The Genomics Market is forecast to reach $30 billion by 2024, growing at a CAGR of 10.05%. The growth of the market can be attributed to the benefits that genomics offers in terms of providing more accurate, effective, and secure solutions to disease management, such as for cancer. Progressive gene editing procedures such as CRISPR-Cas9 may offer new approaches for modification of genes to treat erratic genetic diseases. In terms of applications, genomics has a diversified range. CRISPR-Cas9 is a genome-altering tool that is booming in the science world. It is faster, more affordable, and more precise than earlier techniques of altering DNA, and has a broad scope of potential applications, owing to which the genomics market is expected to experience growth in coming years.The development of disruptive medical fields such as personalized medicine and gene therapy have also resulted in growth of the [FURL=https://www.industryarc.com/PressRelease/1645/Genomics-Market-Research.html]Genomics Market[/FURL]. As per a report by the International Diabetes federation, around 425 million adults were living with diabetes in 2017, which is expected to reach 629 million by 2045. The increasing number of patients who suffer from diabetes is creating immense opportunities for treating diseases through gene therapy and personalized medicine, both of which utilize genomics.
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Agriculture is one of the most promising areas in which genomics can help. Genomics is used to improve and design crops with enhanced resistance, thus preventing diseases, pests, droughts, frost, floods, and others. As per the Food and Agriculture Organization (FAO), the number of undernourished people in the world has been on the rise since 2014 and reached 821 million in 2017, and is expected to rise more by 2021 which will boost the use of genomics.
By product, the DNA Sequencer System dominated the genomics market in terms of revenue in 2018. Its popularity can be attributed to the fact that it allows scientists to sequence genes and genomes, and allows them to look for mutations which cause diseases. Contract research organizations (CRO) such as Genewiz, Inc., which is a key player in DNA Sequencing and Gene Synthesis, are providing a wide range of services for the entire DNA sequencing process.
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