Genomics-driven Growth Accelerated by Declining Costs of Sequencing
Genomics refers to the study of genes and their functions. Advancements in DNA sequencing techniques have enabled precision medicine approaches in disease diagnosis, drug discovery and even ancestry research. With declining costs of genomic sequencing, more people are gaining access to personal genomic information. The global Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Declining costs of genomic sequencing is a key trend fueling growth of the
genomics market. Next generation sequencing technologies have decreased sequencing
costs from several billion dollars in 2007 to just a few hundred dollars today.
This 100,000 fold decline in costs has democratized access to personal genomic
data. With sequencing costs anticipated to further decrease in the coming
years, genome testing is expected to become part of routine healthcare
practices. More individuals will be able to study their genetic variations and
risks for diseases, enabling proactive lifestyle changes or disease monitoring.
This shift towards personalized preventive care based on genomic insights will
drive demand in the global genomics market during the forecast period.
Segment Analysis
Genomics
market size is dominated by the instrumentation segment which
accounts for over 35% share of the total market. Next generation sequencing
instruments dominate this segment owing to reducing costs and increasing
applications of genomics. Declining prices of sequencing platforms has
increased affordability and adoption among research organizations and
diagnostic laboratories.
Key Takeaways
The global genomics market is expected to witness high growth over the
forecast period driven by increasing investments in genomic research and
reducing costs of sequencing.
Regional analysis:
Asia Pacific region is projected to grow at the highest CAGR during the
forecast period. This is attributed to increased healthcare spending, heavy
funding for genomics research by governments, and presence of large patient
population base in countries such as China and India. Government initiatives
such as Made in China 2025 and Genome India Project are focused on promoting
life sciences industry and genomics research in these countries.
Key players: Key players operating
in the genomics market are R1 RCM, Oracle, Optum, AdvantEdge Healthcare,
McKesson Corporation, Change Healthcare, 3M, Experian plc, Conifer Health
Solutions, and GE Healthcare. McKesson Corporation and Change Healthcare are
leaders in healthcare information technology and revenue cycle management
solutions. 3M and GE Healthcare are established players in healthcare IT and
precision medicine domains.
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