Genomics Personalized Health Market: Segmented: By Test Type (Oncology Testing, Infectious Disease Testing, Orphan Disease Testing, Autoimmune Disease Testing, Obstetrics Testing, Others), By Technology (NGS Platforms, RT-PCR, Microarray, Genetic Analyzers), By End User (Academic Research Institutes, Diagnostic Centers, Others), And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Genomics Personalized Health Market to surpass USD 31.46 Billion by 2032 from USD 8.59 Billion in 2021 at a CAGR of 12.5% in the coming years, i.e., 2022-32.
Personalized medicine is a developing medicine practice that uses a person’s genetic profile to escort the decisions made for the diagnosis, prevention, and cure of disease. Doctors can choose the best treatment and deliver it with the right dosage or regimen by having the right knowledge of the genetic profile of a patient. Since genomics gives us a very specific molecular window for the differences between us and allows the experts to make individualized predictions about disease risk, which can help someone choose the right prevention plan for them, genomics has a significant impact on the development of personalized medicine.
The Genomics Personalized Health Market is expected to project a notable CAGR of 12.5% in 2032.
The expanding biopharmaceutical and healthcare industries as well as technological advancements are expected to fuel the growth of the Genomics Personalized Health Market during the forecast period.
The NGS Platforms segment is expected to grow with a higher CAGR during 2022-32
Genomics Personalized Health market is categorized on the basis of Technology into NGS Platforms, RT-PCR, Microarray, and Genetic Analyzers. In previous years, the NGS platform category held a sizeable market share. During the projection period, this sector is anticipated to rise rapidly owing to the launch of highly effective technologies and instruments by top players in the market. The top-selling and most innovative sequencing products for various genetic analyses are also included in this area.
The Academic Research and Diagnostic Centers segments are expected to grow with a higher CAGR during 2022-32
Genomics Personalized Health market is categorized on the basis of End User into Academic Research Institutes, Diagnostic Centers, and Others. The academic research institutes and diagnostic centers are expected to lead the market over the forecast period, all of which held a significant market share in previous years. In the coming years, these categories are anticipated to be driven by rising genomics research activities, rising genetic disorders, rising strategic alliances between market leaders, and rising research institutes.
The Growing Geriatric Population Worldwide and Technological Advancements in the Domain
Globally, the geriatric population is experiencing a variety of chronic conditions that require surgery in order to relieve pain and improve their quality of life. Therefore, it is anticipated that a rise in the prevalence of several chronic diseases, including cancer and diabetes, will fuel the genomics personalized health market. In addition, it is expected that increased government and diagnostic healthcare spending would play a significant role in fostering the expansion of the market. The genomics personalized health market is also projected to be driven by the rising research expenditures and technological advancements.
The Expansion of the Biopharmaceutical and the Healthcare Industry
The market is anticipated to increase due to the expansion of the pharmaceutical industry and assessments and responses to treatment outcomes. Moreover, the dynamic molecular biology market and technological advancements in the healthcare sector have a significant impact on the genomics personalized health market. As a result, the growth of the biopharmaceutical and healthcare industries will generate a significant incremental opportunity for the global genomics personalized health market in the years to come.
Improper Reimbursement Policies are hindering the Market Growth
The complicated regulatory framework that contributes to delaying the approval of new techniques is one of the main restraints of the market growth. Inadequate reimbursement regulations are just another barrier restraining the market from developing remarkably in the future. This negative factor is particularly noticeable throughout the development stage.
Genomics Personalized Health market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.. North America held a significant share of the global market for genomics personalized health market due to increased knowledge and rising healthcare costs in the region. Another factor contributing to the market growth is the rising number of pharmaceutical and biotechnology companies in Brazil and Mexico which have offered lucrative growth opportunities in the market. Latin America is also expected to witness a considerable share owing to the growing awareness and rising healthcare costs.
Due to lockdowns and business closures, the pandemic had a major impact on the economies and sectors of different nations. The production and sales of goods in the Genomics Personalized Health market were disrupted by the closure of various plants and factories, which also impacted the global supply chains. A few businesses have already reported that future sales would decline and that their product delivery will be delayed. As a result, the pandemic has slowed the market's growth over the course of the projection period due to the aforementioned factors.
Genomics Personalized Health Market is further segmented by region into:
Genomics Personalized Health Market Segments:
|Market size value in 2021||USD 8.59 Billion|
|Revenue forecast in 2032||USD 31.46 Billion|
|Growth Rate||CAGR of 12.5% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Test Type, Technology, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Thermo Fisher Scientific Inc., Illumina Inc., Vikor Scientific, Roche Holding AG, Qiagen, Quantgene , Bio-Rad Laboratories Inc., Lonza Group AG, ARCA biopharma, Invitae Corporation, Genetic Technologies Limited, Interleukin Genetics Inc., Eastern Biotech and Life Sciences, DNA Genotek Inc., XCode Life Sciences Private Limited., and Other Prominent Players.|
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