The global genomics market is projected to reach USD 54.4 billion by 2025 from USD 22.7 billion in 2020, at a CAGR of 19.0% during the forecast period. The major factors driving the growth of this market include the increasing government funding to support genomics projects, the growing incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups in the genomics market, and the growing application areas of genomics.
“By product segment, the consumables accounted for the fastest growing segment of the genomics market”
Based on product & service, the genomics market is segmented into consumables, systems & software, and services. In 2019, consumables accounted for the fastest growing segment of the genomics market during the forecast period. Consumables are used in large numbers in genomic systems, and their use will continue to increase with the growing number of genomic tests performed across the globe. This is a key factor driving the market growth.
“By application, the drug discovery and development segment accounted for the largest share of the genomics market”
Based on application, the genomics market is segmented into drug discovery and development, diagnostics, agriculture and animal research, and other applications. Drug discovery and development accounted for the largest application segment in the genomics market in 2019. The large share of this segment can be attributed to the increasing research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing.
“Asia Pacific: The fastest-growing region in the genomics market.”
The genomics market in the Asia Pacific is projected to register the highest growth during the forecast period, mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, and expansions of key players to strengthen their presence in the APAC region.
“North America: the largest share of the genomics market”
North America accounted for the largest share of the genomics market. Increasing government initiatives for promoting precision medicine, adoption of several strategies by key players to provide efficient genomics solutions in this region, and the presence of prominent players are the major drivers of the North American market.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Respondent– Supply Side- 80%, Demand Side-20%
- By Designation? CXOs - 20%, Executives - 25%, Mangers - 55%
- By Region? North America - 30%, Europe - 20%, APAC – 40%, RoW- 10%
The genomics market is dominated by a few globally established players such as Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), Bio-Rad Laboratories, Inc. (US), F. Hoffman-La Roche (Switzerland), BGI (China), Eurofins Scientific (Germany), Oxford Nanopore Technologies (UK), Danaher Corporation (US), Merck KGaA (Germany), Eppendorf AG (Germany), Promega Corporation (US), Creative Biogene (US), New England Biolabs (US), Source BioScience (UK), Bionano Genomics (US), Macrogen, Inc. (South Korea), BioDiscovery (UK), Veritas Genetics International (US), and start-up companies such as 23andMe (US), Personalis (US), Novogene Co., Ltd. (China), Helix OpCo, LLC (US), Personal Genome Diagnostics Inc. (US), Phalanx Biotech Group (US), MedGenome (US), Resilient Biotics, Inc. (US), TruGenomix Health (US), and Cradle Genomics (US).
The report segments the genomics market based on region (Asia Pacific, Europe, North America, and RoW), product & service (systems & software, consumables and services), technology (sequencing technologies, PCR, nucleic acid extraction and purification, microarrays, and other technologies), application (drug discovery and development, diagnostics, agriculture and animal research, and other applications), end user (hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies, and other end users). The report also provides a comprehensive review of market drivers, opportunities, challenges and trends in the genomics market.
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the genomics market and provides them information on key market drivers, challenges, opportunities and trends.