Genomics Market is anticipated to reach US$ 49,996.15 Mn by 2027

The growth of the genomics market is ascribed to the declining cost of sequencing procedures and growing funding for genomics. However, the inadequacy of professional’s tampers with market growth.

FREMONT, CA: In a study conducted by Global Analysis and Forecast on Genomics Market, the Genomics market was estimated at US$ 23,568.66 million in 2020 and is expected to attain US$ 49,996.15 million by 2027. The market is expected to develop as the prevalence of chronic diseases rises, the diminishing cost of sequencing operations and funding for genomics increases. However, the scarcity of skilled professionals is a substantial impediment to the growth of the market.

The COVID-19 epidemic has caused havoc in a variety of industries around the world and the impact is felt and seen throughout all healthcare sectors, resulting in a variety of changes in the industry.  Scientists are working together to create and share genomic sequence data information and implement it in disease diagnosis and control efforts. 

The sequencing of the genome helps in fighting against COVID-19 and also the emerging variants. As a result of increased government funding in the region, the genomics market in the Asia Pacific region is likely to witness growth at the quickest rate in the coming years.

Technology categorizes the genomics market into sequencing, microarray, PCR, nucleic acid extraction and purification. In the year 2021, the sequencing segment estimated more than 42.08 percent of the market share. Whereas in terms of products and services, the market is portioned into instruments or systems, consumables and services. In 2019, the consumable sector made the largest share of the market. When it comes to application, diagnostics, drug discovery and development, precision or personalized medicine, agriculture and animal research are the sections of the genomics market, in which the diagnostics market constitutes the largest share. With regard to the end-users, research centers, hospitals and clinics, pharmaceutical and biotechnology companies and other end users add up to the genomics market.