Global Genomics Market Overview:
The Global Genomics Market is expected to grow at 19.0 percent annually over the next five years, rising in comparison to USD 22.7 billion in 2020. This market is driven by the rising government funding for genomics projects, increasing incidence of cancer, increasing utilization of NGS to aid in research into cancer, new companies, and players, as well as expanding applications of genomics. Because of the rapid growth of global revenues as well as the growing market, there is an increase in research into cancer and treatments. Growing demand for fast diagnosis in clinical trials is driving more research and development by biopharmaceutical companies as well as the government agencies involved in R&D.
Global Genomics Market Drivers:
To support growth, the government is implementing Many Government-Aided Genome Programs
The rising amount of genome research projects being which are funded by the government is among the most important factors driving the market's growth. Genomic research plays a crucial part in the creation and testing of innovative therapies. Numerous government agencies have invested in genome research projects. Genomics England and the NHS worked together to create the Genomic Medicine Service. This service included whole genome sequencing in routine medical care. There are many other initiatives that are similar to the Saudi Human Genome Program and Personalized Medicine Program, France Genomic, and others.
Global Genomics Market Restraining factors:
The growth of the market is slowed by the lack of qualified technicians
Despite their enormous potential, the lack of qualified technicians is an important factor in limiting the growth of markets in developing countries. Many emerging economies lack qualified technicians or lack technicians. The high price of the equipment is another reason which hinders the market growth.
Global Genomics Key Market Trends:
The enormous potential of genome sequencing has resulted in an increase in start-ups over the last few years. Many companies offer genome sequencing services for a range of purposes, including nutrition, ancestry and genetic diseases. 23andMe is one instance of a business that is experiencing substantial growth. Increased funding for startups can help to boost the market growth.
Global Genomics Market Latest Developments
Illumina (US) has partnered with Helix OpCo (US) in 2021 in order to improve the United States surveillance infrastructure nationwide to track the spread and development of new strains. This collaboration was made possible through the support of the CDC. The sequencing capabilities of Illumina and Helix's COVID-19 test footprint are expected to dramatically increase the country's surveillance efforts in identifying and defining novel SARS variants.
Global Genomics Market Key Companies:
The Genomics Market also includes Kolon TissueGene Inc., Thermo Fisher Scientific, Inc., QIAGEN N.V., Agilent Technologies, Danaher Corporation, Beijing Genomics Institute(BGI) GE Healthcare, Bio-Rad Laboratoryatories Illumina, Inc., F. Hoffmann-La Roche Ltd., Eurofins Scientific, Myriad Genetics Inc., and Other Key Players
Segmentation of the Global Genomics Market:
Geographic and application segments of the worldwide consumer genomes market can be used to segment it. Segmentation based on application encompasses health, lifestyle, and diagnostics. Personalized medicine is also a part of the market. The segment of genetic relatedness held the most market share during the year 2019.
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