The global genomics market was valued at USD 27.75 billion in 2023 and is expected to grow to USD 30.75 billion in 2024, reaching USD 80.17 billion by 2032, with a CAGR of 12.7% during the forecast period.
Genomics has demonstrated its potential in disease prevention, management, and treatment, driving a shift in healthcare from traditional methods to precision medicine. Over recent years, its exceptional clinical applications have accelerated this transition. Whole genome sequencing has become a vital tool in diagnosing critical diseases like cancer. For instance, the National Cancer Institute predicts that by 2040, there will be 29.5 million new cancer cases annually, with 16.4 million cancer-related deaths. The growing need for DNA storage, sequencing, and analysis has spurred the development of innovative products and software, significantly boosting the genomics market.
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In January 2024, Gencove and Ferris Genomics announced a strategic collaboration to deliver end-to-end genomics sequencing services. This partnership is expected to enhance the accessibility and efficiency of genetic sequencing for research and clinical applications, marking a significant step forward in the genomics market.