Genomics Market is anticipated to grow at a double-digit CAGR from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Genomics Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the genomic market is estimated to be over US$ 18.5 billion in 2019. It is anticipated to grow at a double-digit CAGR from 2019 to 2030. 

The continual growth of the genomics market can be attributed to several factors that have led to its wide-scale application in the medical sector for understanding potential risks associated with diseases, identifying responsiveness to medicines and increasing awareness among patients. Moreover, increasing government funds for research in the field of genomics across the globe is anticipated to further contribute substantially to the growth of the market between 2019 and 2030. To obtain better insights into the market scenario, prominent players are increasingly focusing on partnerships as well as collaborative initiatives with several institutes and research centers. In 2018, Veritas Genetics, The Genome Company, and Mayo Clinic entered into an agreement to make whole-genome sequencing available to healthy individuals. In 2017, Illumina launched a sequencer, NovSeq high throughput screen sequencer across a broad range of applications.

Genomics allows to understand diseases better, for instance, it allows to identify potential risks related to acquiring diseases and identification of responsiveness of an individual to a medicine. A better understanding of diseases helps in better decision-making and equips professionals with more effective way to manage diseases. Increasing applications in diagnosis of diseases has ben pivotal in contributing to the growth of the market. Similarly, lowering of sequencing costs has also been significant in fuelling the global genomics market.

Increasing government funding for research in the field of genomics has extensively contributed to global genomics market. Increasing funding has led to an increase in genomic projects to provide better insights regarding genome, thereby assisting in improved decision making about treatment methods. Moreover, the demand for genetically modified plants and animals has been on the rise in recent times which in turn, has reduced cost of genetic modification procedures.

Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Genomics Market by Products & Services (Consumables, Services and Systems & Software), Technology (Sequencing, Polymerase Chain Reaction (PCR), Microarray and Nucleic Acid Extraction & Purification), by Application (Drug Discovery & Development, Diagnostics, Precision Medicine and Agriculture & Animal Research), End Users (Hospitals &Clinics, Academic and Research Centers & Government Institutions, and Pharmaceuticals & Biotechnological Companies) - Analysis & Forecast 2019-2030 in detail along with the table of contents:

However, higher cost of the genomic analysis equipment is restraining the growth of the genomics market to a certain extent. Along with this, the need for skilled personnel to handle equipment and ethical and legal challenges owing to the regulatory guidelines for genetic testing further hinders the growth of this market growth.

Asia Pacific is estimated to witness the highest CAGR during the forecast period owing to the increasing population, continuously growing economy, rising medical tourism, and increasing awareness regarding benefits & better understanding of genomics. Moreover, rising incidences of infectious & chronic diseases, increasing focus of governments on developing healthcare infrastructure and rising awareness and adaption of genomic technologies are expected to drive the market in this region. Furthermore, increasing government funds and research in the field of genomics are expected to drive the growth of genomics in this region during the forecast period.

Some prominent players in the genomics market include Thermo Fisher Scientific, Inc., QIAGEN N.V, Aligent Technologies, Bio-Rad Laboratories, Illimina, Inc., GE Healthcare, BGI, F. Hoffmann-La Roche Ltd., Oxford Nanopore Technologies, Danaher Corporation, and others.

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