Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The "Genomics Market by Product and Service (Systems & Software, Consumables, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostic Application, and Precision Medicine), End User (Research Institute) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global genomics market is projected to reach USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5%.
Genomics is a discipline in genetics that applies recombinant DNA, sequencing methods, and bioinformatics to sequence, assemble and analyze the function and structure of genomes. The ability to sequence DNA has opened an array of applications in research fields such as personalized medicine, cancer research, drug discovery, and agricultural and animal sciences. Recent sequencing technologies in the field of genomics have resulted in decreased cost and faster methods of DNA sequencing.
Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the genomics market during the forecast period.
North America accounted for the largest share of the genomics market in 2018. The large share of North America is attributed to the increasing research funding and government initiatives for promoting precision medicine and the use of GM crops in the US. The Asia Pacific market, on the other hand, is expected to register the highest CAGR of 14.8% during the forecast period. Increasing government focus on improving healthcare infrastructure, increasing awareness regarding the benefits of genomics, and growing research activity in gene therapy are some of the key factors driving market growth in the region.
Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US), QIAGEN N.V. (Netherlands), and Agilent Technologies, Inc. (US) dominated the genomics market in 2018. Players mainly focused on product launches and inorganic strategies such as collaborations, acquisitions, and agreements in the market for optimal growth from 2015 to 2018.
Other players in the genomics market include Eurofins Scientific (Germany), BGI (China), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK).
Market Dynamics
Drivers
- Rising Government Funding and Growth in the Number of Genomics Projects
- Decreasing Sequencing Costs
- Growing Application Areas of Genomics
- Entry of New Players and Start-Ups in the Genomics Market
Restraints
- High Cost of Genomic Equipment
Opportunities
- Use of Genomics in Specialized/Personalized Medicine
Challenges
- Dearth of Trained Professionals
- Secure Storage of Large Volumes of Sequenced Data
Companies Mentioned
- Agilent Technologies
- BGI
- Bio-Rad Laboratories
- Danaher Corporation
- Eppendorf
- Eurofins Scientific
- F. Hoffmann-La Roche
- Ge Healthcare
- Illumina, Inc.
- Oxford Nanopore Technologies
- Qiagen
- Thermo Fisher Scientific
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