Genomics Market Growth to Reach USD 83.1 billion by 2028 | Illumina, Inc, Thermo Fisher Scientific, Inc, Danaher Corporation, QIAGEN N.V, Agilent Technologies Inc, PerkinElmer Inc, F. Hoffmann-La Roche Ltd.

The global genomics market is projected to reach USD 83.1 billion by 2028 from USD 46.2 billion in 2023, at a CAGR of 12.4% during the forecast period of 2023 to 2028. . Continuous developments in sequencing technologies and a better understanding of genomics have increased the efficiency of biomarkers in disease detection. Since precise diagnosis and personalized medicine increase survival rates as well as reduce the financial burden on national health insurance programs, governments across the globe are making significant investments in genome sciences, and key players in the genomics market are increasingly collaborating with each other as well as with smaller players, biopharmaceutical companies, and other end users to expand their product offerings across the globe which is promoting market growth. However, dearth of skilled players, ethical issues and the issues associated with secure storage of large volume genomics data is hampering market growth.

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Prominent Players of the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), QIAGEN N.V. (Germany), Agilent Technologies, Inc. (US), PerkinElmer Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland).

The genomics market is a rapidly growing industry that involves the study of the complete set of genetic material (DNA) in organisms. It includes various applications such as gene editing, gene therapy, personalized medicine, and genomic sequencing.

The major drivers of growth in this market include the increasing demand for precision medicine, the growing applications of genomics in drug discovery and development, and the rising prevalence of chronic diseases.

The market is segmented based on product and service, technology, application, and end-user. The product and service segment includes instruments/systems, consumables, and services. The technology segment includes sequencing, PCR, microarray, and others. The application segment includes diagnostics, drug discovery and development, agriculture and animal research, and others. The end-user segment includes academic and research institutes, pharmaceutical and biotechnology companies, and others.

Overall, the genomics market is expected to experience significant growth in the coming years, driven by technological advancements, increasing demand for personalized medicine, and the rising prevalence of chronic diseases.

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