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The genomics market has been experiencing significant growth and increasing demand due to several key factors:
Technological Advancements: Rapid advancements in sequencing technologies have made genomics more accessible and cost-effective, driving market growth.
Personalized Medicine: The shift towards personalized medicine, where treatments are tailored to individual genetic profiles, has fueled demand for genomic research and applications.
Government and Private Funding: Increased funding from governments and private sectors for genomic research has bolstered market growth.
Genomics Market was worth US$ 30.84 Bn. in 2023 and total revenue is expected to grow at a rate of 15.35% CAGR from 2024 to 2030, reaching almost US$ 83.81 Bn. in 2030.
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by Product & Service
Consumables
Systems and software
Services
The market is divided into three sub-sectors based on product and service: consumables, systems and software, and services. In 2023, consumables will have the largest market share. Consumables are still being used in the genomic system and are being used in more and more genomic tests worldwide. This is among the elements influencing the market. The segment's revenue is produced by the major players' use of reagent and nucleic acid. With the debut of a product intended to make whole genome sequencing accessible and inexpensive for labs of all sizes in June 2021, Illumina Inc. announced the NovaSeqTM 6000 reagent kit in August 2021.
by Technology
Sequencing
Microarray
PCR
Nucleic Acid Extraction and Purification
Others
The market is further divided into submarkets for sequencing, microarray, PCR, nucleic acid extraction and purification, and others based on technology. In 2023, the genomics market's greatest share belonged to the PCR category. Growing genomics research, technological advancements, and the decreasing cost of PCR-amplification of DNA are the main drivers of the genomics market's expansion. The two main reasons propelling the market are the technical investment and the PCR-based expansion of DNA.
by Test Type
Diagnostic Test
Genetic Test
Newborn Screening
Pre-implantation Testing
Prenatal Testing
Carrier Testing
by Application
Diagnostic
Drug Discovery
Precision Medicine
Others
The market is divided into submarkets based on application, including diagnostics, drug discovery, precision medicine, and others. Within the genomics market, the largest and fastest-growing application segment is diagnostics. This market is expected to grow as a result of growing research into genetic abnormalities and diseases including cancer, as well as falling sequencing costs. Thanks to lower sequencing costs and greater research on genetic abnormalities and diseases like cancer, the drug discovery segment currently maintains the second position in the industry.
by Method
Molecular Test
Chromosomal Test
Biochemical Test
by End User
Research Centers
Hospitals and Clinics
Pharmaceutical Companies
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A genome encompasses various types of genetic material, including genes, noncoding DNA, mitochondrial DNA, and chloroplast DNA. The genomics market is experiencing growth due to its diverse applications in healthcare, agriculture, biotechnology, and DNA sequencing. Utilizing genomic data in research and development aids doctors, patients, and biologists in understanding the role of genomes in specific diseases. Healthcare communities are increasingly integrating genetic information from clinical systems, while biotechnological companies and government bodies are significantly investing in and accelerating research activities in genomics.
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Genomics Market: Which Regions are Experiencing Growth or Increased Demand?
The genomics market is experiencing significant growth across several regions, driven by advancements in technology, increasing investments in research, and the rising prevalence of genetic disorders. Here are some key regions where the demand and growth are particularly notable:
North America:
- The United States and Canada are leading the market due to substantial investments in genomics research and development.
- The presence of major genomics companies and research institutions.
- High adoption of advanced healthcare technologies and personalized medicine.
Europe:
- Countries like the UK, Germany, and France are significant contributors to the market.
- Strong government support and funding for genomics research.
- Collaboration between academic institutions and industry players.
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1. Thermo Fisher Scientific Inc
2. Illumina Inc.
3. QIAGEN N.V.
4. Agilent Technologies Inc
5. Eurofins Scientific
6. BGI
7. GE Healthcare
8. Bio-Rad Laboratories Inc
9. F. Hoffmann-La Roche Ltd
10.Oxford Nanopore Technologies
11.Beijing Genomics Institute
12.Foundation Medicine, Inc
13.23andMe, Inc
14.Pacific Biosciences of california
15.Myriad Genetics, Inc.
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• What is Genomics?
• What is the growth rate of the Genomics Market?
• Which are the factors expected to drive the Genomics market growth?
• What are the different segments of the Genomics Market?
• What growth strategies are the players considering to increase their presence in Genomics?
• What are the upcoming industry applications and trends for the Genomics Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Genomics Market?
• What major challenges could the Genomics Market face in the future?
• What segments are covered in the Genomics Market?
• Who are the leading companies and what are their portfolios in Genomics Market?
• What segments are covered in the Genomics Market?
• Who are the key players in the Genomics market?
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