Global Genomics Market Is Expected To Foresee Significant Growth During The Forecast Period. North America To Witness The Highest Growth
Global Genomics Market is expected to reach the market valuation of USD 57,237.1 million by 2027 expanding at a reasonable CAGR of 15.1% during the forecast period (2021-2027) from USD 21,312.6 million in 2020. Genomics is a vast field of science involving many different disciplines with the focus on fully understanding how an organism’s DNA works (its structure, function(s), and how they are mapped) and can eventually be modified.
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The various factors driving the genomics market include the increasing cancer incidence and reduced sequencing costs and genomics application in varied segments. Furthermore, the rising government funding and initiatives in the genomic projects are also anticipated to drive the market. However, the high level of complexity and uncertainty and unclear return on investment (ROI) for precision medicine are expected to hinder the growth of the genomics market.
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Whole-genome sequencing with global data exchange has been unprecedented and crucial in guiding the public health response during the pandemic. Over the last decade, advances in genomic capability have resulted in major increases in the speed and accuracy of whole-genome sequencing (WGS). WGS is expected to contribute significantly to scientific understanding and public health response to the Coronavirus disease 2019 (COVID-19) pandemic in real-time, in a way that was not possible during the SARS epidemic (2003) or the H1N1 influenza pandemic (2009). In March 2020, the COVID-19 Genomics UK Consortium (COG-UK) was formed to provide large-scale and rapid WGS for SARS-CoV-2 across the United Kingdom.
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Based on product/services, the market is fragmented into consumables, systems, and software and services. The consumables segment dominated the market in 2020 and generated total revenue of USD 11,495.7 million. It is anticipated to maintain its dominance during the forecast period. However, the systems & software segment is expected to witness the highest CAGR during the forecast period.
Based on technology, the market is fragmented into sequencing, polymerase chain reaction (PCR), nucleic acid extraction and purification, microarray, and others. The sequencing segment dominated the market in 2020 and generated total revenue of USD 8,388.6 million. It is anticipated to maintain its dominance during the forecast period owing to the rapidly dropping sequencing costs and the ability to produce large volumes of data with today’s sequencers. However, the polymerase chain reaction segment is expected to witness the highest CAGR during the forecast period.
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The various application wherein Genomics is utilized includes diagnostics, drug discovery and development, personalized medicine, agriculture & animal research, and others. In 2020, the diagnostics segment accounted for a maximum market revenue share of 32.1% and is expected to remain dominant during the analyzed period. However, the personalized medicine segment is anticipated to grow at the highest CAGR over the forecast period and reach a market evaluation of USD 11,001.3 million.
Based on end-user, the market is fragmented into pharmaceutical & biotechnology companies, hospitals & clinics, academic & government institutes, clinical research, and others. The pharmaceutical & biotechnology companies segment dominated the market in 2020 and generated total revenue of USD 12,991.7 million. It is anticipated to maintain its dominance during the forecast period. However, the hospitals & clinics segment is expected to witness the highest CAGR during the analyzed period.
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Additionally, the report provides detailed initiatives that are being taken in the field of Genomics. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD 8,982.8 million in 2020 owing to the increasing cancer incidence and higher government-funded initiatives. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of 16.51% during the forecast period.
Agilent Technologies, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche, Illumina, Myriad Genetics, Oxford Nanopore Technologies, QIAGEN N.V., Thermo Fisher Scientific, and BGI Genomics are some of the prominent players operating in the global Genomics market. Several M&As along with partnerships have been undertaken by these players to develop Genomics.
Global Genomics Market Segmentation
Market Insight, by Product/Services
- Systems and Software
Market Insight, by Technology
- Polymerase Chain Reaction (PCR)
- Nucleic Acid Extraction and Purification
Market Insight, by Application
- Drug Discovery and Development
- Personalized Medicine
- Agriculture & Animal Research
Market Insight, by End-User
- Pharmaceutical & Biotechnology Companies
- Hospitals & Clinics
- Academic & Government Institutes
- Clinical Research
Market Insight, by Region
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Agilent Technologies
- Bio-Rad Laboratories
- Danaher Corporation
- F. Hoffmann-La Roche
- Illumina, Inc.
- Myriad Genetics
- Oxford Nanopore Technologies
- QIAGEN N.V.
- Thermo Fisher Scientific
- BGI Genomics