Latest News- Genomics Market: Products is expected to lead the Solution segment during 2025-2029

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 3.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6218.8 million. The Human Genome Project (HGP) marked a pivotal moment in genomics research, providing businesses with essential resources for mapping the complete human genome and deciphering genetic functionalities and structures. Next-Generation Sequencing (NGS) technologies, born from the HGP's success, revolutionized the industry by enabling large-scale sequencing of the human genome. This advancement facilitated the detection of mutations and gene variants associated with diseases or disorders, significantly reducing the cost of genetic analysis and database management in the global genomics market. By offering a cost-effective solution, NGS has transformed the landscape of genomics research, fostering a new era of medical breakthroughs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Solution
  • Products
  • Services
• Application
  • Diagnostics
  • Drug discovery
  • Others
• Technology
  • Sequencing
  • PCR
  • Microarray
  • CRISPR
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
  • Asia
    • China
    • India
    • Japan
  • 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 a range of applications, including genome assembly software for sequence analysis, variant effect prediction to identify genetic variations and their impacts, gene ontology enrichment for functional annotation, sequence alignment algorithms for comparing genomes, high-throughput screening for large-scale analysis, data mining techniques for extracting insights, machine learning models and deep learning applications for predictive analysis, statistical modeling methods for population genetics and evolutionary genomics. Additionally, the market caters to various research areas such as cancer genomics, agricultural genomics, environmental genomics, forensic genomics, clinical genomics, diagnostic genomics, biomarker discovery, drug target identification, gene expression regulation, protein-protein interaction, transcription factor binding, genome stability mechanisms, DNA repair pathways, genome evolution dynamics, microbial genome diversity, viral genome characterization, plant genome engineering, and animal genome editing.

Market Research Overview

The Genomics market, a segment of the larger Global Life Science Tools and Services Market, encompasses companies specializing in genome sequencing, gene expression profiling, DNA microarray technology, and next-generation sequencing. This market caters to the research and development (R&D) sector, providing capital equipment, instruments, accessories, and consumables for pharmaceutical and biotechnology product development and laboratory diagnosis of diseases. The market's growth is driven by factors such as the increasing global population aging, leading to a larger demographic requiring healthcare solutions, and the continuous advancements in genomic research technologies. Technavio projects the healthcare market size based on the consolidated revenue generated by manufacturers of equipment, supplies, pharmaceuticals, biotechnology, and life science tools and services.. 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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