According to SPER Market Research, the genomics market is estimated to reach USD 124.99 billion by 2030 with a CAGR of 18.6%.
Rising healthcare expenditure has created urgent need to curb medical expenses. Personalized medicine is gaining demand for better safety, optimization of treatments and reduction of healthcare costs.
Genomics is a study of genetic constitution of an organism, interactions between genes and with the surrounding environment. This study helps in identifying expression of genes which can be used to develop personalized treatments.
Genomics can be used to better diagnose a disease and find therapeutic approaches. It has the potential to replace traditional medicines and surgeries with insertion of genes into patient’s cell. This will provide better treatment in patient-centric manner and reduce healthcare costs. The funding for genomic projects has been increasing for its potential to revolutionize specialized and personalized medicine.
3D cell cultures offer more advantages over 2D cell cultures by providing better cell monitoring, longer lifespan, better stability and multi-dimensional cell culture production. Biopharmaceutical and pharmaceutical companies are rapidly adopting single-use bioprocessing systems for various advantages such as lower investments, less cost, reduced water cost and faster process development time. Moreover, they provide clean and sterile conditions for the development of biologics.
The consumables market is the largest product segment by share in this market. The large share of this segment is mainly ascribed by high consumption of consumables in genomic systems and rising number of genomic studies. North America dominated the market by regional segmentation owing to presence of leading market players in this region, government initiatives, increasing collaborations and partnerships, evolving regulatory framework and improving reimbursement regulations.
The global genomics market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Agilent Technologies, Inc., BGI, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific.
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2030. This report provides data for growth estimates and forecasts for product & service segment- Systems & Software, Consumables, Services; for technology segment- Sequencing, PCR, Nucleic Acid Extraction and Purification, Microarray, Other Technologies; for application segment- Drug Discovery and Development, Diagnostics, Agriculture and Animal Research, Other Applications; for end user segment- Hospitals & Clinics, Research Centers and Academic & Government Institutes, Pharmaceutical & Biotechnology Companies, Other End Users. This report also provides the data for key regional segments of North America, Europe, Asia-Pacific and Rest of the World.
This study also encompasses various drivers and restraining factors for this market for the forecast period. Various growth opportunities are also discussed in the report.