According to IMARC Group’s latest report, titled “Genomics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global genomics market reached a value of US$ 25.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 60.26 Billion by 2027, exhibiting a CAGR of 15.54% during 2022-2027.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Genomics represents the interdisciplinary field of biology that studies the structure, function, mapping, evolution, etc., of genomes, which comprise of the genetic information of an organism. It involves several consumables, software, systems, and services for diagnostics, development of precision medicines, drug discoveries, etc. Some of the technologies used in genomics are microarrays, polymerase chain reaction (PCR), nucleic acid extraction and purification, single-cell genomics analysis, sequencing, etc. These technologies are highly efficient in solving complex genetic problems and examining the biological functions of individual genes.

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Market Trends:

The escalating demand for personalized medicines to provide effective treatment for individuals is among the key factors driving the genomics market. In line with this, the integration of clinical workflows with genomic data for the production of targeted medicines and studying the growth of newborn genetic screening programs is further catalyzing the market growth. Moreover, the growing adoption of genomics in the agricultural sector to produce genetically modified (GM) plants and organisms is acting as another significant growth-inducing factor. Besides this, the rising prevalence of cancer and the increasing usage of non-invasive cancer screening-based solutions are also augmenting the global market. Furthermore, the development of advanced life-science databases and projects to support scientific research is positively influencing the market growth. In addition to this, the inflating investments in research and development (R&D) activities in the field of bioinformatics and the elevating demand for next-generation sequencing services are anticipated to fuel the genomics market over the forecasted period.

Breakup by Component:

• Products
  • Instruments and Software
  • Consumables and Reagents
• Services
  • Core Genomics Services
  • NGS-Based Services
  • Biomarker Translation Services
  • Computational Services
  • Others

Breakup by Application:

• Functional Genomics
• Epigenomics
• Biomarkers Discovery
• Pathway Analysis
• Others

Breakup by Technology:

• Sequencing
• Microarray
• Polymerase Chain Reaction
• Nucleic Acid Extraction and Purification