Genomics Market to Progress at a Healthy CAGR in Coming Years
The major factors driving the growth of this 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.
[194 Pages Report]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.
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The next generation sequencing sub segment accounted for the largest share of the sequencing technology segment in the genomics market in 2019.
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.
The hospitals and clinics segment accounted for the largest share of the end user segment in the genomics market in 2019.
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.
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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).