With soaring investments being made by the governments of many countries in genomics research, the genomics domain is set to expand rapidly in the coming years. Apart from providing funding, the governments of several countries are also implementing initiatives aimed at encouraging research and development (R&D) activities in genomics. For example, the Indian government announced in 2019 that the country intends to begin its first human genome mapping project with the help of the Department of Biotechnology (DBT).
This project would help scientists and researchers get closer than ever before to developing effective treatment procedures for various critical diseases such as cancer. This project would involve the scanning of as many as 20,000 Indian genomes over a period of five years for the development of effective therapies and diagnostic tests for disease treatment and management. The enactment of favorable government policies would fuel the initiation of these extensive R&D projects in the field of genomics.
This would, in turn, lead to the development of advanced therapies. Besides such helpful government legislations and funding, the burgeoning requirement for personalized medicine is also propelling the advancement of the genomics industry. As each person responds differently to a particular therapy or treatment procedure, healthcare practitioners all over the globe are increasingly focusing on developing personalized medications and treatment procedures. This is subsequently encouraging pharmaceutical and biotech firms to begin research projects aimed at the development of personalized medicine.
Because of such research and development activities, the value of the global genomics market is predicted to rise from $18.2 billion to $68.0 billion from 2019 to 2030. Furthermore, the market is predicted to progress at a CAGR of 12.7% between 2020 and 2030. Based on solution, the market is divided into instruments, services, and consumables. Out of these, the consumables category is predicted to dominate the market in the upcoming years.
This would be a result of the soaring research activities being conducted in the domain of genomics in the APAC countries such as India, Japan, and China and the soaring investments being made by public and private organizations in advancing genomic research in the region. In APAC, China is contributing massively to the growth of the genomics market. For example, the Chinese government started the precision medicine initiative (PMI) in 2016, with an investment of nearly $9 billion.
Hence, it can be said with conviction that the popularity of genomics would surge all over the world in the forthcoming years, primarily because of the rising requirement for advanced therapies and treatment procedures for various chronic diseases and the surging investments being made by the governments of several countries in genomics research.
