The global Genomics market is expected to reach USD 23.88 Billion by 2022 from USD 14.71 Billion in 2017, at a CAGR of 10.2 percent. The growth of this market is majorly driven by the rise in research activities in the field of genomics; increasing number of start-up companies; growing focus personalized medicine, growing investments, grants, and funds by the government; and increasing application of genomic sequencing in the diagnostics.
The report analyzes the genomics market by product and services, technology, process, application, end user and region. The products and services of genomics market is segmented into instruments/systems, consumables and services. The consumables segment is estimated to command the largest share of the global market for genomics in 2016. On the other hand, the services segment is projected to grow at the highest CAGR from 2017 to 2022. Growth can be attributed to the increasing awareness of genomics and reducing DNA sequencing costs, rise in research grants in the field of genomics and repeated usage of the consumables.
Based on technology, the genomics market is segmented into sequencing, microarray, PCR (Polymerase Chain Reaction), nucleic acid extraction and purification and other technologies such as genotyping, and gene editing. In 2017, the PCR technology is expected to account for the largest share of the global market for genomics. On the other hand, owing to the technological advancements in the DNA sequencing, the sequencing technology is expected to grow at the higher CAGR during the forecast period. Based on process, the genomics market is segmented into library preparation, sequencing and data analysis.
The application segment of the market for genomics has been broadly segmented into the genomics market is segmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and other applications such as biofuels, marine research and coal mines. In 2017, the diagnostics segment is expected to account for the largest share of the global Genomics market. As more genomics applications are added in the future, along with the increasing patient interest in genomic diagnostics are expected to drive the growth of the segment.
End user of the genomics market is segmented into research centers, academic and government institutes, hospital and clinics, pharmaceutical and biotechnology companies, and other end users such as NGO’s and agri-genomics organizations among others. The hospitals and clinics segment is estimated to account for the largest share of the Genomics market in 2017. The large share of this segment is due to increasing demand for pharmacogenomics, growing availability of genetic tests.
Geographically, North America is estimated to account for the largest share of the global Genomics market, followed by Europe. Factors driving this market are research grants and funding by the government institutes in the US, the US Precision Medicine Initiative, and new pan – Canadian program. – Markets and Markets