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.
The 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% during the forecast period.
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Based on product & service, the genomics market is segmented into consumables, systems & software, and services. In 2018, the consumables segment accounted for the largest share of this market majorly due to the repeated use of consumables for genomic experiments and the increasing number of research programs by academic institutes and non-profit organizations.
By technology, the genomics market is segmented into sequencing, microarray, PCR (polymerase chain reaction), nucleic acid extraction and purification, and other technologies (such as branched DNA analysis, single-cell genomic analysis, and flow cytometry). The PCR segment accounted for the largest share of the genomics market in 2018. Technological advancements, increasing research in the field of genomics, and the lower cost of DNA amplification using PCR are the key factors driving the growth of this market.
Based on application, the genomics market is segmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and other applications (such as forensics and biofuel research). Diagnostics is the largest and the fastest-growing application segment of the genomics market primarily due to the increasing research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing.
In 2018, North America was the largest regional market for genomics. The large share of North America in the global genomics market can be 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 during the forecast period.
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Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), Eurofins Scientific (Germany), BGI (China), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK) are the key players operating in the genomics market.