New York, NY -- (SBWIRE) -- 08/21/2020 -- According to a study conducted by P&S Intelligence, the global genomics market is expected to generate a revenue of $68.0 billion by 2030, increasing from $18.2 billion in 2019, progressing at a 12.7% CAGR during the forecast period (2020–2030). The market is growing due to the increasing government initiatives and support, rising requirement for personalized medicine, and reduction in the cost of sequencing services. In terms of solution, the market is categorized into services, consumables, and instruments, among which, the consumables category dominated the market in 2019.

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This can be attributed to the rising number of samples that are being processed at labs, research centers, and several other end-use settings. In addition to this, the growing number of research projects are also resulting in the rising demand for consumables. On the basis of application, the genomics market is categorized into diagnostics, agriculture and animal research, precision medicine, and drug discovery & development. Among which, the diagnostics category held the major share of the market in 2019, owing to the rising research projects related to genetic diseases, including cancer.

The objective of this research includes;

- Major factors driving the genomics market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the genomics market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the genomics market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the genomics market and their service offerings

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North America accounted for the largest share of the market in the past, which is because of the various ongoing genomics research projects, presence of major players, and increasing investments in the industry by both government and private organizations. The Asia-Pacific region is predicted to register the highest CAGR during the forecast period, as the number of research activities in the field to genomics is growing in countries including Japan, India, and China. Both public and private organizations are providing funding for innovations in genome research.

Another key factor driving the growth of the genomics market is the rising demand for personalized medicine. As different types of patients respond to treatments meant for the same disease differently, the focus on personalized medicine for disease management is growing across the globe. This is further encouraging biotech and pharma firms and institutions to launch new research projects for developing precision medicine. Such solutions will be able to cater to the specific treatment requirements of the patients, thereby driving the market.

In conclusion, the market is being driven by increasing need for personalized medicine and rising support and initiatives by governments across the globe.

The research includes detailed analysis of;

Based on Solution
- Consumables
- Instruments
- Services

Based on Technology
- PCR
- Sequencing
- Microarray

Based on Application
- Diagnostics
- Drug discovery and development
- Precision medicine
- Agriculture and animal research

Based on End User
- Research centers and academic institutes
- Hospitals and clinics
- Pharmaceutical and biotechnology companies

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