Global Genomics Market was valued US$ 16.5 Bn in 2018 and is expected to reach US$ 41.01 Bn by 2026, at a CAGR of 12.05% during a forecast period.
One of the most important factors, which are likely to have a significant impact on the genomics market, is that how much and to what extent the medical community will make the use of existing genomic information in personalized medicine.
Furthermore, reducing cost of sequencing has enabled the whole genome sequencing at very less price.
Developed regions like North America and Europe currently lead the global genomics market due to the availability of abundant funds and the existence of a large number of companies undertaking research in the field of molecular biology.
In Europe, vast initiatives undertaken by the European Union to encourage research in the field of genomics has spurred the rate of growth of the market.
In the forecast period, the market is anticipated to witness the most significant development across Asia Pacific due to strengthening economies of developing countries such as India and China and the increased focus of the respective governments on encouraging research in the field of genomics.