“Genomics market is projected to grow at a CAGR of 13.5% during the forecast period”
The global genomics market is projected to reach USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5% during the forecast period. Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing 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 equipment is one of the major factors restraining the growth of this market.
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“The services segment is projected to grow at the highest CAGR during the forecast period”
Based on product & service, the genomics market is segmented into consumables, systems & software, and services. During the forecast period, the services segment is expected to grow at the highest CAGR majorly due to the increasing awareness of genomics and the reducing cost of DNA sequencing.
“Diagnostic applications to grow at the highest CAGR during the forecast period”
Based on application, the genomics market is segmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and other applications. During the forecast period, the diagnostic applications segment is projected to grow at the highest CAGR majorly due to the increasing awareness of genomics among patients and the improving efficiency of genomic sequencing in the diagnosis of diseases.
“In the end-user market, the hospitals and clinics segment is estimated to witness the highest growth during the forecast period”
Based on end user, the genomics market is segmented into research centers and academic & government institutes, hospitals and clinics, pharmaceutical and biotechnology companies, and other end users. During the forecast period, the hospitals and clinics segment is estimated to grow at the highest CAGR owing to the growing availability of genetic tests and pharmacogenomics and the rising emphasis on providing personalized medicine in hospitals.
“Growing investments and favorable government initiatives for genomics research to offer growth opportunities in North America during the forecast period”
During the forecast period, the North American market is estimated to witness high growth owing to factors such as the implementation of favorable initiatives by governments in the US and Canada and rising investments in the pharmaceutical, biotechnology, medical, and academic research sectors in these countries.
Breakdown of supply-side primary interviews:
- By Company Type – Tier I: 55%, Tier II: 25%, and Tier III: 20%
- By Designation – C-level: 43%, Director-level: 32%, and Others: 25%
- By Region – North America: 38%, Europe: 23%, Asia Pacific: 29%, and RoW: 10%
QIAGEN (Netherlands), Thermo Fisher Scientific (US), Bio-Rad Laboratories (US), Agilent Technologies (US), Illumina (US), Pacific Biosciences of California (US), Eurofins Scientific (Germany), BGI (China), GE Healthcare (UK), F. Hoffmann-La Roche (Switzerland), Oxford Nanopore Technologies (UK), and Eppendorf (Germany) are the major players operating in this market.
- This report studies the genomics market based on product and service, application, end user, and region. It also includes an analysis of factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders.
- Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key benefits of buying the report
- This report focuses on various levels of analysis industry trends, the market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the genomics market, and high-growth regions and their drivers, restraints, challenges, and opportunities.
- The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.