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Genomics Market By Product & Services Type (Products, Services), By Application Type (Disease Diagnostics, Drug Discovery, Personalized Medicine, Agriculture And Animal Research, Other), By End-User Type (Academic And Government Research, Hospitals & Clinics, Biopharmaceutical Companies, Clinical Research) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Industry Outlook

The global genomics market was worth US$ 13,122.9 million in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2018 to 2026. The exploration of genomics has been surpassed in the last three decades by massive technological advances that have allowed researchers to sequence larger pieces of the genome. Polymerase chain reaction (PCR) techniques, microarrays, and next-generation sequencing have made whole-genome sequencing cost-effective and highly efficient. These technological advancements have aided in various fields of applied biology, such as clinical genomics, drug discovery and development, and personalized medicine for various chronic diseases. For instance, genomics has revolutionized point-of-care testing across various infectious diseases, cancers, and congenital ailments, enabling the analysis of novel analytes, broad-spectrum analytical performances, and better turnaround times.

Various biotechnology companies have ventured into the market for genomics, changing the dynamics of the market. The cost of sequencing the human genome was estimated to be around $3 billion in 2003. However, Illumina, Inc.'s introduction of highly advanced next-generation sequencing products has significantly reduced the cost of human genome sequencing to $1,000.Thus, a dramatic decrease in the cost of sequencing and growing investments in biopharmaceutical research have driven the growth of the global genomics market. Projects such as the Human Genome Project, the Saudi Human Genome Program (SHGP), and the U.K. 100,000 Genome Project are further projected to drive the market for genomics worldwide. However, the huge investment and research infrastructure required for genomics research are some of the major restraining factors for the growth of this market.

Market Synopsis

Increased Adoption of NGS to Drive the Genomics Market

In 2017, the products segment held the largest share of the global genomics market. The product segment is further segmented by instrumentation technology and consumables/reagents sub-segments. The instrumentation technology segment is projected to grow at a significant rate during the forecast period owing to the high adoption of NGS platforms. Simplified NGS workflow, significant cost reductions for NGS instruments and reagents, and increased use of NGS in clinical applications such as oncology, genetic studies, and reproductive health will drive the market during the forecast period. With the advent of microarrays and microfluidics in point-of-care diagnostics and advancements in PCR and nucleic acid amplification technologies in DNA sequencing, the market will be further driven.

North America Dominated the Global Genomics Market

In 2017, North America held the largest share of the global genomics market owing to huge investments in genomic research by government institutions and growing awareness regarding genetic analysis, such as direct-to-consumer genetic testing, non-invasive prenatal testing, and another genetic testing in the region. Moreover, the growing number of budding biotechnology companies offering various genetic testing services in the region and the presence of major biopharmaceutical giants in the region further make North America the most lucrative market in the global genomics market. Asia Pacific is projected to witness the fastest growth during the forecast period owing to increasing genetic R&D activities and growing healthcare infrastructure focusing on genomic studies for drug discovery and disease treatment. Moreover, reducing the cost of genomics services and foreign investments in the region further drives the growth of the market.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The genomics market report furnishes quantitative analysis along with its latest market trends. The market is segmented based on product and service type, application, end-user, and geography.

The market is studied in order to understand the current dynamics and future trends in the global genomics market. The study includes market size and forecasts for all considered segments presented in the report for the period from 2016 to 2026, along with respective compound annual growth rates (CAGRs) for the forecast period from 2018 to 2026, considering 2017 as the base year. The key players currently engaged in the genomics market include Thermo Fisher Scientific, Inc.; Bio-Rad Technologies, Inc.; Illumina, Inc.; Danaher Corporation; BGI; Pacific Biosciences; Oxford Nanopore Technologies; and Myriad Genetics, Inc., among others. The companies are engaged in the launch of novel products and tools to maintain their position in the market. Mergers and acquisitions are an important growth strategy undertaken in the industry to keep a competitive edge in the market. For instance, Thermo Fisher Scientific acquired Life Technologies in 2016 to become the market leader in the genomics market.

Key questions are answered in this report.

  • How will the global genomics market perform during the forecast period from 2018 to 2026?
  • What are the latest trends in the genomics market and the most valuable opportunities for key players?
  • Who are the leading players in the global genomics market?
  • Which is the leading and fastest-growing region in the global genomics market?
  • What are the drivers and restraints governing the global genomics market?
  • What are the applications of genomics, and which is the currently leading application?

Frequently Asked Questions:

The market for Genomics Market is expected to reach US$ 13,122.9 Mn by 2026.

The Genomics Market is expected to see significant CAGR growth over the coming years, at 10.4%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Thermo Fisher Scientific, Inc.; Bio-Rad Technologies, Inc.; Illumina, Inc.; Danaher Corporation; BGI; Pacific Biosciences; Oxford Nanopore Technologies; and Myriad Genetics, Inc. are some of the major players in the global market.

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Published Date:  Oct 2018
Category:  Biotechnology
Report ID:   59422
Report Format:   PDF
Pages:   120
Rating:    4.1 (58)
Delivery Time: 24 Hours to 48 Hours   
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