Genomics Market Current and Projected Market Size and Forecast, 2019 – 2028

Genome is the complete set of genes or gene or genetic material present in a cell or organism. Genomics is the study of genomes and their interaction with the environment. Passed from one generation to another, genes contain the essential instructions for building an organism and determine everything from predisposition to diseases to how some bacteria can survive extreme temperatures.  Scientists and entrepreneurs are exploiting genomic information to improve health, increase productivity in agriculture, forestry and fisheries, and help clean up the environment. Although clinical application of genomic data is at a nascent stage, the healthcare and research community are making attempts for effective integration of genetic information into clinical workflows.  Genetic tests have been developed for more than 2,200 diseases, including certain types of breast cancer.   The rapid advances in genomics over the next few years will undoubtedly build on what has been achieved and have the potential to help to control some of the most intractable diseases of humankind.

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Genomics Market Outlook

The genomics market size is mainly driven by the factors such as the rising government funding, development in the number of genomics projects coupled with the significant changes in disease management processes due to simultaneous advancements in genomics and personalized medicine. Genomics plays an imperative in diagnosis of several genetic disorders. It has an ample scope in personalized medication as it can advocate a medical management developed on the hereditary substance of a person with the assistance of clinical information and AI. Further, declining sequencing costs, increasing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the genomics market. However, the high cost of genomic instruments is one of the major restraints of the market.

Genomics Market Segmental Overview

The report analyses the Genomics Market based on product & service, application, technology, end user and geography.

Genomics Market by Product and Service

Based on product and service, the market is bifurcated into Consumables, Systems & Software and Services.  The consumables segment dominated the overall market in terms of revenue in 2018.  The availability of a various range of reagents and kits coupled with the growth in the adoption of these tests in different application areas. Further, the services segment is anticipated to record the lucrative growth over the forecast period owing to the growing number of genomic services start-ups.

Genomics Market by Technology

By technology, the market is classified into PCR, Sequencing, Microarray, Nucleic Acid Extraction and Purification and Other Technologies. Polymerase Chain Reaction (PCR) technology is expected to hold the significant revenue share of the market over the forecast period owing to the technological advancements resulting in the development of superior techniques such as Real Time PCR that offers better results will augment the segment growth.

Genomics Market by Application

The market finds application in diagnostics, drug discovery and development, precision medicine, agriculture & animal research among other applications. Genomics finds the major application in diagnostics owing to the rising research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing.

Genomics Market by End User

On the basis of end user, the market is categorized into research centers and academic & government institutes, hospitals & clinics, pharmaceutical & biotechnology companies and others. The research centers and academic & government institutes segment accounted for the significant revenue share of the market attributed to the increase in research intensity in this end-user segment and the rising funding for research.

Genomics Market by Geography

Geographically, the global Genomics Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (ROW)

North America accounted for the largest share of the Genomics Market in 2018 followed by Europe and Asia Pacific. The dominance of the North America region is attributed to the generous investments and funding available for research in this field existing well-established healthcare system, such as the accessibility of ample funds and the existence of a huge number of industries actively participating in research in the molecular biology field.

European Genomics Market is the second highest revenue generator, owing to well-penetrated healthcare system, huge implementations by the European Union to support research in the genomics field, favourable regulatory policies. Moreover, Asia-Pacific region is observing robust growth in the market owing to the presence of developing nations such as China and India coupled with the rising awareness and accessibility to advanced molecular diagnostic services, presence of large patient pool and developing healthcare infrastructure will further augment region growth.

Genomics Market Key Players

Some of the major players operating in this market Thermo Fisher Scientific, Inc., Illumina, Inc., QIAGEN N.V., Agilent Technologies, Inc., Eurofins Scientific, BGI, GE Healthcare , Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd. , Oxford Nanopore Technologies among others.

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