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.
Gets
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About Author:
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)
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