Press release
How Is Research Amplifying Usage of Genomics Solutions?
The spurring demand for personalized medicine, increasing government initiatives and support, and decreasing cost of sequencing services will drive the genomics market at 12.7% CAGR during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $18.2 billion in 2019 and it is expected to reach $68.0 billion by 2030. This growing market is witnessing partnerships among key players, due to which they are aimed at expanding their product portfolio, promoting development and innovation, and magnifying their geographical presence.Receive Sample Pages of this Report: https://www.psmarketresearch.com/market-analysis/genomics-market-revenue/report-sample
Governments across the world are investing hefty amounts and implementing several initiatives for the development and promotion of genomics solutions. For example, in 2019, the Government of India announced that the nation would introduce its first human genome mapping initiative to help researchers and scientists in developing effective therapies for life-threatening diseases, such as cancer. This project will be developed by the Department of Biotechnology (DBT) to scan 20,000 Indian genomes, for over five years, to create diagnostic tests and effective therapies for the management of genetic diseases.
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Furthermore, the solution segment of the genomics market is classified into consumables, services, and instruments. In 2019, the consumables category held the largest market share, due to the surging number of research activities and increasing number of samples being processed at research centers, labs, and several other end-use settings. This category is also expected to dominate the market throughout the forecast period, owing to the rising usage of consumables at multiple stages of research and testing.
The genomics solutions find wide applications in diagnostics, precision medicine, drug delivery and development, and agriculture and animal research. The demand for these solutions has significantly increased for the diagnostics process, owing to the growth in research on genetic diseases and disorders, such as cancer. Besides, escalating usage of high-throughput technologies, such as next-generation sequencing (NGS), in diagnostic centers assist in detection and management of advance diseases. Apart from this, pharmaceutical and biotechnology companies, hospitals and clinics, and research centers and academic institutes also deploy these solutions to develop genetic-related products and study genetics.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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