Genomics refers to the scientific study of genomes. Genomics involves various techniques used to analyze and study the complete set of DNA or genome of organisms. Genomics plays an important role in basic biology research and has applications in medicine. It is used for disease diagnosis, treatment, assessment of health risks, carrier screening, population screening, pharmacogenetics, and prenatal testing.

The global genomics market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased Investments in R&D Activities
Over the past few years, there has been an increase in investments by both private and public organizations in genomics research and development activities. According to the report, the global R&D investments increased from US$ 64.3 Bn in 2015 to US$ 76.3 Bn in 2017. Major companies operating in the genomics market are continuously focusing on developing innovative products, which is expected to boost the market growth during the forecast period. For instance, in September 2018, Illumina announced to invest US$ 1.5 Bn to build an advanced manufacturing facility for producing next-generation sequencing in San Diego. This increased focus on R&D is estimated to accelerate the market growth.

One of the drivers from the heading was increased investments in R&D activities. Genomics research requires considerable investments due to high capital investment and operating costs associated with equipment, infrastructure, reagents, and skilled professionals. Over the past decade, there has been a significant rise in global investments towards genomics R&D by both public and private organizations to advance genomic research. Various grants, funds and initiatives by government bodies are also fueling R&D activities. This increased focus on R&D is anticipated to enhance technological advancement, which will subsequently support the genomics market growth during the forecast period.

SWOT Analysis
Strength: The Genomics Market has great potential for growth due to advancements in genomic technologies. Genomics aids in early disease detection and precision medicine. It helps understand the genetic basis of diseases.
Weakness: High costs associated with genomic equipment and data analysis limits its scope. Regulatory hurdles and ethical issues also pose challenges.
Opportunity: Growth in personalized medicine provides opportunities to expand applications of genomics. Rising investments in genomic research from both private and public sectors will boost market growth.
Threats: Lack of skilled workforce and healthcare infrastructure in developing nations poses threats. Stringent regulations can also restrict market growth.

Key Takeaways
The Global Genomics Market Share is expected to witness high. Technological advancements are making genomic sequencing faster and affordable. This is expected to increase genomic applications in disease management. The market size is projected to reach US$ 46.2 Billion by 2023.

Regional analysis related content comprises:

North America dominates the global genomics market currently due to concentration of key players and availability of funds for research activities. Asia Pacific is expected to grow at the fastest pace during the forecast period. This is due to increasing healthcare expenditure, large patient pool and rising awareness about benefits of genomics. Countries like China and India offer huge growth potential for market players.

Key players related content comprises:

Key players operating in the Genomics Market are Signify Holding (Philips), Osram, GE, Acuity Brands, LG, Panasonic, Schneider Electric, Dialight, Eaton, Cree, Hubbell, Zumtobel Group, and Samsung.

Get more insights on this topic: https://www.newswirestats.com/genomics-market-size-and-share-analysis-growth-trends-and-forecasts/

Explore more information on this topic, Please visit: https://masstamilan.in/pcb-design-software-essential-tools-for-electronics-product-development/