According to P&S Intelligence, the market generated revenue of $18.2 billion in 2019 and it is expected to reach $68.0 billion by 2030. This growing market is witnessing partnerships among key players, due to which they are aimed at expanding their product portfolio, promoting development and innovation, and magnifying their geographical presence.
Governments across the world are investing hefty amounts and implementing several initiatives for the development and promotion of genomics solutions. For example, in 2019, the Government of India announced that the nation would introduce its first human genome mapping initiative to help researchers and scientists in developing effective therapies for life-threatening diseases, such as cancer. This project will be developed by the Department of Biotechnology (DBT) to scan 20,000 Indian genomes, for over five years, to create diagnostic tests and effective therapies for the management of genetic diseases.
On account of the widening product portfolio and the increasing research activities, awareness regarding genomics products has significantly increased over the years. For instance, dipping cost of sequencing services has led to the development of cost-effective deoxyribonucleic acid (DNA) kits and services, which have become widely available to customers. This will eventually lead to the development of novel treatments that will further ameliorate the diagnosis and disease management for patients.
The genomics solutions find wide applications in diagnostics, precision medicine, drug delivery and development, and agriculture and animal research. The demand for these solutions has significantly increased for the diagnostics process, owing to the growth in research on genetic diseases and disorders, such as cancer. Besides, escalating usage of high-throughput technologies, such as next-generation sequencing (NGS), in diagnostic centers assist in detection and management of advance diseases. Apart from this, pharmaceutical and biotechnology companies, hospitals and clinics, and research centers and academic institutes also deploy these solutions to develop genetic-related products and study genetics.
Thus, the existence of favorable government policies, constant research and development, and availability of cost-effective genomics kits and services will augment the demand for these solutions in the coming years.
Report Description: https://www.psmarketresearch.com/market-analysis/genomics-market-revenue
