Genomics Market Size, Share, Growth Analysis, By Product & Service(Consumables and Reagents, Services, Instruments, Systems), By Technology(Sequencing, PCR, Flow Cytometry, Microarrays), By End Use(Government and Academic Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Others), By Application(Drug Discovery & Development, Diagnostics, Agriculture & Animal Research, Other Applications), By Study Type(Functional Genomics, Biomarker Discovery, Pathway Analysis, Epigenomics), By Region - Industry Forecast 2024-2031

Genomics Market Driver

NGS Applications Propel Genomics Market Growth 

• 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 Genomics market growth.  

Boost in Government Funding Propels Genomics Market 

• Funding for genomics activities is increasing to be supported by the government. The Economic Survey brings on record 200 percent increase in FDI in India pharma sector. According to the Union Budget 2022, ‘Genomics and Pharmaceuticals’ has been considered as emerging sectors by providing a encouraging environment for augmentation of domestic competence and encouraging research and development. This increase is expected to foster the growth of the global genomics market in the coming years. 

Restraints 

Shortage of Skilled Professionals and High Costs Challenge Genomics Market Growth 

• There is demand present for genetic workforce. Potential limitation: Like most markets, the genomics market may be limited by the availability of competent personnel. Moreover, the expensive cost of genomic equipment and the problem of data storage due to sequenced data from 2023 to 2031 is expected to affect growth of this market. The integration of genomic approaches and technology in healthcare systems has the potential of enhancing safety, quality, efficiency, and cost-effectiveness. However, the fact that these benefits can be attained is highly dependent on the availability of skilled professionals. 

Data Integration Challenges in Genomics Due to Massive Data Generation 

• A genetic examination of a single patient can produce around 1 terabyte of data in one encounter. Since genomics can be analysed before or during diagnosis and multiple times during treatment, and can be combined with lab data, clinical observations, tissue biopsy, morphologic data, and imaging data, the volume of new data generated necessitates developing roadmaps and big data solutions for effective integration.