According to our latest study on “Genomics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology, Product & Service, Application, End User, and Geography,” the market is expected to reach US$ 49,996.15 million by 2027 from US$ 19,084.74 million in 2019; it is expected to grow at a CAGR of 13.1% from 2020 to 2027. The market growth is attributed to the increasing prevalence of chronic diseases, declining cost of sequencing procedures, and growing funding for genomics. These drivers are expected to have significant short-, mid-, and long-term impacts on the market size. However, the dearth of skilled professionals is expected to hamper the growth of the market. The genomics market report also studies the ongoing opportunities and market trends that can have a significant impact on the growth of the market.
Genomics is defined as the study of a gene and its functioning. Genomics is used to examine the molecular mechanisms and the interaction of genetic and environmental factors in diseases. Genomics primarily encompasses four phenomena or disciplines—genomes, epistasis, heterosis, pleiotropy. The application of genomics is in various fields including medicine, biotechnology, anthropology, and other social sciences. The market scope provides detailed data and growth potential for the genomics market in diagnostics, drug discovery and development, precision/personalized medicine, agriculture & animal research, and others. The market report studies the lucrative areas in the market and aims to understand the ongoing genomics market trends and opportunities.
Genomics revolves around understanding genes and their functioning, interaction with other genetic and environmental factors which can then be used in diagnostics, drug discovery, and development, personalized medicine, agriculture & animal research, among others. The applications of genomics ranges from medicine to biotechnology to various social sciences. The market report aims to develop an understanding of the genomics market scope and trends expected to drive the market.
The genomics market is segmented based on technology, product & service, application, end user, and geography. The market, by geography, is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market report offers insights and in-depth analysis of the market, emphasizing parameters such as market size, market trends, technological advancements in the market, and market dynamics, along with the global analysis of the competitive landscape of the leading market players that are driving the market growth.
The primary technologies used in the genomics market are sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment is expected to hold the major share of the genomics market size, which is expected to see robust growth during the forecast period. The growth of the segment is attributed to the increasing applications of sequencing to provide more precise treatment for ailments.