The global genomics market is valued at USD 13.45 billion in 2016 and is expected to grow at a CAGR of 10.2 percent to reach to USD 23.88 billion by 2022, predicts Markets and Markets. The growth of the overall market can be attributed to the growing demand for personalized medicine, growing investments, grants, and funds by the government, rise in research activities in the field of genomics, increasing number of start-up companies, and increasing application of genomic sequencing in diagnostics.
In 2017, the consumables segment is expected to account for the largest share of the global market. The services segment, on the other hand, is expected to be the fastest-growing segment during 2017–2022 owing to the increase in the biotechnology and genomics services start-ups, adoption of genetic testing by hospitals, and decrease in sequencing costs. The PCR technology is expected to account for the largest share of the global market in 2017. The sequencing technology, on the other hand, is expected to be the fastest-growing segment during 2017–2022. Growth in this technology is attributed to the increase in genomics application areas, and advancements in the sequencing technology such as high-throughput sequencing.
In 2017, North America accounted for the largest share of the market, followed by Europe. The large share of this can be attributed to the growth in biotechnology and genomics research grants and funds in the United States, focus on precision medicine, and pan-Canadian program.