As per the report published by Fior Markets, 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. The North America region led the global demand for the genomics with a 39.47% share of market revenue in 2018. However, the Asia Pacific region is expected to grow at the fastest CAGR of 15.73% over the forecast period.
“GenomicsMarket by Product and Service (Systems & Software, Consumables, Services, Others), Technology, Application,End User, Regions”,and Global Forecast 2019-2026.
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Major players in the global genomicsmarket 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. India and China have emerged as one of the fastest growing markets for the genomic research and diagnostics. Thus, major companies are increasingly focusing on expanding their footprint in the high growth markets. For instance Neuberg Diagnostics in 2018, launched advanced molecular diagnostics and Genomics testing laboratoryat its Chennai, India division.
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 a 34.59% share of market revenue 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 a 32.87% share of market revenue in 2018. 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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Even though the factors such as growing institutional support for the genomic research projects, significant decrease in the sequencing costs coupled with increasing applications of genomics in the medicine, biotechnology, forensic sector are driving the global genomics market. The high cost of the genomic research equipment and lack of trained technicians are projected to hinder the growth of the market over the forecast period.
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