Product ID: SQMIG35H2173
Global Genomics Market Size, Share, Growth Analysis, By Deliverables(Product, Service), By Technology(Sequencing, PCR), By End Use(Government, Academic Institutes), By Application(Drug Discovery & Development, Diagnostics) - Industry Forecast 2024-2031
Report ID:
SQMIG35H2173 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
121 |
Figures:
77
Global Genomics Market Dynamics
Genomics Market Driver
- Global genomics market is being driven by increased application Next-Generation Sequencing (NGS) which is becoming more widely used in cancer research. Whole-genome sequencing, genome diversity inquiry, metagenomics, epigenetics, the discovery of non-coding RNAs and protein-binding sites, and gene-expression profiling by RNA sequencing are all applications of NGS technologies contributing to capturing the genomics market share.
- Government funding for genomics projects is increasing. According to the Economic Survey 2021-22, foreign direct investment (FDI) in the Indian pharmaceutical sector increased by 200 % in 2020-21. 'Genomics and Pharmaceuticals' are identified in the Union Budget 2022 as sunrise possibilities suitable for a supporting framework to strengthen local capacities and encourage R&D leading to drive the genomic market.
Genomics Market Restraints
- Professionals with expertise in genetics are needed. Market expansion is projected to be hampered by a scarcity of qualified personnel. Furthermore, the high cost of genomic equipment, as well as challenges with ensuring the storage of huge numbers of sequenced data, are expected to pose a challenge to the genomics industry in the years 2022-2028. The use of genomic data and technology offers the potential to enhance healthcare outcomes, quality, and safety while also saving money. In order to get the most benefit from this, highly skilled professionals are needed.
- In a single encounter, a genetic examination of a single patient can generate roughly 1 terabyte of data. Considering that genomics can be analyzed before or during diagnosis, as well as multiple times during treatment, and that it can be combined with lab data, clinical observations, tissue biopsy and other morphologic data, and imaging data, the amount of new data generated necessitates the development of roadmaps and big data for its integration.
Global Genomics Market Report Snapshots
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