According to Custom Market Insights (CMI), The Global Genomics Market Size was valued at USD 24.2 billion in 2021 and is estimated to reach USD 73.4 billion by the end of 2030 at a CAGR of approximately 16.4% during the forecast period 2022-2030.
The outbreak of the COVID-19 pandemic had a significant impact on the market due to remarkable growth and good demand. Technological advancements that came across recently in the market have led to the market’s growth. Many new startups have entered the market, due to which there shall be positive growth in the coming years. Genome projects are gaining government aid, and an increase in their number will help grow the market in the coming years. Most effective therapies can come through research in this field. Various governments of different regions are undertaking programs to increase research activities in the area.
Browse the entire “Genomics Market Size, Trends and Insights By Application (Functional genomics, Pathway analysis, Biomarker discovery, Epigenetics, Others), By Deliverables (Products, Services), By End User (Pharmaceutical and biotechnology companies, Clinics and hospitals, Government institutes and academic institutes, Clinical research, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/global-genomics-market/
Market Dynamics
Drivers
The government of various regions initiated many genomics projects, and the funds from these governments will help in the market’s growth in the coming years. Investments will play an extremely significant role in the market growth. New technologies will be developed due to the increased investments made by the government in the research field. For example, U.S. dollars 224 million was invested in the year 2019 for a project on genome sequencing. This project was started through a partnership to help provide better treatment and diagnosis of various illnesses. It would help treat diseases like diabetes, heart disease, cancer, dementia, and arthritis.
Restraints
Even though the potential for Genomics market growth was high, the unavailability of trained technicians would hamper the market’s growth in the coming years. In the case of shortage, the market growth will be restricted. In most developing nations, the unavailability of trained technicians will negatively affect the market. Market expansion will also be affected due to the expensive instruments. Regulatory frameworks happen to be strict when it comes to the development of new products. The demand for early detection of diseases has increased, which will have a positive impact, but the regulatory policies will hamper the market’s growth.
Opportunities
As the demand for personalized medicine has increased in recent years, it shall provide a good number of Genomics market growth opportunities. Investments from various pharmaceutical organizations have increased in recent years to conduct research activities for personalized medicines. Identifying the exact need is one of the significant factors that will help in the growth of the market. Prescription and treatment for the patients are decided based on personalization.
The results acquired through this type of research help in giving better output. Treatments of a personalized nature have ensured better patient compliance and safety with the administration of drugs. This happens to be a cost-saving offer, and it also helps in the optimized use of therapies. With this technique and the experiments, the person’s genes can be studied to decide the course of action. Precision medicine is expected to gain good growth in the coming years. All of these factors will provide good opportunities.
Challenges
The availability of a large amount of data generated in the research activity needs to be analyzed. An analysis of this vast volume becomes a challenge. Interpretation is a task. As not a large number of trained personnel are available throughout the world, hiring and training these people is also expensive. All of these challenges will hamper the growth of the Genomics market. There is also a growing need for in-depth knowledge as the complexities have increased. As the requirement of the skills in the people is changing due to constant research and advancements in the technique, there is a growing need for qualifications and suitable training.
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Report Highlights
Based on Application, the functional genomics segment has dominated the market in the past and will continue to grow well in the coming years. The revenue generated through this segment was the maximum. On the other hand, the pathway analysis segment will exhibit the fastest compound annual growth rate in the coming years. Pathway analysis is used by research persons in attempts to understand the fundamentals of molecular and cellular biology.
Based on deliverables, the products segment is expected to have a larger Genomics market share in the revenue. As the manufacturers are constantly engaged in providing various products, the revenue generated through this segment is expected to be the maximum compared to the services segment. In addition, to provide better products, significant manufacturers are acquiring small companies.
Key Players
- Thermo Fisher Scientific Inc.
- Agilent Technologies
- Pacific Biosciences of California Inc.
- QIAGEN N.V.
- Quest diagnostics
- Myriad Genetics, Inc.
- Eppendorf AG
- Beijing Genomics Institute (BGI)
- Bio-Rad Laboratories
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- G.E. Healthcare
- Illumina Inc.
- Oxford Nanopore Technologies
- Eurofins Scientific
- Color
- 23andMe Inc.
Table of Contents: https://www.custommarketinsights.com/report/global-genomics-market/#table-of-contents
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