Genomics Market is Owing to Rising Research Activities and Increasing Advent of Precision Medicine | Anticipated to Witness a CAGR of 13.7%

The Global Genomics Market report provides market share and revenue for various instruments, accessories and services used in the genomics arena. The global genomics market is estimated to reach USD 37,395.45 million by 2025 from USD 13,984.97 in 2017 at a CAGR of 13.7% between 2018 and 2025 by a new study published by Global Market Forecasts

The genomics market has been witnessing a significant growth rate over the past few years and is anticipated to grow at a double-digit growth rate in the coming years. This high growth rate can be attributed to government initiatives & funding programs, rising biotechnology industry, increasing investments in genomics, growing awareness on personalized medicine, rise in number of research activities in developing countries, and decreasing costs of sequencing. Limited barriers for the entry of new players and increasing demand for analysis of sequenced genome are expected to offer significant growth opportunities to new players in this market. Furthermore, emergence of start-up companies and acquisitions by key players to strengthen their market position are likely to be key trends in the coming years.

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The global genomics market has been categorized based on the product, process, technology, application, and end user. The market based on the product can be segmented into instruments, consumables, and services. In 2017, the consumables segment held the largest share owing to their repeated usage and lower cost. However, services segment is anticipated to witness the fastest growth rate during the forecast period, 2018-2025.

Based on the process, the market can be segmented into library preparation, sequencing, and data analysis. The sequencing segment held the largest share of the market, in 2017. The genomics market based on the technology can be categorized as PCR, sequencing, microarray, nucleic acid purification & extraction, and other technologies. The PCR segment contributed to the largest share of market, by technology in 2017. The market based on the application can be segmented as diagnostics, drug discovery & development, precision medicine, agriculture & research and other applications. In 2017, the diagnostics segment held the largest of the market. In addition, the segment is also anticipated to witness a highest growth rate of 14.9% during the forecast period.

The global genomics market based on the region can be segmented as, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2017, North America contributed to the largest share of the market owing rise in research activities in the US, increasing number of collaborations between academic institutes & manufacturers for new applications and growing adoption of personalized medicine. However, Asia Pacific is anticipated to witness fastest growth rate attributing to emergence of start-up companies particularly in India & China, growing biotechnology industry, and increasing focus of key players in the genomics market to expand their geographic presence in the Asia Pacific countries.

Genomics market is highly fragmented with presence of large and small players. No key player in the market contributes to more than 25% market share in the global genomics market. This can be primarily attributed to limited regulations for the manufacture of consumables used in genomics and increasing demand for genomic services. Some of the key players operating in the genomics market include Agilent Technologies, Illumina, Thermo Fisher Scientific, Qiagen, Eurofins Scientific, F. Hoffmann-La Roche, GE Healthcare, Bio-Rad Laboratories, Oxford Nanopore Technologies, BGI, Danaher, and Pacific Biosciences of California, among others. These players are involved in various strategic initiatives such as, new product/service launches, partnerships, geographic expansions, distribution agreements, collaborations, and acquisitions.

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