OTTAWA, Feb. 15, 2021 (GLOBE NEWSWIRE) -- The global genomics market size was accounted at US$ 20.06 billion in 2020 is expected to reach over US$ 72.13 billion by 2030, expanding at a CAGR of 13.65% during the forecast period 2021 to 2030.
Growth Factors
Market growth is driven by factors such as growing government funding and growth in the number of genomics projects, decreasing sequencing costs, increasing genomics application areas, and the entry of new players and start-ups into the genomics business. However the high cost of genomic equipment in the coming years may, to a certain degree, restrict market development. The key tool for the creation of successful therapies is genomic research, a primary reason why many government agencies are investing in a genome project. Traditional techniques of genome editing are time-consuming, costly, and labor-intensive and have a limited ability to keep pace with the age of rapidly advancing genome modification. However, by enabling quick and accurate genome editing, the advent of CRISPR/Cas9 nuclease, ZFN, and TALEN is intended to overcome these challenges. Clinical healthcare is considered a pathway for U.S. citizens to adopt new sequencing technologies. This trend is powered by giants in healthcare concentrating on delivering medical genomics through the delivery of clinical patient care. Also through the detection of underlying mutations in an organism, newly developed gene-editing technologies can monitor and potentially cure specific diseases. During the forecast era, the rise in preference for modified medicine and the popularization of alliances between research institutes and businesses are expected to drive the growth in the market size of genomics.
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Military organizations have drawn attention from continuous advances in genomics, culminating in a significant increase in the use of genetic engineering in their healthcare systems. During the forecast period, this increasing adoption of genomics from different sectors is expected to drive the growth of the size of the Genomics Market. In addition, growing investment by both public and private organizations in genetic research on personalized medicines is projected to increase the size of the genomics industry.
Report Highlights
- North America to account for the highest share of the genomics market during the forecast period
- The consumables segment dominated the genomics market, by product & service, in 2019
- The PCR segment accounted for the largest share of the genomics market, by technology, in 2019
- Diagnostics forms the largest and fastest-growing application segment in the genomics market
- Rising research intensity to boost the usage of genomic systems among academic & government institutes
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Regional Snapshots
In 2018, North America accounted for the greatest share of the genomics market. The increase in research funding and government programs in genomics is due to the large share of North America. On the other hand, the Asia Pacific market is projected to report the highest CAGR during the forecast era. Owing to growing acceptance and understanding of the new genomics technologies in the developing countries of this region, Asia Pacific is expected to see the highest growth rate. The substantial growth in this field is due to an increased awareness of genomics and increased focus by the government on supporting research into genomics. Initiatives such as the launch of the Precision Medicine Initiative (PMI) for the use of genomics in healthcare in 2017 have played a key role in China's regional market development.
Key Players & Strategies
The Genomics industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. In the wake of same, the industry players invest prominently in the market to develop new and advanced products. The companies are likely to witness a lucrative growth owing to the rising demand of its sequencers and consumable amid the COVID-19 pandemic. In terms of sales, Illumina Inc. held a leading position in the current market due to its diversified product portfolio, prominent position in sequencing and geographical presence. Illumina Inc. reported in November 2018 the acquisition of Pacific Bioscience, which is expected to increase the overall share of the organization as well as improve its market position during the forecast period.
Some of the key players operating in the market are F. Hoffmann-La Roche Ltd.; 23andMe; Agilent Technologies, Inc.; Bio-Rad Laboratories, Inc.; Illumina, Inc.; Myriad Genetics, Inc.; Thermo Fisher Scientific, Foundation Medicine, Inc.; Danaher; Pacific Biosciences; Oxford Nanopore Technologies; and BGI.
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