Global Genomics Market moving with accelerated growth in 2023 

Global Genomics Market Overview:

Global Genomics Market  is expected to grow at 19.0 percent annually during the next five years, rising in comparison to USD 22.7 billion in 2020. The market is driven by increasing the amount of government support for research projects in genomics as well as an increasing prevalence of cancer and the increasing usage of NGS to aid research into cancer. There are also new players and startups as well as expanding applications of genomics. Because of the explosive growth in global revenues, the market is seeing an increase in research and development on cancer and treatment. The rising demand for quick diagnosis in clinical trials is driving more research and development by biopharmaceutical companies as well as government agencies in R&D.

Global Genomics Market Driving Factors:

Growing Number of Government-Aided Genome projects to support growth

The rising amount of genome-related projects that are funded by the government is among the main factors behind the market's growth. Genomic studies play a significant role in the development and testing of novel therapies. Numerous federal agencies have made investments in genome-related projects. Genomics England and the NHS collaborated to create the Genomic Medicine Service. The service combined whole-genome sequencing with regular medical treatment. There are many more initiatives like the Saudi Human Genome Program, Personalized Medicine Program, France Genomic, and many more.

Global Genomics Market Restrictions:

Growth in the market is hindered due to a shortage of skilled technicians

Despite their tremendous potential, the dearth of qualified technicians is one of the major factors in limiting the growth of markets in developing countries. Many emerging economies lack trained technicians or fewer technicians. Other factors that limit market growth include the cost of equipment.

Global Genomics Key Market Trends:

The huge potential of genome sequencing has led to the growth of start-ups in the last couple of years. Many companies provide genome sequencing services for various needs, including nutrition, and ancestral and genetic disorders. 23andMe is one company that has seen significant growth. Growth in markets will be aided by a boost in funding for new companies.

Global Genomics Market Recent Developments:

Illumina (US) collaborated with Helix OpCo (US) in 2021 to enhance the US's national surveillance infrastructure for monitoring the spread and appearance of new strains. The CDC helped to fund this collaboration. Illumina's experience in sequencing and Helix's COVID-19 testing footprint will greatly expand the country's surveillance efforts to detect and define new variants of SARS.

Global Genomics Market Key Businesses:

The Genomics Market also includes Kolon TissueGene Inc., Thermo Fisher Scientific, Inc., QIAGEN N.V., Agilent Technologies, Danaher Corporation, Beijing Genomics Institute (BGI) GE Healthcare, Bio-Rad Laboratories, Illumina, Inc., F. Hoffmann-La Roche Ltd., Eurofins Scientific, Myriad Genetics Inc., and Other Key Players.

Segmentation of the Global Genomics Market:

The segmentation of the global market for consumer genomics is based on application and geographical location. Segmentation based on application encompasses wellness, lifestyle, and diagnostics. The personalized medicine market is an aspect of the market. In 2019, the highest market percentage was held by the genetic relatedness segment.

FAQ:

• What is the main motivation behind the Global Genomics Market's popularity?
• What are the main vendors in the Global Genomics Market?
  
• What's the size of the Genomisdz Market in 2021?
  
• Which region is more interesting for vendors employed in the Genomics market?
  
• Which Dzegment accounts for the greatest market share in the Genomics industry?
  

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