Genomics Industry Trends, Development and Forecast Report 2030
Date
12/20/2023 12:58:30 AM
(MENAFN- P&S Intelligence) According to P&S Intelligence, the genomics market will advance at a rate of 12.7% by the end of this decade to reach USD 68 billion by 2030. The growing employment of favorable initiatives of the government, decreasing costs of sequencing services, and bourgeoning prerequisite for personalized medicine are the key factors powering the industry.
The sequencing technology category will have the fastest growth in the years to come. This is because of the increasing need for this tech and its fast-falling cost at a global level.
As per the NHGRI, the total genome sequencing price fell from about USD 10,000 in mid-2011 to about USD1,000 in 2018.
The diagnostics application had the highest revenue in the past. This is credited to the wide research that is being carried out on numerous genetic ailments at a global level.
Also, the acceptance of NGS in hospitals and diagnostic centers aids medical practitioners conduct better ailment detection and management, which leads to improved healthcare.
Research centers and academic institutes dominated the industry in the past, under the end user segment. This is credited to the fact that a large count of genomics-based projects was conducted at academic institutes, public and private research centers, and universities at the recent past.
North America dominated the genomics market in the past because of the existence of more than a few industry players in the U.S. Also, the huge investments made by both private and public organizations, such as in research projects, are powering the expansion of the industry.
The U.S. is observing enormous investments because of the initiatives introduced by the NHGRI. These programs identify the numerous barriers limiting the acceptance of genomics in clinical care and express the best solutions and practices for attaining their extensive combination in the nation.
One key trend is collaborations among the players of the industry. With these collaborations, corporations are enhancing their product portfolio, promoting tech progressions, and escalating their operations in novel locations.
The employment of advantageous policies and initiatives, such as the provision of funds for genomics research, is powering the growth of the genomics industry globally. E.g., the government of India proclaimed in 2019 that the DBT would soon introduce its first-ever human genome mapping project. This will help scientists and researchers get closer to planning effective treatments for numerous critical ailments, for example cancer. The project will include the scanning 20,000 Indian genomes in the span of 5 years, for the growth of diagnostic tests and effective therapies.
The reducing cost of sequencing service has a lot to do with the increasing demand for genomics. And, this trend will also continue to grow in the years to come as well.
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