by The global genomics market involves technologies that analyze DNA, RNA, and genomes. Genomics has wide application in precision medicine by helping researchers and healthcare professionals identify genetic variations and how they relate to diseases. It facilitates developing personalized treatments tailored to patients’ DNA.
The global genomics Market is estimated to be valued at US$ 46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased demand for precision medicine has been a key driving factor for the genomics market. Precision medicine is a medical model using genomic data to customize disease prevention, diagnosis, and treatment according to patients’ genetic makeup. It aims to deliver right treatment, to right patient, at right time. The surging adoption of precision medicine, enabled by technologies likeNext Generation Sequencing and DNA microarray, is expected to drive significant growth in the genomics market over the forecast period. Growing acceptance of precision medicine modalities will propel genomics market expansion during 2023-2030.
Genomics Market SWOT Analysis
Strength: The ongoing technological advancements and novel product developments has enabled the market to grow significantly. It offers more accurate and comprehensive insights into human health which is gaining huge traction.
Weakness: High costs associated with genomic technologies and requirement of skilled professionals limits its widespread adoption. Regulatory and ethical issues pertaining to genomic data also acts as a restraint.
Opportunity: Growing prevalence of cancer and other genetic disorders has opened doors for new opportunities. Increasing focus on precision medicines and pharmacogenomics offers scope for market expansion.
Threats: Data privacy laws and regulations varies globally posing threats. Reimbursement issues related to clinical tests also challenges the growth prospects to some extent.
Key Takeaways
The Global Genomics Market Size is expected to witness high growth over the forecast period. The global genomics Market is estimated to be valued at US$ 46.2 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America currently dominates the market due to presence of major players, advanced healthcare infrastructure and rising R&D spending. Europe and Asia Pacific are also anticipated to offer lucrative opportunities with growing awareness and increasing healthcare expenditure.
Key players operating in the genomics market are Signify Holding (PHILIPS), Thermo Fisher Scientific Inc., Illumina Inc., Eurofins Scientific, QIAGEN, Agilent Technologies and F. Hoffmann-La Roche Ltd. The market is highly competitive owing to continuous new product launches, collaborations and integrating latest technologies to gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
