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Global Genomics Market Forecasts Report 2023-2027 - Increasing Demand of Specialized/Personalized Medicine Fueling Demand

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Dublin, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The "Genomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Products & Services (Systems & Software, Consumables, Service), By Technology, By Application, By End User, By Company, and By Region" report has been added to ResearchAndMarkets.com's offering.

The global genomics market is anticipated to observe an impressive growth during the forecast period, 2023-2027

The major factors include growing specialized medicines and wide application of genomics in numerous areas. Genomics is the branch of science that concerned with the structure, function, evolution, and mapping of genomes. Various steps are taken such as sampling, sequencing, data analysis and interpretation procedures to decode, assemble, and analyze genomes.

Nowadays, people are diagnosed with genetic as well as chronic diseases due to which demand for personalized medicine is surging, which is bolstering the growth of the market. The other factors supporting the market's growth are, advancement in diagnostic techniques, increasing investments by governments, surge in cancer incidents and rise in R&D initiatives.

Increasing Demand of Specialized/Personalized Medicine

Growing importance of specialized medicines is one of the primary factors, supporting the growth of genomics market. The ability to advance health care facilities by providing unique clinical, genetic, genomic, and environmental information is increasing the importance of genomics.

Surging demand of Personalized medicines is due to their efficiency to treat unique, yet complex diseases. They help medical researchers to identify the exact requirement of patient and then treat them accordingly. Based on the 2020 Scope and Significance of Progress report, personalized medicines accounted for around 39 percent of the total FDA-approved new drugs in the year.

Doctors, researchers, and pharmaceutical firms are using precision medicine for developing new drug and disease therapies, and unique clinical testing. Personalized medicine uses all genes in human genome for identification, prevention, and treatment of any complex disease.

Growing Application of Genomics in Various Sectors.

The use of genomics concepts in the field of synthetic biology, healthcare, study gene sequences of plants and organisms, and bioengineering sectors are some of the applications, which is anticipating the growth of the market.

For instance, agricultural genomics is a field that is contributing to advances in crop development such as it can lessen the trials and failures involved in scientific research to a certain extent, which could enhance the quality and quantity of crop yields in agriculture.

Technological Advancements

Rapid advancements and innovations in the genomics sector are bolstering the growth of the market. The advent of cheaper nucleic acid sequencing is modifying DNA and RNA on demand. Sensing the increasing demand several companies are offering sequencing services for nutrition, ancestry, and genetic diseases.

Other factors, such as massive research and development (R&D) activities in the bioinformatics sector and the increasing demand for next-generation sequencing services, are anticipating the growth of the market.

Market Segmentation

United States is expected to be a lucrative market in the forecast period due to rising importance of personalized medicines and wide application of genomics in the country.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Genomics Market

  • Illumina, Inc.

  • Thermo Fischer Scientific, Inc.

  • QIAGEN N.V.

  • Agilent Technologies, Inc.

  • F. Hoffmann-La Roche AG

  • Bio-Rad Laboratories, Inc.

  • Eurofins Scientific SE

  • Oxford Nanopore Technologies Limited

  • Pacific Biosciences of California, Inc.

  • Danaher Corporation

  • GE Healthcare

  • Myriad Genetics, Inc.

  • andMe, Inc.

  • Eppendorf AG

  • Quest Diagnostics Inc.

Report Scope:

In this report, global genomics market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Genomics Market, By Products & Services:

  • Systems & Software

  • Consumables

  • Service

Genomics Market, By Technology:

  • Sequencing

  • PCR

  • Nucleic Acid Extraction and Purification

  • Microarray

  • Others

Genomics Market, By Application:

  • Drug Discovery & Development

  • Diagnostics

  • Agriculture & Animal Research

  • Others

Genomics Market, By Application:

  • Hospitals & Clinics

  • Academic & Research Institutions

  • Biotechnology & Pharmaceutical Companies

  • Others

Genomics Market, By Region:

  • North America

  • United States

  • Canada

  • Mexico

  • Asia-Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • Europe & CIS

  • Germany

  • France

  • United Kingdom

  • Spain

  • Italy

  • South America

  • Brazil

  • Argentina

  • Colombia

  • Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

For more information about this report visit https://www.researchandmarkets.com/r/lanbvz

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