The global genomics market is
estimated to reach USD 22.1 billion by 2020, growing at an expected CAGR of
10.3% from 2014 to 2020. Genomics is a subunit of biology that is concerned
with the study of genes and its functions and brings together the function and
structure of genomes. Genomics is applied in several fields such as
biotechnology, genomic medicine, anthropology, and various other social
sciences. It consists of functional genomics, comparative genomics,
pharmacogenomics, structural genomics, and epigenomics.
The global
genomics market has undergone an increase in its market potential due to
technological developments. Adding to it, factors including growing prevalence
of fetal disorders such as diabetes and cancer, an increase in partial or full
compensation by the government of certain countries add to the market’s growth
across the globe.
In 2013,
genomics-based diagnostics held the largest share of market revenue at over 35%
on account of the occurrence of a considerably larger number of research &
development initiatives. However, genomics-based personalized medicine segment
is projected to have the highest growth rate, at an anticipated CAGR of over
12%, from 2014 to 2020. The high growth rate of the segment is on account of
the growing demand for population-based therapeutic solutions and consequent
increase in R&D initiatives.
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Further key findings from the study suggest:
Consumable led the
global genomics market share at over 50% in 2013. This is on account of rising
adoption rate of genomic testing for several applications, particularly in the
field of drug development and discovery. The consumables segment is also
expected to lead the market with the fastest growth rate over the forecast
period owing to increasing applications and reduced costs of consumables.
In 2013, PCR
technology had the largest market share of over 45% owing to technological
developments and involvement of government policies about funding of research
& development. Nucleic acid extraction and purification technology are
expected to witness the highest growth rate, at a projected CAGR of 10.1%, from
2014 to 2020 on account of developing technologies for genome profiling and
growing methods for new diagnostics tools and techniques.
North America was the
major regional market, generating over 35% of the total revenue of the global
genomics market. This was on account of various reasons such as high patient
awareness levels, the presence of sophisticated infrastructure of healthcare.
Asia Pacific is likely to be the highest growing region, at a projected CAGR of
12.7% over the next six years. The presence of large unmet medical needs and
the increasing demand for economical clinical outsourcing in the emerging
nations of China and India is anticipated to drive the high growth rate.
The major market
players include Agilent Technologies, Bio-Rad Laboratories Inc., Illumina Inc.,
Roche Diagnostics, Cepheid, Affymetrix, Inc., BGI, GE Healthcare, Qiagen, and
Life Technologies.
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