The Genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Genomics is the study of genes and their functions. Genomics help in various applications such as personalized medicine, drug discovery, agriculture, and ancestry testing. The genomics provides advantages such as identification of disease-causing variations, enabling risk assessment for genetic disorders, determining genetic traits, developing personalized treatment plans. This market is growing due to the increasing application of genomics in disease identification and diagnosis.

Market key trends:
One of the major trends in the genomics market is the growing application of genomics in disease identification. Genomics help in disease identification by determining the genetic variations responsible for causing specific diseases. For example, genomics has helped to identify genetic variations causing cancer, cardiovascular diseases, metabolic disorders, and neurological disorders. Once the disease-causing variations are identified, it helps physicians to assess the genetic risk of an individual, enables early detection of diseases, and facilitates the development of targeted therapies. Such growing application of genomics in disease identification is expected to drive the growth of this market over the forecast period.

Porter's Analysis
Threat of new entrants: Low startup costs and established brands make it difficult for new players to enter. However, technological advancements have made entry easier.

Bargaining power of buyers: Buyers have high bargaining power due to the presence of many global players offering substitutable products.

Bargaining power of suppliers: Suppliers of raw materials and instruments have moderate power as they are concentrated among a few players.

Threat of new substitutes: Threat is moderate as other life science technologies can be used as substitutes for specific applications.

Competitive rivalry: High as the market is dominated by few global players competing on the basis of technology and pricing.

SWOT Analysis

Strengths: Growing genomics applications in oncology, pharmacogenomics, and agriculture. Established global player brands.

Weaknesses: High capital investment requirements. Vulnerability to regulatory changes.

Opportunities: Emerging economies offering growth potential. Growing applications of genome analysis in reproductive health and ancestry testing.

Threats: Ethical concerns regarding data privacy and increased regulation. Competition from emerging low-cost manufacturers.

Key Takeaways
The Global Genomics Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing healthcare expenditure and demand for personalized medicine. North America currently dominates the market owing to extensive R&D investments and easy availability of advanced technologies. Asia Pacific is poised to be the fastest growing region over the next decade with countries like China and India investing heavily in genomic research infrastructure.

Key players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany). Illumina being the market leader is focusing on product launches and acquisitions to maintain its dominance. Smaller players are concentrating on niche disease areas to gain market share. Industry participants are also investing in direct-to-consumer genomics tests to tap the direct retail opportunity.

Read more: https://makuv.com/bioinformatics-is-fastest-growing-segment-fueling-the-growth-of-global-genomics-market/