The major factors driving the growth of Genomics Market include
the increasing government funding to support genomics projects, the growing
incidence of cancer and increasing applications of NGS in cancer research, the
entry of new players and start-ups in the genomics market, and the growing
application areas of genomics.
The global Genomics Market is projected to reach USD 54.4 billion by 2025 from USD 22.7
billion in 2020, at a CAGR of 19.0% during the forecast period.
The use of personalized medicine therapy is on the rise as it offers cost savings, patient compliance, drug safety, early detection of diseases, and optimization of therapies. The advent of DNA and gene microarray technologies has revolutionized the field of personalized medicine, making it possible to understand the expression of all genes in the human genome in a single experiment.
Market
Segmentation: -
Based on technology, the genomics market is
segmented into sequencing technologies, PCR, nucleic acid extraction and
purification, microarrays, and other technologies. The sequencing segment is
further sub segmented into next-generation sequencing (NGS) and other
sequencing technologies. In 2019 the next-generation sequencing technology
accounted for the largest share of the genomics market. The advantages
associated with NGS such as ultra-high-throughput, scalability, and high speed,
enable researchers to perform a wide variety of applications, including animal
breeding, agriculture, and human genomics. This is one of the major drivers of
this segment.
Based on end users, the genomics market is
segmented into hospitals & clinics, research centers and academic &
government institutes, pharmaceutical & biotechnology companies, and other
end users. In 2019, the hospitals & clinics segment accounted for the largest
share of the market. Hospitals & clinics are shifting from traditional
genomic testing methods to cost-effective and more sensitive methods, such as
whole-exome sequencing, which is a major factor driving the market growth.
Market
Drivers: –
1 Rising Government Funding and Growth in the Number of Genomics Projects
2 Growing incidence of cancer and
increasing applications of next-generation sequencing in cancer research
3
Growing Application Areas of Genomics
4 Entry of New Players and Start-Ups in the Genomics Market
Regional
Analysis: -
In 2019, the Asia Pacific region accented for
the fastest growing region of the genomics market. It is also estimated to grow
at the highest CAGR in the genomics market during the forecast period, mainly
due to favorable government support for genomics projects, increasing awareness
about newer genomics technologies such as NGS, and expansions of key players to
strengthen their presence in the APAC region.
Top
key Players: -
Some
of the leading players operating in the genomics market are Illumina, Inc.
(US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), Agilent
Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad
Laboratories, Inc. (US), and BGI (China).