Genomics Market Size, Share & Trends Analysis By Product & Service, By Technology, By Application, By End User, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Genomics Market Size, Share & Trends Analysis By Product & Service, By Technology, By Application, By End User, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Global genomics market is projected to be worth USD 124.99 billion by 2030

According to SPER Market Research, the genomics market is estimated to reach USD 124.99 billion by 2030 with a CAGR of 18.6%. Rising demand for personalized medicine is increasing the adoption and exploration of genomic research to better understand human genome.

Impact of COVID-19 on the Genomics Market

COVID-19 has largely impacted healthcare industry and transformed it with many advancements and changes. Pharmaceutical companies and government bodies have taken steps to fasten research activities and increased funding to accelerate the discovery and development of vaccines. Genome sequencing of SARS-CoV-2 can help in identifying the spread of infection in human and effect on human genome. The information gathered through this technique can be used to develop effective treatment approaches.

Scope of the report:

Market size available for years 2019-2030
Base year considered 2021
Forecast period 2022-2030

Segments covered By Product & Service, By Technology, By Application, By End User

Geographies covered North America, Europe, APAC, Latin America and the Middle East & Africa

Companies Covered Agilent Technologies, Inc., BGI, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific

Driver: Rising funding for genomic study

Many government initiatives are taken to increase funding for genomics project. These fundings have supported the development of novel technologies. In such scenario, the adoption of genomic products will increase and drive the growth of this market.

Restraints: Stringent regulations

Stringent regulatory framework restraint the growth of genomics market. During the pandemic, the demand has been created for safer, improved and faster detection instruments. To launch a new product in the market, manufacturers have to pass restructured regulatory guidelines.

Opportunity: Application of genomics in personalized medicine

The advancements in the gene therapy will help in developing personalized treatment approaches. It can replace surgeries and traditional drugs by inserting a desired gene into patient’s cell. Personalized treatment can help in reducing healthcare costs, increase drug safety and optimize therapies. Understanding the expression of genes in humans will revolutionize the field of specialized and personalized medicine

Challenges: Lack of trained professionals

The lack of trained professionals is a significant challenge to the growth of this market. Huge amounts of data is generated in genomic studies which require trained reader to interpret it to establish research findings. The rapidly changing biological sciences has created demand for many new skills which many technicians and professionals lack. In order to meet the demand, proper training have to be developed.

Genomics Market by Product & Service:

Based on product & service, market has been segmented into Systems & Software, Consumables, Services

Genomics Market by Technology:

Based on technology, the market is segmented into Sequencing, PCR, Nucleic Acid Extraction and Purification, Microarray, Other Technologies

Genomics Market by application:

Based on application, the market is segmented into Drug Discovery and Development, Diagnostics, Agriculture and Animal Research, Other Applications

Genomics Market by End User:

Based on end user, the market is segmented into Hospitals & Clinics, Research Centers and Academic & Government Institutes, Pharmaceutical & Biotechnology Companies, Other End UsersPharmaceutical & Biotechnological companies have the largest share of this market by end user due to rising number of projects in genetic research and rising demand for genomics to improve the drug development process.

Genomics Market by Region:

North America owns the largest share of this market owing to supportive government initiatives, presence of key market leaders, rising strategic collaborations and partnerships, increasing regulatory approvals and changing regulatory scenarios for reimbursement.