Genomics Market Size & Share Report, 2021-2028
The global genomics market is projected to reach USD 98.45 billion by 2028 with CAGR of 21.5% during the forecast period. The advent of genomics has been spurred over by the emergence of novel COVID-19 outbreak. Enormous research initiatives in the wake of a fatal virus of no historic prevalence and therefore a lack of understanding of the nature of the disease coupled with hysteria generated among masses of population including the public, doctors, researchers and experts skyrocketed the R&D initiatives in genomic study. A wide range of research projects have been structured on the efforts of the scientific community to study genetic susceptibility and severity associated with SARS-CoV-2 infection agglomerating the research and genetic databases at hand. Growth of the global genomic market can be credited to the reducing costs associated with sequencing technology and rapidly soaring international investments in R&D.
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Multiple governments in the effort of strengthening the healthcare and pharmaceutical industries have boldly encouraged research across various fields including biotechnology and genetics. With a significant influx of capital, biotechnology, genomics and biomedical players have intensively focused on developing a profound portfolio of highly advanced technologically efficient and high-performance systems. increasing demand for DNA and RNA sequencing has fuelled the growth of the global genomics market. the genomics industry is very potent and highly capable of discovering precision medicine aiming to boost a progressive and futuristic healthcare and medicine sector. As a result, genomic technology provides extended support in the development of diagnostic procedures and therapeutic approach. Genomic based studies and research is widely applied to examine genetically triggered health conditions and determining the probable solutions.
Various public organizations as well as private research institutions are collaborating over addressing the critical challenges presented by highly complex genetic disorders with no existing cure. Increasing prevalence of such health concerns has escalated the participation of government in catalysing the efforts focused on decoding intricate genetic maps. An expanding marketspace of personalized medicine is offering lucrative opportunities for the growth of the global genomics market in the near future as the need for highly specific drug treatment soars considerably. Pharmaceutical companies worldwide are intently investing in personalized medicine which heavily relies on genomic study and the technologies such as DNA sequencing and polymerase chain reaction.
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Key players in genomics market are General Electric Company, IntegraGen, BGI, QIAGEN, Agilent Technologies, F. Hoffmann-La Roche, Pacific Biosciences of California, Danaher, Oxford Nanopore Technologies, Thermo Fisher, and Illumina among other emerging and established player world over.
Key Segments of the Global Genomics Market
Technology Overview, 2018-2028 (USD Billion)
Next generation sequencing
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