Genomics Market Size To Reach USD 128.75 Billion In 2030 Due To Market For Genomics Is Being Driven By Growth Of Genetic Applications And The Decline In The Cost Of Sequencing, Says Reports and Data

NEW YORK, April 19, 2022 /PRNewswire/ -- The global genomics market size is expected to reach USD 128.75 Billion in 2030 and register a revenue CAGR of 19.0% over the forecast period, according to latest report by Reports and Data. Increasing development of new products and unique technologies including Sanger sequencing and next-generation sequencing is driving market revenue growth. Nanopore sequencing helps to analyze Deoxyribonucleic Acid (DNA) and Ribonucleic Acid (RNA) fragments in real-time at a reasonable cost, which is contributing to market revenue growth.

The global market is experiencing rapid revenue growth because of the increasing amount of research being conducted on cancer and cancer therapy, as well as the growing need for simple and rapid clinical diagnosis, and increased investment in R&D of the same by government organizations and biopharmaceutical companies. Moreover, several industry players are making significant investments in the development of more sophisticated, cost-effective, and portable sequencing technologies, which is driving growth of the market.

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However, genomics technology adoption and associated research are hindered by high expense of the equipment needed to undertake these studies. Many emerging countries are still unfamiliar with this technology, which is expected to hamper growth of the market.

Some Key Highlights in the Report

• Consumable segment accounted for significant revenue share in global genomics market in 2021 as consumables are commonly used in genomics systems. Their use will increase as the number of genetic tests done worldwide grows. This is driving growth of the segment.
• Diagnostic segment revenue is expected to register a steady growth rate during the forecast period owing to the increasing use of Next-generation Sequencing (NGS) technology in clinical diagnostics and expansion of direct-to-consumer genetic screening. Furthermore, the growing number of nutrigenomics service providers that supply diet planning for medical conditions based on the patients' unique genes is driving the diagnostic segment's growth.
• Hospital/clinics segment revenue is expected to register a steady growth rate during the forecast period. This is because genomics plays an important role in hospitals. The genomics data can give critical insights into the patient's medical status such as personal genome sequences, which is expected to be obtained at birth, will become an important part of a patient's Electronic Health Record (EHR), where all this information will be combined with other clinical and environmental data and used over the course of the person's life. Clinicians and patients can then look up the sequence to make sure they're giving the right treatments, figuring out which diseases an individual is more likely suffer from and which drugs aren't good for them, and figuring out what to do to manage, prevent, or treat the disease.
• Genomics market in North America accounted for largest revenue share in the global market in 2021. Major factors driving the North American market include the availability of funds provided by both the government and companies researching molecular biology. In pharmaceutical companies, genomics is widely used to produce high-class drugs such as IVT (in-vitro transcribed) mRNA. In addition, many key firms deliver effective genomics solutions in this region. Presence of notable companies in the industry, such as Qiagen, Roche Diagnostic, Illumina, Inc., and Agilent Technology, are also driving the market growth in the region.
• Some major companies in the global market report include Illumina, Inc., 10X Genomics, GenScript, Intellia Therapeutics, Inc, CRISPR Therapeutics, Thermo Fisher Scientific, BGI Genomics, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., and Myriad Genetics, Inc.
• In October 2021, Roche and its subsidiary Foundation Medicine launched the "AVENIO Tumor Tissue CGP Kit. It is a NGS technique for the full genomic profiling of solid tumors derived on Formalin-Fixed Paraffin-Embedded (FFPE) tissue samples. This kit supplements Roche and Foundation Medicine's existing offerings and allows laboratories to conduct in-house cancer research.

To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/genomics-market