Global Genomics Market Size & Share | Industry Forecast, 2024-2032
By Ritesh on November 18, 2024
DNA double helix. High resolution 3d rendering.
The global genomics market size was worth around USD 36.25 Billion in 2023 and is predicted to grow to around USD 79.83 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.17% between 2024 and 2032.
The genomics market is experiencing a substantial increase due to a variety of critical factors. Initially, the field has been transformed by a plethora of genomic technologies, including CRISPR-Cas9 gene editing and next-generation sequencing (NGS). These technologies have enabled the analysis of genetic information in a more efficient, precise, and cost-effective manner.
These technologies have expanded the scope of genomic research and applications in a diverse range of industries, such as biotechnology, agriculture, and the medical field. The increasing number of government programs and funding support for genetic research initiatives is another factor that has contributed to the market’s expansion. These factors have also facilitated the development of collaboration among academic institutions, research organisations, and industry participants.
Furthermore, the market has been further stimulated by the growing prevalence of inherited disorders and chronic diseases worldwide, which has resulted in a greater demand for personalised diagnostic solutions and medication. Additionally, the market’s expansion has been facilitated by the increasing awareness among consumers of the benefits of genetic testing for the prevention, diagnosis, and personalisation of treatment.
In the genomics market, the dynamic growth trajectory can be ascribed to a variety of factors, such as the convergence of technological innovation, supportive regulatory frameworks, increased disease burden, and expanding consumer awareness.
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