Press Release
Press Release
According to a new report by EMR titled, ‘Global Genomics Market Report and Forecast 2024-2032’, the global genomics market size was valued at USD 38.1 billion in 2023, driven by increased funding for genomic projects and the prevalence of chronic diseases across the globe. The market is expected to grow at a CAGR of 15.6% during the forecast period of 2024-2032, with the values likely to rise from USD 44 billion in 2024 to USD 140.1 billion by 2032.
The global genomics market was led by North America in 2020. North America is leading the market due to the increased funding for research and government genomics initiatives. On the other hand, the Asia Pacific region is expected to report the highest CAGR during the forecast period. China hosts the Beijing Genomics Institute, the world's largest genomics research institution, which helps the Asia Pacific genomics market sustain its growth.
In February 2021, Illumina, Inc. (NASDAQ: ILMN), one of the key players in the industry, announced its partnership with the University of Melbourne to combat challenging cancers. The collaboration focuses on scientific research and innovation focused on genomics, helping in the identification and treatment of diseases like cancer. Illumina will have its Australian headquarters in the Melbourne Biomedical Precinct with the University. The program addresses the most complex cases of cancer, like rare or aggressive tumours, which are resistant to normal or typically difficult to diagnose.
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The major key players in the global genomics market include companies like Illumina, Inc, Qiagen, Eurofins Scientific, Agilent Technologies, Inc., Oxford Nanopore Technologies, F. Hoffmann-La Roche, Bio-Rad Laboratories, Inc., and BGI Group, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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