The global genomics market is
estimated to reach USD 22.1 billion by 2020, growing at an expected CAGR of
10.3% from 2014 to 2020. Genomics is a subunit of biology that is concerned
with the study of genes and its functions and brings together the function and
structure of genomes. Genomics is applied in several fields such as
biotechnology, genomic medicine, anthropology, and various other social
sciences. It consists of functional genomics, comparative genomics,
pharmacogenomics, structural genomics, and epigenomics.
The global genomics market has
undergone an increase in its market potential due to technological
developments. Adding to it, factors including growing prevalence of fetal
disorders such as diabetes and cancer, an increase in partial or full compensation
by the government of certain countries add to the market’s growth across the
globe.
In 2013, genomics-based
diagnostics held the largest share of market revenue at over 35% on account of
the occurrence of a considerably larger number of research & development
initiatives. However, genomics-based personalized medicine segment is projected
to have the highest growth rate, at an anticipated CAGR of over 12%, from 2014
to 2020. The high growth rate of the segment is on account of the growing demand
for population-based therapeutic solutions and consequent increase in R&D
initiatives.
In depth research report on Genomics Market
·
Consumable led the global
genomics market share at over 50% in 2013. This is on account of rising
adoption rate of genomic testing for several applications, particularly in the
field of drug development and discovery. The consumables segment is also
expected to lead the market with the fastest growth rate over the forecast
period owing to increasing applications and reduced costs of consumables.
·
In 2013, PCR technology had the
largest market share of over 45% owing to technological developments and
involvement of government policies about funding of research & development.
Nucleic acid extraction and purification technology are expected to witness the
highest growth rate, at a projected CAGR of 10.1%, from 2014 to 2020 on account
of developing technologies for genome profiling and growing methods for new
diagnostics tools and techniques.
·
North America was the major
regional market, generating over 35% of the total revenue of the global
genomics market. This was on account of various reasons such as high patient
awareness levels, the presence of sophisticated infrastructure of healthcare.
Asia Pacific is likely to be the highest growing region, at a projected CAGR of
12.7% over the next six years. The presence of large unmet medical needs and
the increasing demand for economical clinical outsourcing in the emerging nations
of China and India is anticipated to drive the high growth rate.
·
The major market players
include Agilent Technologies, Bio-Rad Laboratories Inc., Illumina Inc., Roche
Diagnostics, Cepheid, Affymetrix, Inc., BGI, GE Healthcare, Qiagen, and Life
Technologies.
Grand View Research has
segmented the genomics market on the basis of product, application, technology
and region:
Genomics Product Outlook
·
Instruments
·
Consumables
·
Services
Genomics Application Outlook
·
Diagnostics
·
Personalized Medicines
·
Drug Discovery and Development
·
Academic Research
·
Agriculture
Genomics Technology Outlook
·
PCR
·
DNA Sequencing
·
DNA Microarray
·
Nucleic Acid Extraction and
Purification
Genomics Regional Outlook
·
North America
·
Europe
·
Asia Pacific
·
RoW
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