Genomics Market by Products & Services (Consumables, Services and Systems & Software), Technology (Sequencing, Polymerase Chain Reaction (PCR), Microarray and Nucleic Acid Extraction & Purification), by Application (Drug Discovery & Development, Diagnostics, Precision Medicine and Agriculture & Animal Research), End Users (Hospitals &Clinics;, Academic and Research Centers & Government Institutions, and Pharmaceuticals & Biotechnological Companies) – Analysis & Forecast 2019-2030
Report ID : 164 | Published Date : May 2020 | Pages : 180 | Region : Global | Report Code : BT-22
Genomics Market Overview and Introduction
The term genomics was first coined in 1986 by Tom Roderick. Genomics is a field of genetics, which includes the study of genes and their functions. Genomics assists in understanding the structure of the genome & its genetic mapping to study intragenomic processes such as biological processes, heterosis, epistasis, peliotrophy, and genomic interactions between loci & alleles, among others. Thereby providing better understanding regarding the genetic makeup of every individuals to gain better insights into understanding potential risks related to diseases, and identification of responsiveness to medicines, and among others.
The genomics market is driven by increasing awareness regarding genes & their functions and its applications in the field of medicine and genome sequencing. Moreover, the growing number of genomic projects also plays a pivotal role in driving growth of the market. However, higher cost of genomic analysis equipment and dearth of skilled personnel for handling the equipment is anticipated to restrain market to a certain extent.
The genomics market is segmented by products & services, technology, application, end-users, and region.
Genomics Market by Products & Services
Based on products & services, the genomics market is segmented into consumables, services, and systems & software. The services segment is expected to grow and hold the largest market share during the forecast period.
Genomics Market by Technology
Based on technology, the genomics market is segmented into sequencing, Polymerase Chain Reaction (PCR), microarray, and nucleic acid extraction & purification. The PCR segment is accounted for the largest share in 2019, owing to the technological advancements, lower cost for genome sequencing and increasing R&D activities in the field of genomics.
Genomics Market by Application
Based on application, the genomics market is segmented into drug discovery & development, diagnostics, precision medicine, and agriculture & animal research and other applications. The diagnostics segment is expected to account for the largest market share during the forecast period. The growth of this segment can be attributed to rising incidences & prevalence of genetic disorders & cancer and significant decrease in costs associated with sequencing.
Genomics Market by End user
Based on end user, the genomics market is segmented into hospitals & clinics, academic & government institutions, clinical research, and pharmaceuticals & biotechnological companies. Research centers and academic & government institutions are anticipated to account for the largest market share owing to increasing government funding for research & development activities globally.
Genomics Market by Region
The genomics market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America held the largest market share in 2019, owing availability of advanced technologies, rising awareness among patients, and increasing government funding for research & development projects. On the other hand, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period owing to the rising awareness regarding genomics and their use in diagnostic procedures. Moreover, rising incidences of infectious & chronic diseases, and increasing R&D activities in the field of genomic studies are anticipated to drive growth of the market during the forecast period.
Genomics Market Prominent Players
Some prominent players in the genomics market include Thermo Fisher Scientific, Inc, QIAGEN N.V., Aligent Technologies, Bio-Rad Laboratories, Illimina, Inc., GE Healthcare, BGI, F. Hoffmann-La Roche Ltd., Oxford Nanopore Technologies, and Danaher Corporation, among others.