Genomics Market Size is Projected to Reach USD 115.6 Billion by 2026 - Valuates Reports
BANGALORE, India, Aug. 6, 2020 /PRNewswire/ -- Factors such as increased government funding and growth in the number of genomics initiatives, decreased sequencing costs, expanded genomics application areas, and the entry of new players and start-ups into the genomics sector drive market growth.
The global Genomics market size was valued at USD 13.4 Billion in 2019 and is projected to reach USD 27.8 Billion by 2026, at a CAGR of 11%.
This study predicts revenue growth at the global, regional, and national levels and analyses the emerging market developments and opportunities in each sub-segments. Furthermore,this study profiles leading industry players in the market and extensively analyses their tactics, which helps recognize the competitive landscape of the global genomics sector.
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TRENDS INFLUENCING THE GENOMICS MARKET SIZE
The rise in preference for modified medicine and the popularization of alliances between research institutes and companies are expected to drive the growth of genomics market size during the forecast period.
Liquid biopsy solutions identify cancer-causing DNA mutations that enable early cancer detection. Several companies have begun to use genomics to develop DNA liquid biopsy tests to detect cancer early on. This, in turn, is expected to increase the genomics market size during the forecast period.
The continuous developments in genomics have drawn interest from military organizations, resulting in a dramatic rise in the use of genetic engineering in their healthcare systems. This growing adoption of genomics from the various sector is expected to fuel the growth of Genomics Market size during the forecast period.
Medicine and biomedical sciences are now witnessing a radical shift driven by the breakthrough in genomics. Increasing demand for customized medicines will push the growth for genomics market size during the forecast period.
Furthermore, rising investments from both government and private entities towards genetic research on personalized medicines are expected to increase the genomics market size.
GENOMICS MARKET SHARE ANALYSIS
Based on the Type, the Consumables segment accounted for the largest market share in 2018, while the services segment is expected to show the highest growth over the forecast period. The strong growth in the services segment is due to the growing number of start-ups in genomic services.
Based on the region, North America is expected to hold the largest genomics market share in 2018. The dominance of North America is attributed to the growing funding for research and government initiatives.
Asia Pacific is expected to witness the highest growth rate during the forecast period. The significant growth in this area is due to an increased understanding of genomics and the the government increased emphasis on promoting genomics research.
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GENOMICS MARKET SEGMENTATION
Genomics Breakdown Data by Type
Genomics Breakdown Data by Application
- Research Institutes
- Illumina Inc
- Agilent Technologies
- Roche Diagnostics
- Cancer Genetics Inc
- Bio-Rad Laboratories
- Sigma Aldrich
- Perkin Elmer
- GE Healthcare
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