Market Industry Reports (MIR) has published a new report titled “Genomics Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the genomic market is estimated to be over US$ 18.5 billion in 2019. It is anticipated to grow at a double-digit CAGR from 2019 to 2030.
The continual growth of the genomics market can be attributed to several factors that have led to its wide-scale application in the medical sector for understanding potential risks associated with diseases, identifying responsiveness to medicines and increasing awareness among patients. Moreover, increasing government funds for research in the field of genomics across the globe is anticipated to further contribute substantially to the growth of the market between 2019 and 2030. To obtain better insights into the market scenario, prominent players are increasingly focusing on partnerships as well as collaborative initiatives with several institutes and research centers. In 2018, Veritas Genetics, The Genome Company, and Mayo Clinic entered into an agreement to make whole-genome sequencing available to healthy individuals. In 2017, Illumina launched a sequencer, NovSeq high throughput screen sequencer across a broad range of applications.
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Some of the prominent players in the Genomics Market include:
Thermo Fisher Scientific, Inc., QIAGEN N.V, Aligent Technologies, Bio-Rad Laboratories, Illimina, Inc., GE Healthcare, BGI, F. Hoffmann-La Roche Ltd., Oxford Nanopore Technologies, Danaher Corporation
Genomics allows to understand diseases better, for instance, it allows to identify potential risks related to acquiring diseases and identification of responsiveness of an individual to a medicine. A better understanding of diseases helps in better decision-making and equips professionals with more effective way to manage diseases. Increasing applications in diagnosis of diseases has ben pivotal in contributing to the growth of the market. Similarly, lowering of sequencing costs has also been significant in fuelling the global genomics market.
Increasing government funding for research in the field of genomics has extensively contributed to global genomics market. Increasing funding has led to an increase in genomic projects to provide better insights regarding genome, thereby assisting in improved decision making about treatment methods. Moreover, the demand for genetically modified plants and animals has been on the rise in recent times which in turn, has reduced cost of genetic modification procedures.
The Genomics Market is segmented on the basis of Product, Modality, Cancer Type, End-Users and region.
By Products & Services (Consumables, Services and Systems & Software), Technology (Sequencing, Polymerase Chain Reaction (PCR), Microarray and Nucleic Acid Extraction & Purification), by Application (Drug Discovery & Development, Diagnostics, Precision Medicine and Agriculture & Animal Research), End Users (Hospitals &Clinics, Academic and Research Centers & Government Institutions, and Pharmaceuticals & Biotechnological Companies)
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Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
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