Genomics involves analyzing the DNA sequence of an individual as well as their entire genome. It enables the diagnosis and treatment of diseases based on an individual's genetic makeup using advanced molecular biology techniques. Genomics enables identification of diseases, prediction of health risks and diagnosis of hereditary conditions for providing personalized treatment.
The global genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Personalized medicine has emerged as one of the key trends driving the growth of the genomics market. Personalized medicine uses an individual’s genomic information to guide decisions made in regard to the prevention, diagnosis, and treatment of diseases. With advancement in genome sequencing technology, it has become possible to sequence the entire genome of an individual at affordable costs. This has enabled the development of personalized treatment plans for various diseases like cancer. genomic testing helps in selecting appropriate therapeutic drugs and identifying patients who are most likely to benefit or experience adverse effects from specific therapies. This facilitates customized treatment regimens tailored to an individual’s genetic makeup. Rising demand for personalized care is expected to significantly impact the genomics market over the forecast period.
Segment Analysis
The Global Genomics Market Analysis is broadly divided into four main segments based on product and service. The genomic services sub-segment dominated the market in 2022 owing to increasing adoption of genomic services by hospitals, research institutes, pharmaceutical companies and biotech companies for new drug development and clinical diagnostics. Factors like increasing reimbursement for genomic testing and rising awareness about personalized medicine are expected to drive the growth of this sub-segment during the forecast period.
Key Takeaways
The global genomics market is expected to witness high growth in the coming years supported by technological advancements and plummeting sequencing costs. The global genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030.
Regional analysis
North America dominated the global genomics market in 2022 with over 40% share. Heavy investments in genomics research by universities, private labs and biopharma giants combined with FDA approval of direct-to-consumer genetic tests are some factors bolstering genomics adoption in the region. However, the Asia Pacific region is poised to showcase fastest growth through 2030 with countries like China, Japan and South Korea emerging as new hotspots for genomics. Surging healthcare spends, expanding research infrastructure and improving awareness regarding genetic diseases are key growth drivers in Asia Pacific.
Key players
Key players operating in the genomics market are Signify Holding, Thermo Fisher Scientific, Illumina Inc, F. Hoffmann-La Roche Ltd, Danaher Corporation. Signify Holding is a leading provider of genetic sequencing equipment and consumables having a strong presence across key markets. Thermo Fisher Scientific and Illumina Inc dominate the genomic services space offering comprehensive testing portfolios consisting of carrier screening, non-invasive prenatal testing and oncology panels. Roche Diagnostics and Danaher are also key players focusing on discovery, clinical research and molecular diagnostics through their Life Science and Diagnostics segments respectively.
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