Genomics Market
Growth Factors of Genomics Market
The Genomics Market size was valued at USD 27.75 billion in 2023. The market is projected to be worth USD 30.75 billion in 2024 and reach USD 80.17 billion by 2032, exhibiting a CAGR of 12.7% during the forecast period of 2024-2032.
The COVID-19 pandemic considerably impacted the genomics market, driving rapid enhancements and adoption of genomic technologies. The name for for genomics surged as governments and healthcare establishments depended on genetic sequencing to tune virus mutations and expand vaccines. Companies supplying genomic attempting out and analytics noticed sizable increase, at the same time as investment in genomics studies elevated globally. The pandemic highlighted the importance of genomic generation in expertise pathogens and making equipped for destiny health crises, main to extended improvements and collaborations throughout the biotech quarter. This has in the end improved the position of genomics in healthcare, diagnostics, and custom designed medicine.
One key fashion in the genomics marketplace is the upward thrust of direct-to-customer (DTC) genetic checking out. Consumers are more and more interested in information their genetic make-up for insights into health, ancestry, and predispositions to nice ailments. DTC groups like 23andMe and AncestryDNA have acquired popularity because of the convenience of at-home trying out kits, paired with advanced genetic evaluation equipment. As a quit result, genomics has come to be extra available to the general public, fostering a broader understanding of genetics and private health, even as simultaneously using innovation in customized treatment.
A predominant using factor in the again of the increase of the genomics marketplace is the falling cost of DNA sequencing. Technological improvements have notably reduced the charge of sequencing a human genome from millions of dollars to only a few hundred. This affordability has opened the door for great genomic studies, permitting researchers and healthcare vendors to mix genomic facts into medical practices. Lower charges have additionally endorsed biopharma organizations to apply genomics in drug improvement, helping in the discovery of extra targeted and effective treatments. The accessibility of inexpensive sequencing is propelling the genomics marketplace ahead.
Comprehensive Analysis of Genomics Market
The Genomics Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by type, by application, by technology, by end user. By Type include Products , Services. By Technology include Polymerase Chain Reaction (PCR), Next-generation Sequencing (NGS), Microarray, Sanger Sequencing, Others. By Application include Diagnostics, Research, Others. By End User include Research Institutes ,Healthcare Facilities & Diagnostic Centers, Pharmaceutical & Biotechnological Companies, Contract Research Organization (CROs).
The North America region lead the Genomics Market share by benefitting a market size of USD 12.13 billion The rapid adoption of new sequencing technologies and shift towards personalized medicines are expected to render a leading position to North America .
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
January 2024 – Gencove and Ferris Genomics announced the collaboration for end-to-stop genomics sequencing services.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 12.7% from 2024-2032
Unit Value (USD billion)
Segmentation By Type
- Products
- Instruments & Software
- Consumables
- Services
By Technology
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing (NGS)
- Microarray
- Sanger Sequencing
- Others
By Application
- Diagnostics
- Research
- Others
By End User
- Research Institutes
- Healthcare Facilities & Diagnostic Centers
- Pharmaceutical & Biotechnological Companies
- Contract Research Organization (CROs)
By Region
- North America (By Type, Technology, Application, End User, and Country)
- Europe (By Type, Technology, Application, End User, and Country/Sub-region)
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific (By Type, Technology, Application, End User, and Country/Sub-region)
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America (By Type, Technology, Application, End User, and Country/Sub-region)
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (By Type, Technology, Application, End User, and Country/Sub-region)
- GCC
- South Africa
- Rest of Middle East & Africa
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