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 beco...