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(Medical-NewsWire.com, January 23, 2023 ) The report Genomics Market is projected to reach USD 54.4 billion by 2025, at a CAGR of 19.0%.
The next generation sequencing dominated the genomics market.
Based on technology, the genomics market is segmented into sequencing technologies, PCR, nucleic acid extraction and purification, microarrays, and other technologies. The sequencing segment is further sub segmented into next-generation sequencing (NGS) and other sequencing technologies.
NGS advantages includes ultra-high-throughput, scalability, and high speed, enable researchers to perform a wide variety of applications, including animal breeding, agriculture, and human genomics.
In 2019, the next-generation sequencing technology dominated with largest share of the genomics market. The substantial focus on new targeted therapies and rising prevalence on cancer offers a lucrative opportunity for the adoption of NGS. Moreover, other factors such as NGS adoption in clinical diagnostics due to rapid result time and faster processing will drive the growth in NGS technology on large scale. Also, growing technological advancements in NGS instruments and technologies are likely to favor the significant growth of NGS in coming years.
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The hospitals and clinics segment contributed for the largest share by end use in the genomics market.
Based on end users, the genomics market is segmented into hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest share of the market and is expected to grow at steady rate during the forecast period. The rising prevalence of cancer and other chronic diseases, the growing demand for advanced medical treatments, and the rising number of biomarker-based therapies are attributed to its growth. Hospitals & clinics are shifting from traditional genomic testing methods to cost-effective and more sensitive methods, such as whole-exome sequencing, which is a major factor driving the market growth.
The Asia Pacific region is the fastest growing region of the genomics market.
The Asia Pacific region accented for the fastest growing region of the genomics market. It is also estimated to grow at the highest CAGR in the genomics market during the forecast period, mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, advancement in bioinformatics and increasing healthcare expenditure in the region. Moreover, increasing prevalence for the development of drugs for the rare diseases and expansions by key players are helping to strengthen their presence in the APAC region.
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Some of the leading players operating in the genomics market are Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), and BGI (China).
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