The global Genomics Market Size is expected to reach US$ 72.13 billion by 2030 from USD 20.06 billion in 2020 and is expected to grow at an impressive double-digit rate of 13.65% from 2021 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global Genomics Market for the period 2016-2030, wherein 2021 to 2030 is the forecast period and 2020 is considered as the base year.
Why should you invest in this report?
If you are aiming to enter the global Genomics Market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Genomics are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Growth Factors
Market growth is driven by factors such as growing government funding and growth in the number of genomics projects, decreasing sequencing costs, increasing genomics application areas, and the entry of new players and start-ups into the genomics business. However the high cost of genomic equipment in the coming years may, to a certain degree, restrict market development. The key tool for the creation of successful therapies is genomic research, a primary reason why many government agencies are investing in a genome project.
Traditional techniques of genome editing are time-consuming, costly, and labor-intensive and have a limited ability to keep pace with the age of rapidly advancing genome modification. However, by enabling quick and accurate genome editing, the advent of CRISPR/Cas9 nuclease, ZFN, and TALEN is intended to overcome these challenges. Clinical healthcare is considered a pathway for U.S. citizens to adopt new sequencing technologies. This trend is powered by giants in healthcare concentrating on delivering medical genomics through the delivery of clinical patient care. Also through the detection of underlying mutations in an organism, newly developed gene-editing technologies can monitor and potentially cure specific diseases. During the forecast era, the rise in preference for modified medicine and the popularization of alliances between research institutes and businesses are expected to drive the growth in the market size of genomics.
Military organizations have drawn attention from continuous advances in genomics, culminating in a significant increase in the use of genetic engineering in their healthcare systems. During the forecast period, this increasing adoption of genomics from different sectors is expected to drive the growth of the size of the Genomics Market. In addition, growing investment by both public and private organizations in genetic research on personalized medicines is projected to increase the size of the genomics industry.
Report Highlights
- North America to account for the highest share of the genomics market during the forecast period
- The consumables segment dominated the genomics market, by product & service, in 2019
- The PCR segment accounted for the largest share of the genomics market, by technology, in 2019
- Diagnostics forms the largest and fastest-growing application segment in the genomics market
- Rising research intensity to boost the usage of genomic systems among academic & government institutes
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Key Players & Strategies
The Genomics industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. In the wake of same, the industry players invest prominently in the market to develop new and advanced products. The companies are likely to witness a lucrative growth owing to the rising demand of its sequencers and consumable amid the COVID-19 pandemic. In terms of sales, Illumina Inc. held a leading position in the current market due to its diversified product portfolio, prominent position in sequencing and geographical presence. Illumina Inc. reported in November 2018 the acquisition of Pacific Bioscience, which is expected to increase the overall share of the organization as well as improve its market position during the forecast period.
Some of the significant players in the genomics market include:
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- Oxford Nanopore Technologies
- QIAGEN N.V.
- BGI
- Eurofins Scientific
- GE Healthcare
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Hoffmann-La Roche Ltd.
- Others
Major Market Segments Covered:
By Product and Services
- Consumables
- Systems and software
- Services Equipment
By Technology
- PCR (polymerase chain reaction)
- Sequencing
- Microarray
- Nucleic acid extraction and purification
- Other technologies (branched DNA analysis, single-cell genomics analysis, and flow cytometry)
By Application
- Drug discovery and development
- Diagnostics
- Precision medicine
- Agriculture and animal research
- Other applications
By End-Users
- Hospitals & clinics
- Research centers and academic & government institutes
- Pharmaceutical & biotechnology companies
- Other end users
Regional Analysis:
The geographical analysis of the global Genomics Market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global Genomics Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Regional Snapshots
In 2018, North America accounted for the greatest share of the genomics market. The increase in research funding and government programs in genomics is due to the large share of North America. On the other hand, the Asia Pacific market is projected to report the highest CAGR during the forecast era. Owing to growing acceptance and understanding of the new genomics technologies in the developing countries of this region, Asia Pacific is expected to see the highest growth rate. The substantial growth in this field is due to an increased awareness of genomics and increased focus by the government on supporting research into genomics. Initiatives such as the launch of the Precision Medicine Initiative (PMI) for the use of genomics in healthcare in 2017 have played a key role in China's regional market development.
Key Questions Answered by the Report:
- What will be the size of the global Genomics Market in 2030?
- What is the expected CAGR for the Genomics Market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global Genomics Market?
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