Genomics Market Projected to Reach $70.52 Billion by 2031, Driven by Advancements in Genomic Technologies

"Genomics Market Projected to Reach $70.52 Billion by 2031, Driven by Advancements in Genomic Technologies J

Genomics Market 2024-2031 Meticulous Research , a globally recognized provider of market intelligence, has published its latest report, "Genomics Market by Technology (Sequencing, Microarray, PCR, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostics, Research), End User (Pharmaceutical, Hospital, Academic), Offering (Instrument, Consumable, Software) Global Forecast to 2031." According to the findings, the global genomics market is anticipated to reach a value of $70.52 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 11.1% throughout the forecast period. Download Sample Report Here @ https://www.meticulousresearch.com/download-sample- report/cp_id=1262?utm_source=article&utm_medium=social&utm_campaign =product&utm_content=16-09-2024 The report highlights several key factors propelling the market's expansion, such as the increasing prevalence of genetic diseases, the integration of genomic data into clinical workflows, and growing investments in genomics-based research and projects. Additionally, the healthcare sector is rapidly adopting genomics technologies for a wide array of applications, from pharmaceutical R&D to diagnostics, further contributing to market growth. However, despite these advancements, the genomics industry faces certain challenges. Issues such as the absence of standardized methodologies and ongoing concerns around the security and privacy of genomic data pose significant barriers to growth. Opportunities and Challenges Shaping the Future of Genomics The report underscores that the rising demand for personalized medicine and gene therapies is expected to provide significant growth opportunities for the genomics market. Personalized medicine, tailored to individual genetic profiles, continues to gain traction globally as a promising avenue for treating complex and chronic diseases. Yet, several obstacles remain for market players, particularly the shortage of skilled professionals in bioinformatics and genomics. As genomic technologies evolve and scale, the commercialization and operational challenges faced by the industry may hinder widespread adoption, creating hurdles for stakeholders aiming to capitalize on this growth. Key Industry Players Page 1 of 4 Meticulous Research| sales@meticulousresearch.com

Genomics Market 2024-2031 The genomics market is highly competitive, with several prominent companies actively driving innovation and technological advancements. Notable industry participants include: Agilent Technologies, Inc. (U.S.) Bio-Rad Laboratories, Inc. (U.S.) Danaher Corporation (U.S.) Thermo Fisher Scientific Inc. (U.S.) Illumina, Inc. (U.S.) QIAGEN N.V. (Netherlands) Pacific Biosciences of California, Inc. (U.S.) Oxford Nanopore Technologies Plc. (U.K.) Eppendorf SE (Germany) Myriad Genetics, Inc. (U.S.) Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.) BGI Genomics Co. Ltd (China) These companies are at the forefront of advancing genomic research and developing cutting-edge products that address the growing demand for genomic technologies across multiple sectors. Market Breakdown by Offering, Technology, and End Users Meticulous Research s detailed analysis segments the global genomics market into four main offerings: systems, consumables, software, and services. Among these, the consumables segment is forecasted to dominate the market in 2024, driven by rising demand for next-generation sequencing (NGS) consumables and growing interest in genetic research. Page 2 of 4 Meticulous Research| sales@meticulousresearch.com

Genomics Market 2024-2031 The report also explores technological innovations, breaking down the market by sequencing, microarray, PCR, nucleic acid extraction and purification, and other emerging genomic technologies. The sequencing segment is expected to exhibit the highest growth rate during the forecast period, buoyed by advancements in sequencing technologies that enhance both efficiency and scalability. Strategic moves by industry players, such as product launches, acquisitions, and research investments, further bolster this segment s growth. For example, Bio-Rad Laboratories' acquisition of Curiosity Diagnostics in August 2022 underscores the drive towards rapid PCR system development, fueling market momentum. Applications of Genomics: Drug Discovery & Diagnostics Lead the Way The application landscape of the genomics market is segmented into drug discovery & development, diagnostics, life science research, and other areas. Of these, drug discovery & development is set to experience the highest growth, driven by the increasing prevalence of chronic conditions like cancer and diabetes, which require the development of novel therapies. Genomics plays a crucial role in identifying new drug targets and fostering the development of targeted therapies, significantly improving patient outcomes. End-User Segmentation: Pharmaceutical & Biotechnology Companies Dominate From an end-user perspective, pharmaceutical and biotechnology companies are expected to capture the largest market share in 2024. These companies are leveraging genomics to facilitate targeted drug development, biomarker discovery, and personalized medicine. The integration of genomic technologies within pharmaceutical R&D continues to provide crucial insights into disease mechanisms, thus enabling the development of more effective therapies. Additionally, next-generation sequencing and other genomic technologies are instrumental in advancing biotech and pharmaceutical research, creating a competitive edge for organizations leading these efforts. Geographic Insights: North America Poised to Lead the Market Geographically, North America is set to dominate the genomics market in 2024, primarily due to the region's strong R&D ecosystem, advanced healthcare infrastructure, and high levels of investment in genomic research. The presence of leading market players and the increasing adoption of cutting-edge genomic technologies further bolster North America s leadership position in this space. Page 3 of 4 Meticulous Research| sales@meticulousresearch.com

Genomics Market 2024-2031 Conclusion As the genomics market continues to evolve, it holds immense potential for transforming healthcare, pharmaceutical research, and personalized medicine. While challenges remain, such as standardizing approaches and ensuring data privacy, the future of the genomics industry is bright, with opportunities for growth fueled by innovation and technological advancements. Quick Buy @ https://www.meticulousresearch.com/Checkout/61289368?utm_source=articl e&utm_medium=social&utm_campaign=product&utm_content=16-09-2024 About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 4 of 4 Meticulous Research| sales@meticulousresearch.com