Hyderabad, India -- (SBWIRE) -- 02/22/2023 -- Genomics Market

Overview:
Genomics is a branch of science that studies genes and their function, structure, evolution, and mapping of genomes in short organisms. The genomic test is commonly used to learn more about disease susceptibility, drug response, and human biology. The study of genomics entails analyzing the structure and function of DNA, sequencing it, and using bioinformatics to sequence it, as well as recombinant DNA.

Diagnostic Applications and Precision Medicine are two examples of genomics applications. Because of its applications in various fields of study, such as intragenomic phenomena such as epistasis, pleiotropy, heterosis, and other interactions between loci and alleles within the genome, the Genomics Market is gaining traction. Genomic research is poised for exponential growth as a result of imperative genetic innovations feeding off it in this era of medical and life science innovations shaping itself as an unavoidable uptake for the sustainability of mankind.

Healthcare, agriculture, biotechnology, DNA sequencing, and diagnostics all make extensive use of genomics. In the healthcare industry, genomics is used to develop vaccines and drugs. It has a wide range of applications in personalized medicine because it can provide medical management based on a person's genetic profile using clinical data and artificial intelligence. It is also used in bioengineering and synthetic biology.

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Market Growth and Future Apprehension:
The most recent USD Analytics report predicted that the worldwide "Genomics Market" will expand at a CAGR 16.4% during 2023 to 2030.

Market Dynamics:

Drivers:
As technology advances, the use of the genome and materials derived from it will increase. This aspect is seen to be one of the key stimuli for market acceptance. The development of next-generation sequencing technology is also being greatly aided by startups focused on genetics and burgeoning biotech firms. The majority of COVID-19 illnesses impact the human lungs and are to blame for the majority of mortality worldwide. The University of Minnesota research outlining the function of genetics in the care of COVID-19 patients describes how to manage or safeguard the patients. The primary purpose of the test is to evaluate the impact of abacavir therapy in HIV patients. The possibility of an unfavourable impact on certain patients can also be evaluated through genomic tests.

Restraints:
However, one of the primary constraining factors affecting market growth is high investment costs. Furthermore, the sector is currently facing a severe issue due to a scarcity of experienced experts throughout the world.

Covid-19 Impact on Genomics Market:
The COVID-19 epidemic had a beneficial influence on the genomics industry. The large spectrum of genetic products utilised in COVID-19 research to better understand the coronavirus drove market expansion. Using existing genetic datasets, researchers aimed to address genetic severity and susceptibility to SARS-CoV-2 infection. To discover the common variations underpinning host-pathogen interactions and biological networks, genome-wide association studies (GWAS) and multiomic-based techniques have been applied.

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Segmentation Analysis:
The global Genomics market is segmented by it's Type, Technology, End-User, Region

By Type:
- Consumables
- Instrumentation and Services
By Technology:
- Sequencing
- PCR
- Nucleic Acid Sample Preparation
- Others
By End-User:
- Pharmaceutical and Biotechnology Companies
- Hospitals and Clinics
- Academic and Government Institutes
- Clinical Research
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Competitive Landscape:
The major players in Genomics market are
- Illumina
- Danaher Corp
- F.Hoffman-La Roche
- Agilent Technologies
- Thermo Fisher Scientific
- Qiagen
- BGI Group
- Bio-Rad Laboratories

Geographical Analysis:
Because of the United States' genomes research grants and finances, as well as backing from important industrial companies, and the region's rising cancer incidence, North America dominates the genomics market.

Asia-Pacific is predicted to expand significantly from 2022 to 2029 as a result of the increased focus of genetic research and development activities and government on fostering research in the field of genomics and considerably lowered mass scale genetic testing costs within the region.

Recent Developments:
- Singular Genomics Systems, Inc. announced a collaboration with QIAGEN in February 2022 to verify its QIAseq kits, a product line for both DNA and RNA sample prep, with the G4 sequencing platform.
- Eurofins Genomics US was awarded a $30 million contract by the Department of Air Force in partnership with the Department of Health and Human Services (HHS) in October 2021 to build a new manufacturing facility and enhance capacity for the production of reagents used in COVID-19 diagnostic tests.
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