The increasing government investments to assist the genomics projects, and the increasing prevalence of several disorders such as cancer and genetic disorders will foster market growth. In addition, innovations of NGS in cancer research coupled with the entry of different new players and start-ups in the genomics market is fostering the growth of the market. Moreover, increasing the accessibility of genomics technology and developing patient outcomes are projected to foster market growth.
The global impact of COVID-19 has been unprecedented and staggering, with the genomics market growth observing a positive demand shock around all the regions amid the pandemic. Reliant on the depth analysis, the global market has exhibited stellar growth during 2020. The sudden augment in CAGR is accreditable to this market’s requirement and growth, returning to the pre-pandemic levels once the pandemic is over. Moreover, the growing number of joint ventures and partnerships amongst market players are also predicted to positively impact the genomics market growth.
According to the SPER market research, ‘Genomics Market Size, Share & Trends Analysis By Product & Service, By Technology, By Application, By End User, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’states that the genomics market is predicted to reach USD 124.99 billion by 2030 with a CAGR of 18.6%. The effective growth in demand for customized medicine is growing the implementation and exploration of genomics research to better understand the human genome.
The foremost aspects propelling the growth of this market involve the growing government funding to assist genomics projects, the increasing of cancer and growing applications of NGS in cancer research, the entry of new players and start-ups in the Genomics market, and the increasing application locations of genomics.
Several applications of genomics are Diagnostics Applications and Precision Medicine. The Genomics Market is obtaining traction due to its applications in several fields of study such as intragenomic phenomena involving epistasis, pleiotropy, heterosis, and several other interactions among alleles, and loci within the genome. In this era of medical and life science establishments shaping itself as an inevitable uptake for the sustainability of mankind, genomic research is poised for exponential growth due to the imperative genetic innovations feeding off it.
The foremost aspects accrediting the growth of the genomics market are the increasing government assistance and augmented number of genomics studies, decreasing sequencing cost, and augmented genomics applications. The genomics market is geared to exponential growth owing to the essential genetic advancements and their applications in different fields of study. Bioengineering and synthetic biology applications are predicted to further foster the growth of the genomics market.
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North America is predicted to register the complete genomics market during the review period owing to the growing incidence of chronic diseases, likewise cancer, growing government entities’ investment in research, raising awareness of patients, and the accessibility of improved healthcare infrastructure, underwriting to the increasing technological advances in this segment and growing requirement for the biotechnological practices in the region, is predicted to propel the growth in the region.
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