New Jersey, NJ, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Growing institutional support for the genomic research, considerable decrease in the sequencing costs as well as emergence of new start-ups dealing in genomic research are driving the global genomics market. The global genomics market is expected to grow from USD 17.67 Billion in 2018 to USD 48.11 Billion by 2026, at a CAGR of 13.34% during the forecast period 2019-2026, according to the new report published by Fior Markets.
Genomics is a study of the genomes of organisms. Main aim of genomics is to determine the entire sequence of DNA or the composition of the atoms that make up the DNA and the chemical bonds between the DNA atoms. Knowledge of the DNA sequence has become an integral part of biological research. Genomics is also playing a vital role in other research disciplines such as medicine, biotechnology, forensic, etc. Data collected from the genomic research has potential of enabling the physicians, biologists, and scientists to further investigate the genetic predisposition for certain diseases. Increasing research activities in the field of personalized medicines coupled with rise in the financial support for the genomic research activities are driving the global genomics market.
The factors such as growing institutional support for the genomic research projects, significant decrease in the sequencing costs coupled with increasing applications of genomics in the medicine, biotechnology, forensic sector are driving the global genomics market. The high cost of the genomic research equipment and lack of trained technicians are projected to hinder the growth of the market over the forecast period.
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Key players in the global genomics market are Thermo Fisher Scientific, Inc., Illumina, Inc., QIAGEN N.V., Agilent Technologies, Inc., Eurofins Scientific, BGI, GE Healthcare, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Oxford Nanopore Technologies,, Danaher Corporation, Eppendorf, Pacific Biosciences, Foundation Medicine, Inc., Myriad Genetics, Inc. AstraZeneca, and among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance in 2019, Thermo Fisher Scientific Inc., introduces Scalable Solution for Optical Fault Isolation of Semiconductor Devices. The new Thermo Scientific Meridian S inverted Static Optical Fault Isolation (OFI) solution, semiconductor failure analysis labs can future-proof their operations with a fully scalable solution. Semiconductor failure analysis engineers and technicians can isolate electrical faults that cause semiconductor devices to fail at end-of-line test. These defects, such as metal shorts, opens, and transistor-level leakage, are localized in the failure analysis workflow to troubleshoot process or design failures and increase overall device manufacturing yield. This all-in-one system includes both photon emission and static laser stimulation applications, and is a cost-effective, high-sensitivity solution for localizing electrical failures in semiconductor devices. The addition of Meridian S also provides semiconductor manufacturers with a reliable static OFI tool that delivers performance. Multiple upgrade paths are available, bringing the industry-leading capabilities of dynamic OFI and high sensitivity emission as customers' lab needs develop.
- For instance in 2019, Illumina, Inc. announces partnership with AnchorDx. The strategic collaboration is done to develop clinical oncology products for the Chinese market. AnchorDx will use Illumina’s MiSeq Dx System, which is approved by the National Medical Products Administration (NMPA), to develop genomic-based oncology in-vitro diagnostic (IVD) test kits and data analysis software. A particular focus of this collaboration is to improve early cancer detection through the development of China’s first cancer screening IVD product on Illumina MiSeq Dx System. AnchorDx will develop tests covering the complete stages of cancer diagnostics, from screening and diagnosis, to treatment monitoring that will run on the MiSeq Dx System. This collaboration reflects the commitment of both companies to advance precision medicine in China by developing technologies and products for early detection and cancer management.
The consumables segment had a market value of USD 6.11 billion in 2018
The product and services segment is divided into consumables, systems & software, services, and others. Due to rising utilization of consumables in the genomic research experiments and growth in genomic research activities, the consumables segment led the global genomics market with USD 6.11 billion revenue in 2018.
The PCR segment had a market value of USD 5.81 billion in 2018
Technology segment is categorized into sequencing, microarray, PCR, nucleic acid extraction and purification, and others. Based on the factors such as technological advancement in the field of genomics and cost effectiveness of DNA amplification using PCR, the PCR technology dominated the genomics market with USD 5.81 billion revenue in 2018.
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Diagnostics segment is anticipated to grow at a CAGR of 15.21% in 2019-2026
Application segment is fragmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and others. The diagnostics segment is anticipated to grow at the fastest CAGR of 15.21% over the forecast period. This increased market share can be attributed to the growing research activities on the genetic and oncological diseases coupled with significant decrease in the cost of sequencing.
Regional Segment Analysis of the Genomics Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region emerged as the largest market for the genomics with a 39.47% share of market revenue in 2018. Presence of world class genomic research facilities coupled with well-developed healthcare infrastructure and increasing investment on genomic research by government organizations, lead the North America region to dominate the global demand for the genomics market in 2018. The Asia Pacific region is expected to grow at the highest CAGR of 15.73% over the forecast period. Asia Pacific region is at the forefront in the adoption of biomarkers for diagnostics purposes. Also, rising adoption and awareness about a number of genomics technologies in India and China are anticipated to drive the growth within the Asia Pacific region.
About the report:
The Global Genomics Market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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