The rise in government initiatives and the number of funding programs, increase in the demand for personalized medicine, and continuous fall in the cost of sequencing services are some of the major factors propelling the growth of the global genomics market. As a result of these factors, the industry is expected to generate $68.0 billion revenue by 2030, witnessing a CAGR of 12.7% during the forecast period (2020–2030).
Consumables Category To Generate Highest Revenue during Forecast Period
On the basis of solution, the genomics market is classified into consumables, instruments, and services. Among these, the consumables category is expected to lead the market witnessing significant growth in the coming years. It would mainly be due to an increase in the number of samples being processed in various end-use settings, such as research centers and laboratories, and a surge in the number of ongoing research projects, globally. Additionally, consumables are widely used at various stages during research and testing, which further supports the market dominance of this category.
Further, based on application, the genomics market is divided into diagnostics, drug delivery and development, precision medicine, agriculture and animal research, and others. The diagnostics category accounted for the largest revenue share in 2019, mainly due to the growth in the research projects on genetic disorders and diseases, such as cancer. Furthermore, the increasing use of high-throughput technologies, such as next-generation sequencing (NGS), is supporting the market dominance of this category.
Geographically, North America dominated the global genomics market during the historical period (2014–2019), owing to the several ongoing genomics research projects and high investments being put in to conduct these projects in the region. The U.S. has made a significant contribution to the regional market, through extensive research in the genomics field. The obtained results are being used to tackle challenges and develop the solutions, not only for humans, but also for agriculture and animal-gene research. The government has been investing heavily in various research projects and providing funding to research organizations.
Due to the COVID-19 pandemic, the market is witnessing an increasing focus on research concentrated on COVID-19, by different public and private organizations, thereby leading to the industry growth.
Product Launch is Major Strategic Measure Taken by Players
Players in the genomics industry are focusing on launching various products and services. For instance, in January 2020, Bio-Rad Laboratories Inc. announced the launch of the SEQuoia Complete Stranded ribonucleic acid (RNA) Library Prep Kit, a novel approach to RNA-Seq library preparation. The kit is compatible with a broad range of sample inputs, including degraded RNA specimens.
Similarly, in October 2019, QIAGEN N.V. launched new technologies to facilitate faster and simpler library preparation for NGS, in RNA research. The new solutions remove unwanted RNA, enabling scientists to achieve more on-target reads and a more-efficient use of resources with any NGS platform.
Browse report overview with detailed TOC on "Genomics Market Research Report: By Solution (Consumables, Instruments, Services), Technology (PCR, Sequencing, Microarray), Application (Diagnostics, Drug Discovery and Development, Precision Medicine, Agriculture and Animal Research), End User (Research Centers and Academic Institutes, Hospitals and Clinics, Pharmaceutical and Biotechnology Companies) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/genomics-market-revenue
In addition to product and service launches, players in the genomics market are also engaged in collaborations and partnerships. For instance, in February 2020, NuProbe Inc., which works in the field of molecular diagnostics, globally, and Oxford Nanopore Technologies Ltd. signed an agreement for using the sequencing technology of Oxford Nanopore for a number of applications, including oncology.
Some of the major players in the genomics industry are Thermo Fisher Scientific Inc., Illumina Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Eurofins Scientific SE, Quest Diagnostics Inc., QIAGEN N.V., BGI Tech Solutions Co. Ltd., Oxford Nanopore Technologies Ltd., and Pacific Biosciences of California Inc.