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 revolutionized the genomics market by providing essential resources for assembling comprehensive human genome sets and elucidating genetic functionalities and structures. Next-generation sequencing (NGS) technologies, born from the HGP, have empowered medical researchers to identify genetic variations causing genomic disorders and diseases. These advancements have drastically reduced the cost of sequencing, leading to a paradigm shift in the global genomics industry, enabling large-scale sequencing projects and cost-effective genomics database management. 

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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
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • Asia
    • China
  • 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 is experiencing significant growth due to advancements in various technologies and applications, particularly in the field of viral diseases and rare disorder diagnosis. Companies like Trivitron Healthcare and Synthetic biology firms are at the forefront of this evolution, employing trained professionals to develop innovative solutions. Key technologies driving this market include Next-generation Sequencing (NGS) from PCR Biosystems and Illumina, multi-omic-based approaches using Microarrays from Life Sciences Vision, and Flow cytometry from Eurofins Scientific. Janssen and Complete Genomics are also making strides in personalized medicine and gene therapy for chronic diseases such as cancer. Ethical issues surrounding genomic data and genetic disorders are being addressed by the Science Council and Front Line Genomics. The global genomics market is expanding geographically, with key players investing in bioengineering and Artificial Intelligence (AI) to stay competitive. The market is expected to continue its growth trajectory in the coming years, revolutionizing the diagnosis and treatment of various diseases.

Market Research Overview

The Genomics Market is a significant segment of the expansive Global Life Sciences Tools and Services Market. This market encompasses businesses and products involved in the research and development (R&D) of various categories, such as capital equipment, instruments, accessories, consumables, and services. These offerings are utilized in the pharmaceutical and biotechnology industries, as well as laboratory diagnosis for numerous diseases. The market size is determined by the consolidated revenue generated by manufacturers in the equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/