Genomics Market Size to grow by USD 5.21 billion between 2024-2028
According to a research report “ Genomics Market” by Solution (Products, Services) Application (Diagnostic, Drug discovery, Precision medicine and others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5.21 billion, at a CAGR of over 3.16% during the forecast period. In the realm of genetics, breakthrough technologies have spurred substantial investments in genomics research. These financial commitments enable institutes and organizations to innovate novel therapeutics and personalized medicines, catering to targeted therapies and incurable diseases. The development of extensive genomics databases, such as GenBank and The European Molecular Biology Laboratory (EMBL) Nucleotide Sequence Database, has revolutionized healthcare systems. Consequences include expedited drug development, clinical research, and gene therapies. Notable investors include government entities like the NHGRI, Genome Canada, and the EU, bolstered by a USD25 billion commitment.
Browse market data tables, figures, and in-depth TOC on “Genomics Market” by Solution (Products, Services) Application (Diagnostic, Drug discovery, Precision medicine and others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Solution, the Products segment is projected to dominate the market size in 2024
In the global genomics market, diagnostics holds a significant market share by application. This segment involves the analysis of an individual's genetic makeup to identify and comprehend specific diseases or conditions. Diagnostics plays a pivotal role in disease prevention, early detection, and treatment, particularly for chronic diseases such as cancer, cardiovascular disease, genetic disorders, and infectious diseases. The WHO reports that non-communicable diseases, including cardiovascular disease, cancer, and diabetes, account for the majority of global mortality rates. The increasing prevalence of these chronic diseases drives the growth of the diagnostics segment in the genomics market.
By Application, Diagnostic segment is expected to hold the largest market size for the year 2024
In the genomics market, vendors are prioritizing the development and provision of sophisticated instruments for research and testing applications. These offerings encompass Polymerase chain reaction systems, CRISPR-Cas systems, next-generation sequencers, and microarray instruments. Key features include LIMS compatibility, automation capabilities, high throughput capacity, and multiple read and run mode options. The market is witnessing an expansion of instrument offerings due to the increasing demand for advanced technologies in genomics research.
North America is forecasted to hold the largest market size by region in 2024
The North American region, spearheaded by the US, dominates the global genomics market due to escalating research funding and advancements in precision medicine and personalized therapies. In the US, market competition is intense, with vendors prioritizing the development and implementation of unique technologies in oncology, rare disease diagnosis, and prenatal diagnosis. These companies aim to expand their reach among key end-users, including biopharmaceutical firms, research institutes, and academic institutions, focusing on cancer research, clinical trials, and fundamental research.
The Genomics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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 encompasses a broad spectrum of technologies and applications, including Viral Diseases diagnostics, Synthetic Biology, and Personalized Medicine. Key players in this industry, such as Trivitron Healthcare and Singular Genomics Systems, leverage Trained Professionals and Sensitive Instruments to deliver accurate results. Trade Regulations play a crucial role in ensuring ethical issues are addressed, particularly in the context of Rare Disorder Diagnosis and Gene Therapy. The Global Genomics Market is experiencing significant Geographic Expansion, driven by advancements in Next-Generation Sequencing (NGS) and Multi-omic-based approaches. Companies like PCR Biosystems, Illumina, Janssen, and Eurofins Scientific are at the forefront of this revolution, utilizing technologies like Artificial Intelligence (AI) and Bioengineering to analyze vast amounts of Genomic Data. The market for Genomics is vast and diverse, with applications ranging from Cancer research to Chronic Disease diagnosis. As the importance of Genetic Disorders and Complete Genomics becomes increasingly recognized, the demand for advanced diagnostics and therapeutics continues to grow. Key challenges include ensuring ethical use of the DNA Code and collaborating with Raw Material Suppliers to maintain the highest standards of quality and reliability.
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