by The global Genomics Market is estimated to be valued at US$ 46.2 Bn or Million 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 refers to the study of genes and their functions. Genomics products are widely used for applications in healthcare, agriculture and biological research. Advances in genomic technologies have enabled more accurate diagnosis and personalized treatment for diseases.
Market key trends:
One of the key trends driving the growth of the genomics market is the increasing demand for precision medicine. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment and lifestyle for each person. This allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. Precision medicine enables tailoring of medical treatment to the individual molecular characteristics.
Market Key Trends
The global genomics market size has been witnessing rising adoption of NGS platforms along with growth in genomics research activities. Next-generation sequencing (NGS) has revolutionized genomics research by enabling the analysis of entire genomes and transcriptomes. The plunging costs of genome sequencing and the use of genomic data for precision medicine are some of the key trends driving the genomics industry. In addition, growing applications of genomics in oncology for cancer diagnostics and the emergence of big data analytics in genomics are expected to positively influence the market over the coming years.
SWOT Analysis
Strengths: Availability of NGS platforms from major players at affordable prices. Rising R&D investments in genomics by pharmaceutical companies.
Weaknesses: Requirement of skilled workforce to analyze large genomic data. Challenges associated with storage and management of massive genomic datasets.
Opportunities: Growth in genomics applications for prenatal testing, personalized medicine. emerging markets in Asia Pacific expected to provide new growth avenues.
Threats: Stringent regulations for genetic testing. Ethical and legal issues related to genomic data privacy. Concerns related to incidental findings from whole genome sequencing.
Key Takeaways
The Global Genomics Market Size is expected to witness high growth, exhibiting CAGR of 12. over the forecast period, due to increasing adoption of genomic medicine and personalized diagnostics. The global market size for genomics is estimated to reach US$ 46.2 Bn in 2023.
Regional analysis: North America dominated the global genomics market in 2022 due to presence of leading genomics companies and rapid adoption of advanced technologies in the region. Asia Pacific is anticipated to be the fastest growing regional market over the forecast period supported by rising R&D expenditures and healthcare infrastructure development in countries such as China and India.
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). The market is concentrated among these major players who are focusing on developing innovative NGS platforms and products to strengthen their market position.
*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.
