July 15, 2020
As per the research report titled ’Global Genomics Market Analysis, 2020’, available with Market Study Report LLC, global genomics market is expected to register a CAGR of 10.5% over 2020-2025.
Increasing number of genomics projects coupled with surging government investments are major factors driving the growth of global genomics market during the analysis timeframe.
The report divides global genomics market into segmentations on the basis of technology, application scope, deliverable type, end-user spectrum, and regional landscape.
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Based on technology type, the market is classified into nucleic acid extraction & purification, microarray, sequencing and PCT. The report states that PCR segment recorded substantial growth in the year 2019 and is predicted to expand significantly during the forecast period. Technological advancements along with cheaper DNA magnification by PCR technology is fueling the growth of the segment. Additionally, increasing research activities in the field of genomics propelled the segmental growth.
In terms of application spectrum, global genomics market is bifurcated into diagnostics, epigenetics, precision medicine, pathway analysis, drug discovery and development, functional genomics, agriculture and animal research, and biomarker discovery.
Speaking of the deliverable terrain, the industry is split into products and services. The products segment is further categorized into consumables & regents and instruments & software. Whereas, the services segment is also fragmented into computational service, biomarker translation service, NGS-based service and core genomics service.
Consumables segment held notable market share in the year 2019 and is poised to further register significant growth over 2020-2025. Escalating number start-ups which offer genomics services are favoring the market outlook, claims the report.
By end-user spectrum, global genomics market is segmented into research centers and academic & government institutes, pharmaceutical and biotechnology companies, and hospitals and clinics.
Citing the regional landscape, global genomics market is fragmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Among these, the report cites that North America held notable market share in the year 2019, owing to the availability of grants and funds to financially support the research on genomics. Meanwhile, Asia-Pacific is anticipated to showcase considerable growth in the subsequent years, primarily due to favorable government initiatives towards the field of genomics.
Major companies operating in global genomics market are Thermo Fisher Scientific Inc., Illumina Inc., Qiagen, Bio-Rad Laboratories Inc., Danaher Corporation, Agilent Technologies Inc., GE Healthcare, PerkinElmer Inc., Oxford Nanopore Technologies Limited, and Luminex Corporation among others.