The genomics market was valued at US$ 19,084.74 million in 2019 and is projected to reach US$ 49,996.15 million by 2027; it is expected to grow at a CAGR of 13.1% from 2020 to 2027. Increasing prevalence of chronic diseases, declining cost of sequencing procedures, and growing funding for genomics are among the major factors fueling the market growth. Moreover, increasing demand for personalized medicines is expected to foster the market growth during the forecast period. However, the lack of skilled professionals hinders the growth of the genomics market. Additionally, the APAC countries are witnessing rise in the demand for genomics products. The rising research activities on the novel coronavirus are paving the way for potential opportunities for start-ups and established businesses. For instance, Haystack Analytics, a start-up company in Mumbai, India, is using genomics to study the transmission of the virus and help the government of India. Thus, the increasing demand for genomics due to the rising cases of COVID-19 is driving the growth of the market.
The global genomics market is segmented on the basis of technology, product & service, application, and end user. Based on technology, the market is segmented into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. The sequencing segment held the largest share of the market in 2019, whereas the microarray segment is anticipated to register the highest CAGR during the forecast period. Based on product & service, the market is segmented into instruments/systems, consumables, and services. The consumables segment held the largest market share in 2019. However, the services segment is anticipated to register the highest CAGR during 2020–2027. By application, the market is segmented into diagnostics, drug discovery & development, precision/personalized medicine, agriculture & animal research, and others. The diagnostics segment held the largest share of the market in 2019, and the same segment is estimated to register the highest CAGR during the forecast period. Based on end user, the genomics market is segmented into research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The research centers segment held the largest share of the market in 2019; whereas the hospitals & clinics segment is estimated to register the highest CAGR during the forecast period.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and the Biotechnology Industry Research Assistance Council are among the primary and secondary sources referred to while preparing the report on the genomics market.