Global Genomics Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Genomics Market Size was valued at USD 24.2 billion in 2021 and is expected to reach USD 29.4 billion in 2022 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.

There has been a buoyant demand for the genomics market in recent years, primarily due to the impact of the outbreak of the COVID-19 pandemic. It showed staggering and unprecedented growth in recent years due to the outbreak of the COVID-19 pandemic. As a result, there was a sudden growth in the market due to increased demand. In addition, genomics has proved all its scientific abilities for treating, preventing and managing various diseases.

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Genomics Market: Overview

In recent years and the years to come, the market shall see a gradual shift towards precision medicines as compared to the conventional methods used for treatment, and this type of change is expected to play a significant part in the market's growth in the coming years.

Many new entrants in the market are expected to provide good opportunities for market growth in the coming years. Furthermore, as many service providers offer sequencing services, the market is expected to grow well in the coming years.

In addition, there has been an increase in investments made in the research and development activities associated with bioinformatics. As a result, there will be positive growth in the market during the forecast period.

Genomics Market: Growth Drivers

The healthcare sector has seen a drastic change due to the outbreak of the pandemic in the past. Many nations worldwide were affected so that the market will grow well in the coming years. The Pharmaceutical industry and biotechnological organizations have engaged in research activities and invested a considerable amount in developing better vaccinations and safer and easier treatments for the COVID-19 pandemic. By monitoring and understanding the genome sequence, the spread of the virus, which affects humans, was studied, and its effect on the genome of humans was understood. This information is being used to develop enhanced treatments.

The outcomes of such practice provide guaranteed results. There has also been a large number of advancements in the gene therapy field, and it has a high potential to replace the currently used drugs and the performance of various surgeries for treating patients. Cost-saving therapy is one of the significant factors that will help in the growth of the market in the coming years. Patient compliance is another factor that will increase the demand for gene therapy in the coming years. It provides drug safety and early detection, which could be life-saving for the patient, and all of these factors will help in the market's growth in the coming years.

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Genomics Market: Key Insights

A) As per the analysis shared by our research analyst, the Genomics market is estimated to grow annually at a CAGR of around 16.4% over the forecast period (2022-2030).
B) In terms of revenue, the Genomics market size was valued at around USD 24.2 Billion in 2021 and is projected to reach USD 73.4 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on product segmentation, the BEV segment was estimated to hold the maximum market share in 2021.
D) Based on vehicle type segmentation, the commercial vehicle segment was the leading revenue-generating category in 2021.
E) Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Genomics Market: Regional Insights

Based on geography, the North American region will have a larger market share in the coming years. This region has had a good share in the past, estimated at 36% in revenue, and will continue to grow. Strategic partnerships have also played an essential role in the market's growth in the North American region.

Funds provided by public and private organizations in the North American part will help increase such activities. In addition, many major companies in this field are in the North American region and will help grow the market in the coming years. As that has also been an increase in the approvals from the regulatory authorities of the North American region, the market will continue to grow in the coming years.

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Genomics Market: Recent Development

1) GRAIL was acquired by Illumina in the year 2021 with the aim of making available the DNA sequencing test to a large base of consumers.
2) A new product was launched in the year 2020 by nebula genomics which would offer the entire genome sequencing to customers at a price of U.S. dollars 299.

Genomics Market: 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
Hoffmann-La Roche Ltd.
GE Healthcare
Illumina Inc.
Oxford Nanopore Technologies
Eurofins Scientific
Color
23andMe Inc.

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The Genomics Market Segments covered in the report

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

On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.