Genomics Market size was valued at USD 27.81 Billion in 2022 and is poised to grow from USD 33.25 Billion in 2023 to USD 411.35 Billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031).
Genomics market is projected to display more and more progress in the years to come since the ever-developing domain is continuously experiencing novel discoveries and modernizations. Established businesses and start-ups are actively focusing on improvising next-generation sequencing for affordable and highly efficient sequencing. Also, the editing technologies and genome data study improve genomics uses in pharmaceuticals, plant, industrial, and animal biotechnology areas. Moreover, expanding demand for genomics in the development of drugs is pushing the genomics market towards growth.
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Compared to conventional DNA sequencing methods, the present next-generation sequencing helps biotech companies and scientists offer speed for analysis that is increasingly demanded. Hence, companies are rigorously developing several NGS techniques to allow extremely highly efficient and scalable sequencing, offering speed for deep sequencing of specific areas, whole genomes, and fast human genome study. In addition, artificial intelligence is increasingly being used to process large amounts of genomic datasets to decode hidden patterns and trends. Owing to this, scientists are actively preferring artificial intelligence technologies like deep learning and machine learning to boost data analysis. In healthcare and clinical applications, the use of AI advances the discovery of drug and disease diagnosis flow. Animal and plant genomics techniques best influence AI to augment the detection of certain genes accountable for diseases or traits.
Refining Precision of RNA and DNA Sequencing to Help Researchers in Discoveries
The latest improvements in nucleic acid sequencing areassisting scientists to study 1000 nucleotides, a method also commonly known as long-reading sequencing. One form of this type of sequencing is nanopore sequencing. This includes RNA’s or DNA’s threading strands of nucleotides via small pores in a membrane, producing alterations in electric currents that are unique for every nucleotide. Since the method holds high accuracy for sequencing DNA, the RNA nucleotides have emerged to be tricky due to changes prevalent in RNA molecules. Modernizations in genomic techniques will undoubtedly propel the domain, enabling scientists to correctly understand the basics of biology and novel methods to enhance human health. Hence, these modernizations will contribute majorly to fresh genome knowledge and discoveries by aiding scientists in their hunt for novel and creative methods to improve patient health.
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- In March 2023, Illumina introduced Complete Long Reads kit for NovaSeq. The kit causes long-single-molecule remains and can capably produce unbroken long-read sequencesnearly 5-7 kilobase with a few reads larger than 10 kilobase.
- 10x Genomics Incorporation announced a collection of novel technology and products exhibitions to be displayed at the (AGBT) Advances in Genome Biology & Technology 2024, in Orlando, Florida in February 2024.
- 23andMe Holding Co. released 3 novel genetic reports for 23andMe+ members on colorectal, breast, and prostate cancer in March 2024. The reports are dependent on statistical models called (PRS) polygenic risk scores, designed by 23andMe.
- Agilent Technologies Inc. will launch 2 fresh products at the 72nd ASMS Meeting on Mass Spectrometry & Associated Topics in June 2024. The Agilent 7010D Triple Quadrupole GC/MS System aims on the environmental and food markets and delivers sensitivity and accuracy in gas chromatography-mass spectrometry.
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Constant Advances in Various Domains to Pave the Way for Improved Patient Care in the Future
In summary, the genomics market will constantly face transformations with thrilling trends assisting researchers and aiding patient care. Synthetic biology, personalized medicine, whole genome sequencing, CRISPR, machine learning, big data, and more are a few greatly emerging and impacting domains in the industry. These trends are projected to result in novel discoveries, technologies, and therapies that aim to enhance patient health and assistsociety globally.
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