Number of pages: 120 | Report Format: PDF | Published date: February 01, 2021
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
Report Attribute |
Details |
Revenue Forecast in 2031 |
US$ 84.57 billion |
Market Size Value in 2020 |
US$ 21.40 billion |
Growth Rate |
CAGR of 13.3% from 2021 to 2031 |
Base Year for Estimation |
2020 |
Forecast Period |
2021-2031 |
Segments Covered |
Products & Services, Technology, Application, End Users |
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global genomics market was pegged at US$ 21.40 billion in 2020 and is expected to register a revenue CAGR of 13.3% to reach US$ 84.57 billion by 2031.
Genomics Market Fundamentals
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 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 and evidence-based approaches for demonstrating clinical efficacy and 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.
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Genomics Market Dynamics
The global genomics market revenue is driven by the increasing genomic research studies as well as rising government funding. Moreover, technological advancements, new product launches, and decreasing the cost of sequencing are also boosting the genomics market revenue growth. However, the high cost of genomic systems and the dearth of skilled professionals are some of the factors that are likely to hinder market revenue growth to a certain extent.
Genomics Market Ecosystem
The global genomics market has been analyzed from five perspectives: products & services, technology, application, end-user, and region.
Genomics Market by Products & Services
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Based on products & services, the genomics market is segmented into systems & software, consumables, and services.
The services segment is expected to register a higher revenue CAGR during the forecast period. The significant revenue share of this segment is attributed to the growing demand for early disease diagnostics along with the increasing use of PCR and NGS technologies in disease diagnosis. Moreover, an increasing number of genomics services providing start-ups are also expected to contribute to the segment’s revenue growth.
Genomics Market by Technology
Based on technology, the market is segmented into polymerase chain reaction (PCR), nucleic acid extraction & purification, microarray, and other technologies.
The polymerase chain reaction segment dominates the genomics market in terms of revenue share. 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 revenue of this segment.
Genomics Market by Application
Based on application, the market is segmented into drug discovery & development, diagnostics, agriculture & animal research, precision medicine, and other applications.
The diagnostics segment dominates the genomics market and is expected to rise significantly in terms of revenue share during the forecast period. Factors such as the rising prevalence of genetic disorders, the decreasing cost of sequencing, and the rising use of genomic tests for disease diagnosis are contributing to the segment’s revenue growth.
Genomics Market by End User
Based on end-user, the market is segmented into research centers & academic institutes, pharmaceutical & biotechnology companies, hospitals & clinics, and other end users.
The research centers & academic institutes segment accounts for the largest revenue 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
Based on region, the global genomics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America accounts for the largest revenue share of the global genomics market. Rising research activities coupled with rising public and private funding for research studies are propelling the market revenue 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 revenue 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.
Genomics Market Competitive Landscape
The prominent players operating in the global genomics market include:
Strategic Developments in Genomics Market
The global genomics market was valued at US$ 21.40 billion in 2020.
The genomics market is expected to reach US$ 84.57 billion by 2031.
The global genomics market is driven by increasing genomic research studies as well as rising government funding.
Thermo Fisher Scientific Inc, Illumina, Inc, Qiagen, Bayer AG, and Agilent Technologies, Inc are among the prominent players operating in the global genomics market.
The expected revenue CAGR of the global genomics market is 13.3% during the forecast period 2021-2031.
North America accounts for the largest revenue share in the global genomics market.
*Insights on financial performance is subject to availability of information in the public domain