Genomics Market is Anticipated to Witness High Growth Owing to Increasing Investment in Genomics Research
Genomics Market is Anticipated to Witness High Growth Owing to Increasing Investment in Genomics Research
Blog Article
The global genomics market is projected to grow at a significant rate during the forecast period. Genomics refers to the scientific study of genomes which are the complete set of genetic instructions for a living organism. It involves locating and sequencing human genes and determining their functions. The increasing application of genomics in agricultural biotechnology, precision medicine, drug discovery, and clinical diagnostics is anticipated to drive the growth of the genomics market.
Some of the key advantages of genomics include enabling personalized treatment based on genomic data, increasing accuracy of clinical diagnosis, and speeding up drug discovery and development process. The growing need to integrate genomics into healthcare to achieve precision medicine is fueling the demand for genomics products and services. Additionally, increasing funding and grants for Genomics Market Growth from government and private organizations across the globe is propelling the genomics market growth.
The Global genomics market is estimated to be valued at US$ 53.23 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the genomics are Signify Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool, Future Crops, GrowY, and Intelligent Growth Solutions Limited. These key players are focusing on new product launches, collaborations, and geographic expansions to gain a competitive edge in the market.
The rapidly growing applications of genomics in precision medicine, clinical diagnosis, and drug discovery are creating lucrative opportunities for players in the genomics market. Incorporating genomics into screening, prognosis, and treatment selection is expected to revolutionize disease management and healthcare systems globally.
Geographically, North America dominates the global genomics market due to large healthcare expenditure, presence of leading genomics players, and higher adoption of genomics procedures in the region. However, Asia Pacific is anticipated to witness the highest growth over the forecast period driven by increasing R&D investment, growing healthcare infrastructure, and rising awareness about precision medicine in the region.
Market Drivers
Growing application of genomics in precision medicine: Precision medicine uses an individual's genomic information along with other data like lifestyle habits to guide disease prevention and treatment strategies. Precision medicine facilitates early detection and targeted treatment of diseases.
Increasing R&D expenditure in life sciences: There is growing investment by pharmaceutical companies, research institutes and government organizations in genomics R&D. Genomics is helping develop personalized medicine approaches which is attracting greater R&D funding.
Market Restraints
High infrastructure and instrument costs: Establishing genomics infrastructure and procuring instruments like DNA sequencers and gene chips requires large capital investments which is challenging especially for small laboratories and diagnostic centers.
Complexity of genomic data analysis: Genomic data involves analysis of massive information sets for linking genomic variations to diseases. It needs supercomputing capabilities and specialized expertise for effective data interpretation which adds to overall costs and complexity.
Segment Analysis
The genomics market comprises different segments such as products & services, technology, application and end user. Among these segments, the products & services segment is dominating and is expected to witness high growth during the forecast period. This is due to increasing investments in R&D activities related to genomics and growing adoption of genomic products like sequencing equipment, reagents and software & services across various application areas. Key product & service segments include systems and software, consumables and services. Among these, the sequencing equipment sub-segment accounted for the largest share in 2024 owing to increasing adoption of next generation sequencing platforms for whole genome and exome sequencing applications.
Global Analysis
On regional analysis, North America dominated the global genomics market in 2024 and is expected to continue its dominance during the forecast period. This is attributed to the presence of major players and advanced genomic research facilities in the US and Canada. Additionally, growing genomics funding and initiatives by government organizations in the region is also driving market growth. However, Asia Pacific region is projected to witness the highest growth rate during the forecast period due to rising geriatric population, increasing healthcare expenditures, emerging economies and growing adoption of genomic technologies. Key countries contributing to the growth of Asia Pacific genomics market include China, India, Japan and South Korea.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)