The global genomics market size is expected to reach $94,96-billion by 2030, according to a new report by Grand View Research.
The market is expected to register a compound annual growth rate (CAGR) of 16,5% in the forecast period owing to the increasing demand for novel therapeutic and research applications in genomics.
Moreover, it is extensively used for a wide variety of applications, such as pharmacogenomics, and metagenomics. The emerging applications of genomics are braced up by industrial collaborations and expansions.
Technological advancements in the genomics market such as research on chromosomal instability and gene signatures utilizing unique samples from huge databases give out comprehensive insights into their clinical applicability.
Diseases caused by genetic inheritance can cause a wide range of disease conditions such as cardiovascular, diabetes, and cancer conditions. Genetic disorders can be effectively combatted by understanding specific characteristics of an individual’s genome sequence.
The market is positively driven by the lucrative support from the government and other research organisations for advancement in research on the genome sequence. There has been an increasing focus on funds for data-driven initiatives on genome sequence research to derive outcomes that are helpful for the treatment of rare diseases, infectious diseases, inherited disorders, and cancers.
One of the most important factors anticipated to impact the genomics market is how much and to what extent the medical community will make use of available genomic information in personalised medicine.
Furthermore, plummeting costs of sequencing support an increase in the adoption of whole genome sequencing. Scientists are combining the data generated from sequencing with diagnostics, which has proven effective in enhancing the personalized treatment landscape.
According to a report published by OGL, as of July 2021, the UK exceeded 600 000 SARS-CoV-2 genomically sequenced tests. Genomic sequencing has been helpful in the fight against SARS-CoV-2 by quickly identifying variations that are of concern, elucidating how they spread, and halting them.
Genomics Market Report Highlights include:
* The overall growth of the genomics market is attributed to the rising dependence of novel therapeutics for genetic disorders and cancers on genomics-based understanding.
* Functional genomics held the largest market share in the year 2022, owing to the demand for rising applications in diagnostics and gene therapy. Biomarker discovery is anticipated to be the fastest-growing segment in the forecast period due to rising applications of biomarkers in disease and therapeutics research.
* North America dominated the market in 2022 due to the presence of key players and rising support from the government and research institutes to advance the research on Genomics in the region.