Genomics Market is Predicted to Expand at an Impressive 19.4% CAGR through 2031
WESTFORD, MASSACHUSETTS, UNITED STATES, July 31, 2024 /EINPresswire.com/ -- Genomics Market1 size was valued at USD 27.81 Billion in 2022 and is poised to grow from USD 33.25 Billion in 2023 to USD 411.35 Billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031).
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Genomics involves the study of genes and genomes on a molecular level. Growing use of gene therapies and advancements in genomic technologies are forecasted to augment market growth. High investments in gene research and increasing acceptance of gene therapies as a viable treatment for patients are also slated to help boost genomics market development in the long run.
Investing in research is highly crucial for any genomics company looking to make a mark in the market. Next generation sequencing and whole genome sequencing are projected to be the prime focus of almost all genomics companies going forward. The launch of new genomic platforms and solutions will also pick up pace going forward. Mergers and partnerships are also forecasted to be essential strategies for genomics companies looking to increase their market share and stay competitive. Regulatory approvals and clinical trials of products and treatments created by use of genomics will also play a vital role in market evolution in the future.
Next Generation Sequencing Projected to Propel Genomics Market Development Over the Next Five Years
The following are the key Genomics Trends2 that will shape the growth of the market in the next 5 years
• NewBiologix, a Switzerland-based company focused on gene therapies, announced the launch of its new next-generation sequencing and optical mapping platforms back in April 2024. These new platforms feature advanced genomics technologies and intend to resolve current issues with gene therapies.
• Swiss healthcare giant known as Roche, launched a new platform to advance next-generation sequencing technologies back in December 2021. The AVENIO Edge System can be used by researchers for multiple applications whilst reducing human errors as the platform is automated.
Emphasis on advancing next-generation sequencing technologies is projected to augment the global genomics market growth in the near future. New as well as leading genomics companies should invest in next-generation sequencing to stay relevant in the market going forward.
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Whole Genome Sequencing Projected to Transform Future of Healthcare Over the Next Decade
• SOPHiA GENETICS, a renowned healthcare technology company announced in May 2024 that it had joined hands with Nvidia and Microsoft to develop a new scalable whole genome sequencing solution. The new collaboration is intended to bring this solution to healthcare institutions by the end of 2024.
• In March 2024, new products for whole genome sequencing compliant with European Union (EU) in vitro diagnostic regulations (IVDR) were launched by Twist Bioscience Corporation. This move helped Twist expand its presence and customer base in the EMEA region.
• A whole genome sequencing kit was launched for public use by Nucleus Genomics back in March 2024. The company made this move to capitalize on the growing popularity of personalized medicine for chronic diseases such as diabetes and cancer as their prevalence increases globally.
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Whole genome sequencing is a very new concept for the healthcare world. However, the potential it packs is immense, and it can completely transform healthcare as we know it. Genomics companies looking to secure a key spot in the global genomics market landscape can target this approach to stay relevant in the future. Since the technology is in its very early stages, the chances for all genomics companies to succeed are high.
The global genomics market is projected to remain highly opportune for any genomics provider over the next decade. Targeting the next-generation sequencing technology should be the prime focus of all companies at the moment.
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