Latest News- Genomics Market: Products is expected to lead the Solution segment during 2024-2028

The Genomics Market is being driven by Rising investments in genomics research and development

The Genomics Market is expected to grow at a CAGR of 3.16% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5.21 billion. The Human Genome Project (HGP) has significantly advanced our understanding of genomics structure, paving the way for next-generation genetic testing technologies. These advancements have equipped market vendors with essential tools for organizing comprehensive human genome sets and deciphering genetic functionalities and structures. Next-generation sequencing (NGS) technologies have revolutionized genetic research by enabling large-scale sequencing across the human genome, facilitating the detection of mutations and gene variants associated with diseases or disorders. Moreover, NGS has drastically reduced the cost of sequencing, leading to a paradigm shift in the global genomics market by making genomics analysis and database management more affordable. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Solution
  • Products
  • Services
• Application
  • Diagnostic
  • Drug discovery
  • Precision medicine and others
• Technology
  • Sequencing
  • PCR
  • Gene Editing
  • Flow Cytometry
  • Microarrays
  • In Situ Hybridization
  • Others
• End User
  • Hospitals & Clinics
  • Academic & Research Institutes
  • Pharmaceutical & Biotech Companies
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Asia
    • China
    • India
    • Japan
    • South Korea
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising investments in genomics research and development
• Reduction in cost of genetic sequencing
• Increasing need to create and upgrade genome databases

However, the market also witnesses some limitations, which are as follows:

• Varying regulations in genomics research and testing
• Shortage of skilled genetics professionals
• High cost of advanced instruments

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Market Scope in Genomics Market Research Report

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Research Analysis Overview

The Genomics Market encompasses innovative technologies and applications, including single-cell sequencing, liquid biopsy, analysis of genetic variants and mutations, copy number variations, genome assembly, annotation, and interpretation. Clinical validation is crucial for disease prevention through genetic counseling and population genomics, evolutionary genomics, synthetic biology, gene synthesis, and genome engineering. Informed consent, data security, and ethical considerations are paramount. Big data analytics, cloud computing, AI, machine learning, deep learning, and predictive modeling facilitate advanced genomic medicine.

Market Research Overview

The Genomics Market is a significant segment of the expansive Global Life Sciences Tools and Services Market. This market encompasses organizations involved in the research and development (R&D) of various product categories, such as capital equipment, instruments, accessories, and consumables, utilized for R&D on pharmaceuticals and biotechnology products, as well as laboratory diagnosis of diverse diseases. Furthermore, it covers life sciences-related services, including contract research, contract manufacturing, and contract sales. According to Technavio's market analysis, the global healthcare industry encompasses the revenue generated by manufacturers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Key technologies driving the Genomics Market include genome sequencing, gene editing, DNA sequencing, RNA sequencing, and exome sequencing.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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