Genomics Market Expected to Achieve 20.3% CAGR by 2029: Growth Forecast Insights

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How Large Will the Genomics Market Size By 2025?
The expansion of the genomics market has been significant in the past few years. The market size is projected to increase from $45.47 billion in 2024 to $53.92 billion in 2025, with a compound annual growth rate (CAGR) of 18.6%. Factors contributing to this historical growth include the decrease in sequencing expenses, research and discoveries, healthcare applications, and the advancement of personalized medicine.

How Big Is the Genomics Market Size Expected to Grow by 2029?
We anticipate remarkable expansion in the genomics market in the upcoming years, with a prediction to escalate to $112.78 billion by 2029, manifesting a compound annual growth rate (CAGR) of 20.3%. The cited expansion in the forecast time frame can be traced back to factors like rising consciousness and education, advancements in drug discovery and therapy, diagnostic applications, as well as regulatory and ethical structures. Noteworthy trends that would shape this forecast period include technological breakthroughs, the application of genomic sequencing in agriculture, cooperation and partnerships, and genomic data analysis.

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Which Key Market Drivers Powering Genomics Market Expansion and Growth?
The single-cell genomics market's growth is propelled by increasing government funding dedicated to genomics research. Such funding aims at unraveling the intricacies of the human genome, determining the genomic contribution to health and disease in humans, and ensuring the secure application of genomics to boost patient care and societal benefit through government, public, and private establishments. A case in point is in December 2022, when the UK government, as reported by the UK-based government services and information supplier GOV.UK, assigned £175 ($229.83) million to the enhancement of genomic healthcare in 2022. This included an emphasis on innovative technologies capable of enhancing the diagnosis and treatment of various diseases, including cancer and rare genetic disorders.

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Which Fast-Growing Trends Are Poised to Disrupt the Genomics Market?
Top firms in the genomics industry are focusing on technological innovations like long read technology to boost the accuracy of genome sequencing. Such advancements enable the examination of larger, more complex genetic regions and offer a more in-depth understanding of genetic variations that were previously challenging to identify. The use of long read technology in genomics means sequencing more extended DNA or RNA segments which lead to more accurate and comprehensive genetic analysis. This technology also improves the detection of complex variations and markers related to diseases. For instance, Illumina Inc., a US-based biotechnology corporation, in March 2023, released Illumina's Complete Long Read Prep. This tool provides an efficient, low-input solution for whole-genome sequencing, generating both long- and short-read data on a single device, with streamlined workflows and fewer required materials in comparison to other technologies.

What Are the Emerging Segments in the Genomics Market?
The genomics market covered in this report is segmented -

1) By Product Type: Instrument (Including Systems, Service Contract And Software), Reagents (Including Reagents And Consumables)
2) By Process: Cell Isolation, Sample Preparation, Genomic Analysis
3) By End User: Academic Institutes, Biopharmaceutical Companies, Clinical Research Institutes

Subsegments:
1) By Instrument: Systems, Service Contracts, Software
2) By Reagents: Kits, Consumables

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Who Are the Global Leaders in the Genomics Market?
Major companies operating in the genomics market include 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, dic*kinson 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.

Which are the Top Profitable Regional Markets for the Genomics Industry?
North America was the largest region in the genomics market in 2023. Western Europe was the second largest region in the genomics market. The regions covered in the genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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