Applications of Genomics

The global genomics market size was valued at USD 20.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.35% from 2021 to 2028.

Genomics market is one of those upbeat markets that grows year-on-year with one of the highest growth rates. According to a market research company, Grand View Research, Inc., this market was valued at USD 20.1 billion in 2020 and is expected to grow at CAGR of 15.35% from 2021 to 2028. These numbers speak volumes about the potential this market holds.

Genomics �" What & Why?

To understand genomics as a subject, we need to go through some of the minor but important definitions that form a substantial part of genomics.

• DNA (Deoxyribonucleic Acid) �" It is a molecule formed by two polynucleotide chains in a double helix formation, having all the genetic information for the development, functioning, growth and reproduction of all known organisms and several viruses.
• Genome �"Genome is the name given to all the genetic material of an organism. By genetic material, I mean �" DNA, RNA (in RNA Viruses), also mitochondrial DNA, and chloroplast DNA- all of it.

Now that we are up to speed, lets jump right into the Genomics part.

What is Genomics �" Genomics is that part of biology which deals with all the operations on genomes, such as finding out information about its structure, function and evolution, along with mapping and editing it. So basically, it aims at the collective characterization and quantification of all of an organism’s genes, their interrelations and influence on the organism.

Related Blog@ Why Genomics Matter?

Genomics Market Report Highlights

• In the products segment, the consumables and reagents segment is expected to register the fastest CAGR over the forecast period owing to the high volume requirement for reagents and consumables for genomic analysis
• In the services segment, NGS-based services dominated the market in 2020. The use of NGS-based services for the analysis of the SARS-CoV-2 genome drives the segment. The COVID-19 Genomics UK (COG-UK) Consortium delivers rapid and large-scale whole-genome sequencing of SARS-CoV-2
• By application and technology, functional genomics led the market in 2020 due to the development of high-throughput technologies for the gene as well as protein studies. The generation of a large amount of sequencing data has led to significant developments in the segment
• Based on end use, pharmaceutical and biotechnology companies dominated the market in 2020. Pharmaceutical and biotechnology companies like Menlo Park; Grail, Inc.; and Regeneron Pharmaceutical, Inc. have initiated large-scale genomic sequencing projects in collaboration with both community health systems and academic medical centers
• Asia Pacific is expected to register the fastest growth rate from 2021 to 2028 owing to an increase in adoption and awareness about a number of genomics technologies in emerging countries, such as China and India, for the detection, treatment, and prognosis of various genetic disorders, such as diabetes and cancer

Related Press Release@ Genomics Market Report