What are Major Factors Driving Growth of Genomics Market?

As the prevalence of diseases across the globe is increasing, the need for more effective treatment methods is growing as well. The healthcare sector has been witnessing increased research & development activities for quite some time now, since there are several diseases for which no treatments are available even now. Because of all these reasons, the demand for personalized medicine has been increasing rapidly. As different patients respond differently to particular treatment, the need for shifting towards personalized treatment is growing for facilitating efficient disease management.  

Browse In-depth  Genomics Market Regional Breakdown

Owing to this, the focus towards genomics, which is the study of a person’s genes (the genome), has risen considerably in the healthcare sector. In order to analyze, sequence, and assemble the function and structure of genomes, genomics makes use of a combination of deoxyribo nucleic acid (DNA) sequencing methods, recombinant DNA, and bioinformatics. As per a report by P&S Intelligence, the global genomics market is expected to reach a value of $68.0 billion by 2030, increasing from $18.2 billion in 2019, and is predicted to grow at a 12.7% CAGR during the forecast period 2020–2030.  

This is owing to the fact that a large number of genomic-related projects are being conducted at non-government and government research centers and academic institutes and universities across the globe. Geographically, North America is the largest genomics market, which can be ascribed to the presence of key players in the U.S. In addition to this, various ongoing genomics research projects and increasing investments in the industry by private and government enterprises are also resulting in the growth of the regional market.  

In conclusion, the market is being driven by the surging prevalence of diseases and rising need for personalized medicine across the globe.