PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1236083
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1236083
Global Genomics Services Market is valued at approximately USD 6.64 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 11.0% over the forecast period 2022-2029. Genomics is the scientific field that aids in comprehending the composition, operation, and evolution of genes. Genome sequencing, identifying gene sets, examining proteins encoded by organisms, examining their relationships, and comprehending metabolic pathways are all included in genomics. The increasing government initiatives and funding, rising investment on the development of healthcare facilities, and growth of pharmaceutical & biotechnology companies for research & diagnosis are the primary factors that are propelling the market demand across the globe.
The rising prevalence of numerous chronic diseases including cancer and genetic abnormalities is witnessing the surging demand for different treatment alternatives. A genome analysis test is integrated for the early diagnosis of several ailments, including cancer and unusual genetic diseases. The effective management and treatment of the condition are attained by genome analysis, which aids doctors in determining the genetic changes and causes of the disease. The WHO estimates that in 2020, cancer accounted for approximately 10 million deaths, making it the leading cause of mortality. Also, it is estimated to reach 19.3 million new cancer cases globally by 2025. Accordingly, whole genome sequencing plays a critical role in cancer detection as it provides information about specific mutations found in cancer tissues. Additionally, it contributes to the discovery of novel cancer-related variations, including insertions, deletions, and changes in mutation rates, which, in turn, augments the market growth. Furthermore, the increasing technological advancements in the field of genomics, as well as new products and innovative services to favor the adoption of genomic sequencing are creating lucrative opportunities for the market over the forecasting years. However, the high cost required to establish a genomics laboratory and the dearth of skilled professionals are hampering the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Genomics Services Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the rising introduction of new genome research facilities, along with the rising adoption of various technologies for the research & diagnosis. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as changing regulatory policies for the adoption of precision medicines, as well as the increasing prevalence of cancer and other diseases among the population in the regional market.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable