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Genomics Market Share is Expected to Witness Healthy Valuation of USD 133.84 Billion at 12.60% CAGR by 2032

03-28-2024 03:06 PM CET | Health & Medicine

Press release from: Market Research Future - MRFR

/ PR Agency: Market Research Future
Genomics Market

Genomics Market

The genomics market is experiencing rapid growth and transformation, propelled by advancements in genetic research, personalized medicine, and the declining cost of genomic sequencing technologies. This burgeoning field offers insights into the genetic basis of diseases, driving demand for genomic solutions across various sectors.

The genomics market is projected to reach USD 133.84 billion by 2032 at 12.60% CAGR during the forecast period 2023-2032, driving market growth is the expanding applications of genomics in healthcare. Genomic testing enables personalized treatment plans, leading to improved patient outcomes and reduced healthcare costs. Additionally, the integration of genomics into clinical practice facilitates early disease detection, enabling timely interventions and preventive measures.

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Market Competitive Analysis:

The genomics market includes some of the prominent players like-

Agilent Technologies
Bio-Rad Laboratories Inc.
BGI Genomics
Color Genomics Inc.
Danaher Corporation
Eppendorf AG
Eurofins Scientific
Hoffmann-La Roche Ltd.
GE Healthcare
Illumina Inc.
Myriad Genetics, Inc.
Oxford Nanopore Technologies
Pacific Biosciences of California Inc.
QIAGEN N.V.
Quest Diagnostics Incorporated
Thermo Fisher Scientific Inc.
23andMe Inc.

Market Segment Analysis:

The global genomics market has been segmented based application & technology, end-use and deliverables.

On the basis of application & technology, the market is segmented into Functional Genomics, Epigenomics, Pathway Analysis and Biomarker Discovery.

Based on end-use, the global genomics market has been segmented into Clinical Research, Academic & Government Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies and Other End Users.

Based on deliverables, the global market has been segmented into Products and Services.

Genomics Market Trends:

Drivers

The shift towards personalized medicine and targeted therapies is fueling demand for genomic testing and analysis. Genomic information enables healthcare providers to tailor treatment plans based on individual genetic profiles, improving treatment efficacy and patient outcomes.

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The growing prevalence of genetic disorders, chronic diseases, and cancer is driving the demand for genomic testing for early diagnosis, risk assessment, and treatment planning. Genomic screening and testing play a crucial role in identifying genetic predispositions and guiding preventive measures and therapeutic interventions.

Restraints

The genomics market is subject to complex and evolving regulatory frameworks governing genetic testing, data sharing, and research involving human subjects. Compliance with regulatory requirements, including those related to data privacy, quality assurance, and ethical standards, can pose barriers to market entry and innovation.

Market Regional Analysis:

North America leads the global genomics market, driven by significant investments in research and development, robust healthcare infrastructure, and supportive regulatory frameworks. The United States, in particular, boasts a thriving ecosystem of genomics companies, research institutions, and academic centers.

Europe emerges as a key player in the genomics landscape, characterized by progressive policies, collaborative research initiatives, and growing adoption of genomic medicine. Countries like the United Kingdom, Germany, and France spearhead genomic research and clinical applications, leveraging large-scale biobanks and population-based studies.

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The Asia-Pacific region witnesses rapid growth in the genomics market, fueled by advancements in biotechnology, increasing healthcare expenditure, and rising demand for personalized medicine.

Latin America demonstrates a burgeoning interest in genomics, driven by a growing awareness of its potential in healthcare. Countries like Brazil, Mexico, and Argentina invest in genomics research, albeit at a slower pace compared to other regions.

Africa is at the nascent stage of genomics adoption, yet holds immense potential for genetic research and precision medicine applications. Initiatives like the Human Heredity and Health in Africa (H3Africa) project aim to build genomic research capacity and address health disparities on the continent.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Market Research Future (Part of Wantstats Research and Media Private Limited)

99 Hudson Street, 5Th Floor

New York, NY 10013

United States of America

+1 628 258 0071 (US)

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Email: sales@marketresearchfuture.com

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