Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the genomics market during the forecast period.
The report Genomics
Market is projected to reach
USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5%
during the forecast period.
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Market
Segmentation:-
Based on product & service, the Genome Sequencing
Market is segmented into consumables, systems & software, and services. In
2018, the consumables segment accounted for the largest share of this market
majorly due to the repeated use of consumables for genomic experiments and the
increasing number of research programs by academic institutes and non-profit
organizations.
By technology, the Genome Sequencing Market is segmented
into sequencing, microarray, PCR (polymerase chain reaction), nucleic acid
extraction and purification, and other technologies (such as branched DNA
analysis, single-cell genomic analysis, and flow cytometry).
Based on application, the Genome Microarray Market is
segmented into diagnostics, drug discovery and development, personalized
medicine, agriculture and animal research, and other applications (such as
forensics and biofuel research).
Market Drivers: -
1 Rising Government Funding and
Growth in the Number of Genomics Projects
2 Decreasing Sequencing Costs
3 Growing Application Areas of
Genomics
4 Entry of New Players and Start-Ups
in the Genome Microarray Market
Regional Analysis:-
In 2018, North America was the largest regional market for
genomics. The large share of North America in the global genomics market can be
attributed to the increasing research funding and government initiatives for
promoting precision medicine and the use of GM crops in the US. The Asia
Pacific market, on the other hand, is expected to register the highest CAGR
during the forecast period.
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Top
key Players:-
Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US),
QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), Eurofins Scientific
(Germany), BGI (China), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), F.
Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK) are
the key players operating in the genomics market.
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