Genomics Market Is Growing At A CAGR Of 19.6% From 2024 To 2030 By Exactitude Consultancy

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Genomics Market

The Exactitude Consultancy Genomics Market Report – Size, Trends, and Forecast 2024-2030

The genomics market is growing rapidly due to rising demand for personalized medicine, genetic testing, and advancements in sequencing technologies. ” - Exactitude Consultancy

LUTON, BEDFORDSHIRE, UNITED KINGDOM, August 29, 2024 /EINPresswire / -- Market Overview:

The study of deciphering, interpreting, and applying DNA code to different problems is known as genomics. One of the most useful technologies in the modern world is genomics . The significance of genomics for genome sequencing lies in its ability to identify various generic variants that may pose a greater risk of disease development for individuals who do not exhibit symptoms. Genomics aids in the discovery of novel antimicrobial substances and the prevention of bacterial illnesses. The structure, function, evolution, and mapping of genomes are all studied in genomics. The process involves multiple steps, such as sequencing and analysis, to comprehend the genetic foundation of diverse biological occurrences. Applications for genomics can be found in biotechnology, medicine, agriculture, ecology, and other fields. It is essential to comprehending the complexity of living things. Researchers can design new crops and livestock, create targeted therapies, and learn more about ecological interactions and evolutionary history by studying an organism's genetic makeup.

The Genomics Market is anticipated to grow from USD 28.03 billion in 2024 to USD 95 billion by 2030, at a CAGR of 19.6% during the forecast period.

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In addition to answering these critical questions, the report offers a forward-looking perspective, providing insights into the future trajectory of the Genomics market. It equips decision-makers with the knowledge needed to navigate the market's evolution during the forecasted period effectively.

The Top Key Players profiled in the report:

Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Agilent Technologies Inc., Oxford Nanopore Technologies, Danaher, QIAGEN, BGI, IntegraGen, General Electric Company, Bio-Rad Laboratories.

Recent Developments

In February 2023, Thermo Fisher Scientific, Inc. (US) launched TrueMark STI Select Panel, a polymerase chain reaction (PCR) test designed to detect Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas vaginalis, and Mycoplasma genitalium for research applications only.

In December 2021, Roche announced the launch of the AVENIO Edge System, an integral part of the company's strategy to advance sequencing technologies. The AVENIO Edge System is a fully-automated, integrated sequencing solution that is built on top-notch foundational capabilities.

This Genomics research report sheds light on the major market players who are thriving in the market. Track business strategy, financial status and upcoming products.

Regional Analysis:

North America

At 42.5%, North America had the biggest market share. The funding from pharmaceutical companies and research institutes is the reason for this. Genomic analysis is becoming a crucial component of all disease research and drug development because of the effects of genetic expression on human health. The practical applications of genomics are progressing in the region due to cooperative efforts. For instance, in order to create a premier clinical-genomic resource and use genomics in drug development, Illumina, Inc. and Nashville Biosciences, LLC, a part of Vanderbilt University Medical Center in Tennessee, partnered in January 2024.

Asia Pacific

Asia Pacific is expected to have the highest growth rate over the forecast period due to the increasing demand for novel therapeutic drugs to combat the rising prevalence of diseases in the region and growing demand for genomics applications in diagnostics. There are several major human genome sequencing projects in progress right now, the most recent of which is called Genome Asia 100K. Precision medicine and population-specific medical advancements would be accelerated by the sequencing and analysis of 100,000 Asian genomes under this project. Through this project, GA 100K was expected to better understand the biology of disease and discover new therapeutic drugs.

Segmentation Analysis:

Based on product and service, consumables and reagent segment accounted for the largest market share of the genomics industry

Based on product and service, the consumables and reagents, services, instruments, systems, and software segments make up the genomics market. The consumables and reagents segment held the largest market share in 2024. Large quantities of consumables are used in genomic systems, and as more and more genomic tests are conducted worldwide, the need for them will only grow. This is a major element propelling market expansion.

Based on technology, sequencing segment accounted for the largest market share of the genomics industry

Based on technology, the genomics market is divided into segments according to technology, including flow cytometry, PCR, microarrays, sequencing, and other technologies. The segment with the biggest market share in 2024 was sequencing. The benefits of sequencing technologies, such as their high speed, scalability, and ultra-high throughput, allow researchers to work on a variety of projects, such as human genomics, agriculture, and animal breeding.

Based on application, drug discovery and development segment accounted for the largest market share of the genomics industry

Based on application, Drug development, diagnostics, agriculture and animal research, and other applications make up the segments of the genomics market. In 2024, the market's largest application segment was drug discovery and development. The rising amount of research being done on genetic disorders and diseases like cancer, as well as the falling cost of sequencing, are the main reasons for this segment's size.

Genomics Market Segmentation Analysis:

Genomics Market By Product & Services, 2020-2029, (USD Billion)

Instruments & Software

Consumables

Services

Genomics Market By Technology, 2020-2029, (USD Billion)

Polymerase Chain Reaction (PCR)

Next Generation Sequencing (NGS)

Microarray

Sanger Sequencing

Genomics Market By Application, 2020-2029, (USD Billion)

Diagnostics

Research

Genomics Market By End User, 2020-2029, (USD Billion)

Research Institutes

Healthcare Facilities & Diagnostic Centers

Pharmaceutical & Biotechnological Companies

This report caters to a wide audience, from industry experts seeking insights into the dynamic Genomics market to newcomers looking for guidance. Customization options are available to ensure the report's relevance to your specific needs.

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Genomics Market Dynamics

Drivers

Growing incidence of cancer

One major factor supporting the market's growth is the incidence of cancer and the growing applications 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 improving blood sample methods 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 during the last several years. Artificial intelligence algorithms analyze the data produced by sequencing technologies to provide a rapid and accurate diagnosis of the genetic variations causing a given disease. Additionally, individualized patient treatment plans are created using artificial intelligence. This aids medical professionals in recommending the best course of action for their patients. Since using artificial intelligence yields accurate results, it is turning into a significant growth opportunity for the market.

Opportunities

Research and development on genomics

The market for genomics is expanding as a result of increased attention being paid to genomics research and advancements. The WHO established the Science Council of Experts in July 2024 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 technologies, 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 rare diseases may have more options for diagnosis and treatment thanks to widespread genetic testing. The diagnosis of rare disorders has advanced as a result of the rapid and affordable understanding of genomes. Patients with rare disorders benefit greatly from the increased diagnosis and treatment, which also helps the patients understand the disorder's risk to future generations. Consequently, the market would expand with the use of genomics in the diagnosis and treatment of uncommon disorders.

Genomics Key Market Trends

Use an Illumina global screening array (GSA) microarray that has been customized rather than the Illumina OmniExpress chip. Illumina's OmniExpress chip will eventually be replaced by the GSA chip. Thus, companies such as Ancestry that want to keep using this equipment will have to switch to the GSA, buy products from Thermo Fisher Scientific, or upgrade to next-generation sequencing technology.

The third major advancement in sequencing technology is known as third-generation sequencing, or TGS. Several companies started creating TGS technology in order to keep up with the changing trends. We can now examine genomes with greater detail than ever before thanks to these new tools. By enabling high-throughput sequencing that is faster, more effective, and less costly than Sanger sequencing, next-generation sequencing (NGS) has raised the bar in genomic research.

The study also analyzes and sheds light on key aspects related to the market's growth and opportunities in different geographies:

Regions witnessing a rise in investments in supply chain networks.
Countries that have benefited from recent import and export policies.
Regions experiencing a decline in consumer demand due to economic and political upheavals.
Genomics Markets expected to emerge in specific geographies.
Regions likely to lose market share due to pricing pressures.
Leading players expected to expand their footprints in the near future.
Sustainability trends impacting the logistics and supply chain dynamics in the Genomics
Demographic and economic environments creating new demand in developing economies.
Changing government regulations and their impact on business strategies and practices.

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Customization services available with the report:

20% free customization.
Five Countries can be added as per your choice.
Five Companies can add as per your choice.
Free customization up to 40 hours.
Post-sales support for 1 year from the date of delivery.

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Exactitude Consultancy is a Market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our professional team works hard to fetch the most authentic research reports backed with impeccable data figures which guarantee outstanding results every time for you. So, whether it is the latest report from the researchers or a custom requirement, our team is here to help you in the best possible way.

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