extraction and Purification

• Microarray

By Application

• Drug Discovery and Development

• Diagnostics

• Agriculture and Animal Research

By End-use

• Hospitals & Clinics

• Research Centers and Academic & Government Institutes

• Pharmaceutical & Biotechnology Companies

Genomics Market Regional Insights

North America dominate the Genomics Market with the highest revenue generating market with share of more than 46%. The advanced healthcare system, robust R&D, and significant investment in personalized medicine in North America account for the region's dominance in the genomics market. Further factors driving industry expansion are the existence of significant genomics firms and encouraging government programs.

Europe is seeing a significant increase in the use of genomics, fueled by research budget increases, a developing understanding of customized medicine, and partnerships between academic institutions and biotechnology companies. The focus on precision medicine by the European Union is also driving market growth.

Asia Pacific is expected to be the fastest-growing regional segment of the Genomics market during the forecast period. In the Asia Pacific region, this region is emerging as a promising market for genomics, supported by rising healthcare expenditure, improving research capabilities, and a large population base. Countries like China and India are investing heavily in genomics technologies, driving market growth further.

The report attempts to offer answers on:

• What’s the projected growth rate CAGR by the 2034?
• How big is the Genomics market anticipated to be throughout the estimated period?
• Who are the major market participants in the market?
• What are the main restraints ahead of Genomics market players?
• Which are the key segments in the market?

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