Fior Markets launched a study titled “Genomics Market by Product and Service (Systems & Software, Consumables, Services, Others), Technology, Application,End User, Regions”,and Global Forecast 2019-2026.
The global genomics market is expected to grow from USD 17.67 Billion in 2018 to USD 48.11 Billion by 2026, at a CAGR of 13.34% during the forecast period from 2019-2026. Rising institutional support for the genomic research, considerable decrease in the sequencing costs coupled with emergence of new start-ups dealing in genomic research are propelling the global genomics market.
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The consumables segment had a market value of USD 6.11 billion in 2018
The product and services segment is divided into consumables, systems & software, services, and others. Due to rising utilization of consumables in the genomic research experiments, and growth in genomic research activities, the consumables segment led the global genomics market with USD 6.11 billion revenue in 2018.
The PCR segment had a market value of USD 5.81 billion in 2018
Technology segment is categorized into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. Based on the factors such as technological advancement in the field of genomics and cost effectiveness of DNA amplification using PCR, the PCR technology dominated the genomics market with USD 5.81 billion revenue in 2018.
Diagnostics segment is anticipated to grow at a CAGR of 15.21% in 2019-2026
Application segment is fragmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and others. The diagnostics segment is anticipated to grow at the fastest CAGR of 15.21% over the forecast period. This increased market share can be attributed to the growing research activities on the genetic and oncological diseases coupled with significant decrease in the cost of sequencing.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region is home to world class genomic research facilities. Increase in government support for the genomic research was the primary factor propelling the North America region lead the global genomics market with USD 6.97 billion revenue in 2018. On the other hand the Asia Pacific region is anticipated to grow at an accelerated CAGR of 15.73% over the forecast period. This increased growth rate can be credited to the rising adoption of biomarkers for diagnostics purposes.
Major players in the global genomics market are 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, BGI, Danaher Corporation, Eppendorf, Pacific Biosciences, Foundation Medicine, Inc., Myriad Genetics, Inc. AstraZeneca, and among others.
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