Demand for Genomics highest in North America

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Submitted by PramodJKr, 14 day(s) ago

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As the prevalence of diseases across the globe is increasing, the need for more effective treatment methods is growing as well. The healthcare sector has been witnessing increased research & development activities for quite some time now, since there are several diseases for which no treatments are available even now. Because of all these reasons, the demand for personalized medicine has been increasing rapidly. As different patients respond differently to particular treatment, the need for shifting towards personalized treatment is growing for facilitating efficient disease management.

Owing to this, the focus towards genomics, which is the study of a person’s genes (the genome), has risen considerably in the healthcare sector. In order to analyze, sequence, and assemble the function and structure of genomes, genomics makes use of a combination of deoxyribo nucleic acid (DNA) sequencing methods, recombinant DNA, and bioinformatics . As per a report by P&S Intelligence, the global genomics market is expected to reach a value of $68.0 billion by 2030, increasing from $18.2 billion in 2019, and is predicted to grow at a 12.7% CAGR during the forecast period 2020–2030.

The major applications of genomics are agriculture and animal research, diagnostics, precision medicine, and drug discovery & development. Out of these, the demand for genomics was the highest for diagnostics in the past, which can be ascribed to the increasing number of research projects on genetic disorders and diseases, including cancer. In addition to this, the rising usage of high-throughput technologies, including next-generation sequencing. The major end users of genomics are pharmaceutical and biotechnology companies, research centers & academic institutes, and hospitals and clinics, among which, research centers and academic institutes made the most use of genomics during 2014–2019.

In conclusion, the market is being driven by the surging prevalence of diseases and rising need for personalized medicine across the globe.

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https://www.psmarketresearch.com/market-analysis/genomics-market-revenue

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