Genomics Market is Slated to Witness Tremendous Revenue Growth of US$ 49,996.15 Million by 2027 - The Insight Partners

A new market study report by The Insight Partners on the Genomics Market has been released with reliable information and accurate forecasts for a better understanding of the current and future market scenarios. The report offers an in-depth analysis of the global market, including qualitative and quantitative insights, historical data, and estimated projections about the market size and share in the forecast period.

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Genomics is defined as the study of a gene and its functioning. Genomics is used to examine the molecular mechanisms and the interaction of genetic and environmental factors in diseases. Genomics primarily encompasses four phenomena or disciplines-genomes, epistasis, heterosis, pleiotropy. The application of genomics is in various fields including medicine, biotechnology, anthropology, and other social sciences. The market scope provides detailed data and growth potential for the genomics market in diagnostics, drug discovery and development, precision/personalized medicine, agriculture & animal research, and others. The market report studies the lucrative areas in the market and aims to understand the ongoing genomics market trends and opportunities.

The key market drivers for Genomics Market Includes, rising geriatric population across the globe along with significant increase in physically challenged population. Moreover, increased healthcare spending in developed nations is also expected to fuel market growth. Whereas, less awareness of Genomics in low income nations is expected to restrain market growth during forecast period.

Genomics Market: Competition Landscape and Key Developments
Illumina, Inc.; Danaher; F. HOFFMANN-LA ROCHE LTD.; BIO-RAD LABORATORIES INC.; General Electric Company; Thermo Fisher Scientific Inc.; Agilent Technologies, Inc.; Eurofins Scientific; QIAGEN; and BGI are among the key companies operating in the market.

The primary technologies used in the genomics market are sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment is expected to hold the major share of the genomics market size, which is expected to see robust growth during the forecast period. The growth of the segment is attributed to the increasing applications of sequencing to provide more precise treatment for ailments.

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The application of genomics in research, diagnosis, and treatment has increased significantly in recent years with the genomic data from over 60 million patients expected to be generated within the healthcare industry by 2025, as per estimates by a study in 2017. The "Genomics in healthcare: GA4GH looks to 2022" study discusses the application of genomics in four major categories-infectious diseases, rare diseases, cancer, and common or chronic disease. The funding in the field of genomics stood at US$ 4 billion in 2019. The funding dropped due to the COVID-19 pandemic but is expected to see further growth in the coming years, with various countries looking to invest in genomics and the life science sector.

Some of the recent developments in the genomics market include:
In January 2021, Illumina, Inc. partnered with Sequoia Capital China to catalyze the startup ecosystem in China with the launch of the Sequoia Capital China Intelligent Healthcare Genomics Incubator. The company creation engine focused on building life sciences startup companies advancing breakthrough applications in genomics.

The research provides answers to the following key questions:
• What is the estimated growth rate of the market for the forecast period to 2028? What will be the market size during the estimated period?
• What are the key driving forces responsible for shaping the fate of the Genomics market during the forecast period?
• Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Genomics market?
• What are the prominent market trends influencing the development of the Genomics market across different regions?
• What are the major threats and challenges likely to act as a barrier in the growth of the Genomics market?
• What are the major opportunities the market leaders can rely on to gain success and profitability?

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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