DUBLIN–(BUSINESS WIRE)–The “Genomics Market Size, Share, Trends, By Product & Service, By Technology, By Application, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global genomics market size is expected to reach USD 129.34 Billion in 2030 and register a revenue CAGR of 19.0% over the forecast period, according to the latest report.
Companies Mentioned
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- Qiagen N.V.
- Agilent Technologies
- F. Hoffmann-La Roche Ltd.
- Bio-Rad Laboratories Inc.
- Eurofins Scientific
- Oxford Nano-pore Technologies
- BGI
- Danaher Corporation
The rising number of geriatric population and the surging prevalence of chronic diseases are projected to foster demand for genomics-based therapeutics, thereby driving market growth. A number of factors, such as high price of genomics kits, lack of reimbursement policies, and inadequate government funding are expected to hinder the growth of this market.
The increased adoption of personalized medicine is another significant factor impelling the growth of the global genomics market. According to the European Commission, personalized medicine is a medical model that proposes the customization of healthcare, with medical decisions, treatments, practices, and/or products being tailored to the individual patient.
Technological advancements in the field of sequencing are also playing a major role in driving market growth. For instance, Sanger sequencing and next-generation sequencing (NGS) are two technologically advanced methods used for genome sequencing. Sanger sequencing, also known as the dideoxy method, uses DNA polymerase to terminate DNA synthesis at specific incorporated bases. NGS is a more recent development that enables rapid and parallel sequencing of millions of DNA fragments.
Increase in number of government-sponsored genome project and initiatives is one of the important drivers of this market. Technological advancement in next-generation sequencing (NGS), increase in number of collaborations and partnerships among key players, and growth in application areas of genomics are the major factors driving the growth of this market. However, dearth of skilled professionals is restraining the growth of the market.
Some Key Highlights in the Report
- On the basis of technology, the market is classified into sequencing, microarray, PCR, and next-generation sequencing (NGS). Of these technologies, NGS held the largest share of the market in 2020. Factors such as higher data output, lower cost, and shorter turnaround time are responsible for the large share of this technology segment.
- The sequencing application segment is classified into diagnostics, personalized medicine, drug discovery & development, agricultural & animal research, and others (forensic analysis and biosecurity). The diagnostics application held the largest share of the genomics market in 2020. The large share of this segment can be attributed to the increase in number of government-sponsored genome projects and initiatives for developing diagnostic tools for diseases such as cancer and Alzheimer’s disease.
- The genomics market by end user is classified into academic & research institutes, pharmaceutical & biotechnology companies, hospitals & clinics, and others (agriculture & animal research and forensic laboratories). Of these end users, academic & research institutes held the largest share of the market in 2020. The large share of this segment is attributed to the increase in number of genomics-based research activities being carried out in these institutes.
- On the basis of geography, the genomics market is classified into North America, Europe, Asia-Pacific, and LAMEA. Of these regions, North America held the largest share of the market in 2020. The large share of this region can be attributed to the increase in number of government initiatives for promoting genomics research and high adoption of advanced technologies in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
- Genomics market in Asia Pacific is expected to account for largest revenue share in the global market over the forecast period owing to rapid economic development and increasing healthcare expenditure in the region. According to World Bank, health expenditure in China was 5.3% of GDP in 2016 which is expected to grow at a CAGR of around 6% over the next five years. Increasing government initiatives for promotion of genomics research & development and favorable government policies are other major factors expected to support growth of the Asia Pacific genomics market over the forecast period.
For the purpose of this report, the author has segmented global genomics market based on deliverable type, technology, application, end-use, and region:
Product & Services Outlook (Revenue, USD Billion; 2019 – 2030)
- Consumables
- System & Software
- Services
Technology Outlook (Revenue, USD Billion; 2019 – 2030)
- Sequencing
- PCR
- Extraction and Purification of Nucleic Acid
- Microarrays
- Other Technologies
Application Outlook (Revenue, USD Billion; 2019 – 2030)
- Drug Development
- Diagnostics
- Animal and Agriculture Research
- Others
Regional Outlook (Revenue, USD Billion; 2019 – 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/447t4y
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