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Genomics Market Analysis and Forecast 2024
Genomics Market Analysis
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According to The Business Research Company's, The genomics market size has grown rapidly in recent years. It will grow from $38.7 billion in 2023 to $45.95 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to reduction in sequencing costs, research and discovery, healthcare applications, personalized medicine.
The genomics market size is expected to see rapid growth in the next few years. It will grow to $93.79 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to growing awareness and education, drug development and therapeutics, diagnostic applications, regulatory and ethical frameworks. Major trends in the forecast period include technological advancements, genomic sequencing in agriculture, collaboration and partnerships, genomic data analytics.
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Market Drivers and Trends:
Rising government funds for research on genomics drives the growth of the single-cell genomics market. The government funding focuses on efforts to resolve the complexity of the human genome, define the genomic basis of human health and disease, and ensure that genomics is used safely to enhance patient care and benefit society through government, public and private institutions. For instance, in April 2021, US government announced an investment of $1.7 billion for improving the detection, monitoring, and reduction of SARS-CoV-2 variants and to improve infrastructure for further genomic sequencing. The funds were announced through the American Rescue Plan. The funding would be distributed through three separate initiatives at different times.
Companies are investing in new product launches to increase their revenue and expand their consumer base and also for gaining a competitive edge over their rivals. For instance, in June 2021, QIAGEN, a Netherlands-based provider of sample and assay technologies for molecular diagnostics, applied testing, academic, and pharmaceutical research, has announced the release of the QIAprep& CRISPR Kit and CRISPR Q-Primer Solutions, which enable researchers to analyze edited genetic material with unprecedented speed and efficiency to determine how their interventions have changed the function of the DNA sequence in question.
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Major Key Players of the Market:
10X Genomics Inc., Qiagen NV, Standard BioTools Inc., Johnson and Johnson, Illumina Inc., Affymetrix Inc., Angle plc, Denovo Sciences Inc., Diagnologix LLC, DNA Electronics Ltd., Epic Sciences, Kellbenx Inc., Resolution Bioscience Inc., Wafergen Bio-systems Inc., Yikon Genomics Co. Ltd., Thermo Fisher Scientific Inc., Beckman Coulter Inc., Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Carl Zeiss Microscopy GmbH, Cell Microsystems Inc., CellSorter, CYTENA GmbH, Dolomite Bio Limited, Agilent Technologies Inc., Fluxion Biosciences Inc., BGI Group, F. Hoffmann-La Roche AG, Oxford Nanopore Technologies Ltd., Pacific Biosciences of California Inc., Eurofins Scientific SE, Danaher Corporation, PerkinElmer Inc.
Genomics Market 2024 Key Insights:
• The genomics market size is expected to see rapid growth in the next few years. It will grow to $93.79 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%.
• Government Funding Boosts Genomics Research
• New Product Launches Drive Revenue And Competitive Edge
• North America was the largest region in the genomics market in 2023
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