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Global Genomics Market Report 2020-2027: Increasing Demand for Personalized Medicine & Rising Application of Genomics in Drug Discovery and Development

Dublin, Nov. 24, 2020 (GLOBE NEWSWIRE) — The “Genomics Global Market – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering. The genomics global market is expected to reach $31,835.9 million by 2027 growing at a mid single-digit CAGR from 2020 to 2027The factors driving the genomics market are demand for early disease detection, diagnosis, and treatment, rising government and private funding, reduced cost of genomics test and favorable reimbursement, increasing demand for personalized medicine, increasing application of genomics in drug discovery & development and technological advancements. Whereas, factors restraining the market growth are high cost of instruments and special research materials, analytical validity of the result, lack of standardization, complexity, lack of skilled professionals, and factors such as stringent and time-consuming regulatory guidelines, data security and regulatory issues, large data management issues are threats to market growth.The Genomics Service market is segmented into NGS Services, PCR Services, Microarray Services, and other services. Among these, NGS Services is largest and fastest growing segment in 2020 and are expected to grow at high single digit CAGR from 2020 to 2027 due to increasing adoption of NGS based tests over other tools, reduced cost of NGS based tests, and favorable reimbursement facility for gene testing.Based on application, the market is segmented into diagnostics, drug discovery & development, plant genomics, and other applications. Among these, the diagnostics is largest & fastest growing segment and is expected to grow at high single digit CAGR from 2020 to 2027. This
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