Number of pages: 120 | Report Format: PDF | Published date: 01 February, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global genomics market was pegged at US$ 21.40 billion in 2020 and is expected to witness a CAGR of 13.3% during the forecast period.
Genomics is the study of genes, their structure, function as well as their interactions with other genes. A major part of genomics is focused on determining the sequence of molecules that make up the deoxyribonucleic acid (DNA) content of a person or organism. In the field of genomics, a combination of recombinant DNA, DNA sequencing techniques, and bioinformatics is used to analyze the structure and function of genes.
Gene sequences are generally determined using automatic sequencing machines. Genome-based research enables researchers to develop better diagnostics, evidence-based approaches for demonstrating clinical efficacy, effective therapeutic strategies, and in turn, acts as a better decision-making tool for patients as well as providers. Genomics has applications in several fields including biotechnology, medicine, anthropology, and others.
The global genomics market is mainly driven by increasing genomic research studies as well as rising government fundings. Moreover, technological advancements, new product launches, and decreasing the cost of sequencing are also playing a pivotal role to boost the genomics market growth. However, the high cost of genomic systems and the dearth of skilled professionals are some of the factors that are likely to hinder the market growth to a certain extent.
The global genomics market has been analyzed from five perspectives: Products & Services, Technology, Application, End-User, and Region.
Genomics Market by Products & Services
Based on products & services, the genomics market has been segmented into systems & software, consumables, and services. The services segment is expected to grow at a higher CAGR during the forecast period. The largest share of this segment can be attributed to the growing demand for early disease diagnostics along with the increasing use of PCR and NGS technologies in disediagnosisstic. Moreover, an increasing number of genomics services providing start-ups are also anticipated to contribute to the segmental growth.
Genomics Market by Technology
Based on technology, the market has been segmented into polymerase chain reaction (PCR), nucleic acid extraction & purification, microarray, and other technologies. The polymerase chain reaction segment dominated the genomics market in 2020. Increasing genomics research studies involving PCR, greater usage of PCR for COVID-19 diagnosis, and new product launches are some of the factors driving the growth of this segment.
Genomics Market by Application
Based on application, the market has been segmented into drug discovery & development, diagnostics, agriculture & animal research, precision medicine, and other applications. The diagnostics segment dominated the genomics market and is also anticipated to be the fastest-growing segment during the projected period. Factors such as the rising prevalence of genetic disorders, decreasing cost for sequencing, and rising use of genomic tests for disease diagnosis are contributing to the segment growth.
Genomics Market by End User
Based on end-user, the market has been segmented into research centers & academic institutes, pharmaceutical & biotechnology companies, hospitals & clinics, and other end users. Research centers & academic institutes segment held the largest market share in the end-user segment owing to increasing research studies in the field of genomics and greater private-public funding.
Genomics Market by Region
Regionally, the global genomics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of the global genomics market in 2020. Rising research activities coupled with rising public and private funding for research studies are playing a crucial role in propelling the market growth in this region. Moreover, new product launches and increasing initiatives by companies in the regions for the development of advanced genomic systems are also contributing to the growth of the market in this region. For instance, in July 2020, Bio-Rad Laboratories, Inc. launched CFX Opus 96 and CFX Opus 384 Real-Time PCR Systems. These systems are next-generation systems of the company's CFX Real-Time PCR Systems that can be used for research & genomic testing, infectious disease testing, and pathogen detection.
Some of the prominent players operating in the global genomics market includes:-