Genomics Market to Register 12.7% CAGR during 2020–2030

According to a study conducted by P&S Intelligence, the global genomics market is expected to generate a revenue of $68.0 billion by 2030.

The market is growing due to the increasing government initiatives and support, rising requirement for personalized medicine, and reduction in the cost of sequencing services. In terms of solution, the market is categorized into services, consumables, and instruments, among which, the consumables category dominated the market in 2019.

This can be attributed to the rising number of samples that are being processed at labs, research centers, and several other end-use settings. In addition to this, the growing number of research projects are also resulting in the rising demand for consumables. On the basis of application, the genomics market is categorized into diagnostics, agriculture and animal research, precision medicine, and drug discovery & development. Among which, the diagnostics category held the major share of the market in 2019, owing to the rising research projects related to genetic diseases, including cancer.

Another key factor driving the growth of the genomics market is the rising demand for personalized medicine. As different types of patients respond to treatments meant for the same disease differently, the focus on personalized medicine for disease management is growing across the globe. This is further encouraging biotech and pharma firms and institutions to launch new research projects for developing precision medicine. Such solutions will be able to cater to the specific treatment requirements of the patients, thereby driving the market.

In conclusion, the market is being driven by increasing need for personalized medicine and rising support and initiatives by governments across the globe.

Source: P&S Intelligence