Global Genomics Market

Global Genomics Market was valued US$ 16.5 Bn in 2018 and is expected to reach US$ 41.01 Bn by 2026, at a CAGR of 12.05% during a forecast period. One of the most important factors, which are likely to have a significant impact on the genomics market, is that how much and to what extent the medical community will make the use of existing genomic information in personalized medicine. Furthermore, reducing cost of sequencing has enabled the whole genome sequencing at very less price. Scientists are combining the sequencing generated data with diagnostics, which has proven its effectiveness in improving personalized treatment landscape. But, the lack of skilled professionals, high equipment costs required in genomics, and lack of awareness may hamper the global genomics market in the future. The genomics market is segmented by technology, the PCR segment accounted for the largest share of the genomics market in 2018. Technological improvements, increasing research in the field of genomics, and the lower cost of DNA amplification using PCR are the key factors driving the growth of genomics market. According to segment application, diagnostics is the largest and the fastest-growing application segment in the genomics market. Growth in this segment can be attributed to the increasing research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing. The companies are involved in strategic alliances with global, as well as local, entities to boost their revenue generation and enhance their share in the market. As, in March 2017, Foundation Medicine cooperated with Bristol-Myers Squibb Company. This permitted Bristol-Myers Squibb to deploy Foundation Medicine’s molecular information solutions and comprehensive genomic profiling for identification of predictive bio markers. Geographically, North America accounted for over 39% of the global genomics market in 2017. Developed regions like North America and Europe currently lead the global genomics market due to the availability of abundant funds and the existence of a large number of companies undertaking research in the field of molecular biology. In Europe, vast initiatives undertaken by the European Union to encourage research in the field of genomics has spurred the rate of growth of the market. In the forecast period, the market is anticipated to witness the most significant development across Asia Pacific due to strengthening economies of developing countries such as India and China and the increased focus of the respective governments on encouraging research in the field of genomics. Also, the fact that China hosts the world’s largest genomic research institute, the Beijing Genomics Institute, is also helping the Asia Pacific genomics market to sustain its growth rate. This report on the global genomics market will helps to decision makeras a systematic summary of the present state of the market and its segments, with projections estimating the future dynamics of market’s growth path. Forecasts about the market are formed based on a detailed analysis of factors such as drivers, restraints, popular trends of past and present times, regulatory scenario, recent improvements in terms of technology and products, level of competition in genomics market. The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Genomics Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Genomics Market.

Scope of Global Genomics Market

Global Genomics Market, By Product & Service

• Consumables • Systems and software • Services

Global Genomics Market, By Technology

• Sequencing • Microarray • PCR • Nucleic Acid Extraction and Purification • Others

Global Genomics Market, By Test Type

• Diagnostic Test • Genetic Test • Newborn Screening • Pre-implantation Testing • Prenatal Testing • Carrier Testing

Global Genomics Market, By Method

• Molecular Test • Chromosomal Test • Biochemical Test

Global Genomics Market, By Application

• Diagnostic • Drug Discovery • Precision Medicine • Others

Global Genomics Market, By End User

• Research Centers • Hospitals and Clinics • Pharmaceutical Companies

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Report Published by: Maximize Market Research