The rising demand for precision medicine, given the aging population and increased life-threatening disease diagnoses, is boosting the demand for genomics. The industry’s growth is driven by rapid technological advancements, such as Polymerase Chain Reaction (PCR), Sanger Sequencing and Next-generation Sequencing (NGS), development in non-invasive cancer screening-based research, and the growing need for rapid clinical diagnosis.
According to a report by Reports and Data, the global genomics market is projected to reach $128.75 billion by 2030, growing at a CAGR of 19%. The growing investments in R&D activities of genomics by the government and various biopharmaceutical companies should fuel the market’s revenue growth. However, due to the ongoing macro headwinds, the genomics stocks were hard hit due to the steep selloff. The recent market downturn further provides an excellent opportunity for long-term investors to add fundamentally sound stocks to their portfolios at a discount.
