Genomics Market to be dominated by growing demand for Personalized Medicines through 2027

Growing importance of personalized medicines to drive the Genomics market in the forecast period, 2023-2027.

According to TechSci Research report, “Genomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global genomics market is anticipated to grow at a significant rate in the forecast period, 2023-2027. The increase in demand for specialized medicines and vast application in several fields are the primary factors driving the demand for the global genomics market. Growing advancement in diagnostic therapeutics and heavy investments in R&D activities are expected to influence the market demand. Also, the growing number of startups and rise in genetic and chronic diseases are also a key factor for increasing the growth of the genomics market, globally.

However, the high cost of genomic equipment and lack of education about genomics are likely to hinder the growth of market. Additionally, stringent regulatory framework to develop new products is likely to hamper the growth of the market.in the forecast period.

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The global genomics market is segmented into products & services, technology, application, end user, and company.

Based on products & services, the market is divided into systems & software, consumables, and service. The consumables segment is slated to proliferate during the forecast period due to increasing efficiency in genomic systems given their disposable nature and extreme safety to the health workers. They are used majorly in genomic systems, which increase the usage due to the growing number of genomic tests performed across the globe.

Based on technology, the market is divided into sequencing, PCR, nucleic acid extraction and purification, microarray, and others. The sequencing segment is expected to witness largest market share as it is the mostly used in research across animal breeding, agriculture, and human genomics. Also, due to their high speed & scalability, and ultra-high throughput, they are widely used in modern molecular biology, scientific research, and diagnostic medicine.

Based on application, the market is segmented into drug discovery & development, diagnostics, agriculture & animal research, and others. The drug discovery & development segment is anticipated to grow during the forecast period. This is attributed to the growing research on diseases such as cancer, chronic diseases, genetic disorders, and the reducing cost of sequencing.  

Based on end user, the market is divided into hospitals & clinics, academic & research institutions, biotechnology & pharmaceutical companies, and others. The hospitals & clinics segment is anticipated to grow during the forecast period as large number of pets are diagnosed by this disease, and greater number of medicines are approved for the treatment.

Major operating companies operating in global genomics market are:

·         Illumina, Inc.

·         Thermo Fischer Scientific, Inc.

·         QIAGEN N.V.

·         Agilent Technologies, Inc.

·         F. Hoffmann-La Roche AG

·         Bio-Rad Laboratories, Inc.

·         Eurofins Scientific SE

·         Oxford Nanopore Technologies Limited

·         Pacific Biosciences of California, Inc.

·         Danaher Corporation

·         GE Healthcare

·         Myriad Genetics, Inc.

·         23andMe, Inc.

·         Eppendorf AG

·         Quest Diagnostics Inc.

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“North America region dominates the market in 2021 and is expected to maintain its dominance in the coming years due to the availability of funds provided by both the government and companies researching molecular biology. Also, the rising burden of chronic diseases, genetic disorders and the presence of advanced healthcare infrastructure in the region are expected to propel the global genomics market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Genomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Products & Services (Systems & Software, Consumables, Service), By Technology (Sequencing, PCR, Nucleic Acid Extraction and Purification, Microarray, Others), By Application (Drug Discovery & Development, Diagnostics, Agriculture & Animal Research, Others), By End User (Hospitals & Clinics, Academic & Research Institutions, Biotechnology & Pharmaceutical Companies, Others), By Company, and By Region”, has evaluated the future growth potential of global genomics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global genomics market.

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