The soaring investments being made by the governments of various countries in the field of genomics are fueling the surge in the popularity of genomics across the world. For example, the Indian government announced in 2019 that the country would initiate the development of its first human genome mapping project with the help of the Department of Biotechnology (DBT) for helping researchers develop effective treatment procedures for critical diseases such as cancer.
This is predicted to facilitate the development of various new treatment procedures, which will, in turn, improve the disease management and diagnosis processes for patients. Thus, it can be safely concluded that the falling prices of sequencing services are propelling the demand for genomics solutions across the world. Besides these factors, the rising requirement for personalized medicine is also contributing toward the surging popularity of genomics all over the world.
Due to the above-mentioned factors, the global genomics industry is set for lucrative growth in the future years. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $18.2 billion in 2019 to $68.0 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 12.7% between 2020 and 2030. Services, instruments, and consumables are the main types of genomics solutions used across the world.
Geographically, the genomics market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the soaring research and development activities being announced in the domain of genomics in the regional countries such as Japan, India, and China and the surging investments being made by both public and private organizations for advancing research in this field. Currently, the genomics industry is growing rapidly in China in the APAC region.
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