Genomics Market - Global Industry Analysis

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Genomics is a stream of biology that focuses on the function, structure, evolution, editing, and mapping of genomes. Genomics also includes the investigation of genomes through using bioinformatics and high throughput sequencing of DNA for assembling and analyzing the structure and function of complete genomes. Developments in genomics have prompted a revolution in exploration-based investigation and systems biology to simplify the understanding of even the most intricate biological structures like the human brain.

The increasing number of research projects in genomics, diminishing sequencing cost, expanding applications of genomics, escalating demand for nucleic acid sequencing, rising research and development activity in drug discovery and molecular biology, market growth initiatives taken by public and private organizations, entry of start-ups in genomics, and rising genomics support in advance of tailored medicines are major factors driving the global genomics market. The popularization of collaborations between research institutes and companies and the rising preference for personalized medicine are likely to offer new growth opportunities to the players of the global genomics market. However, the dearth of skilled professionals, high equipment costs required in genomics, and the lack of awareness may restrict the global genomics market in the years ahead.

The global genomics market has been split into deliverables, application, and end user. Based on deliverables, the genomics market includes services and products. The products segment is expected to dominate the market over the estimated time period, majorly due to the recurrent use of instruments and reagents for genomics research and the rising number of research programs undertaken by government and private organizations. The application segment includes epigenomics, functional, biomarker discovery, pathway analysis, and others. Functional division dominated the application segment in 2018, due to the generation of a huge volume of sequencing data. The end-user segment includes government and academic institutes, clinical research, biotechnology and pharmaceutical companies, hospitals and clinics, and others. Biotechnology and pharmaceutical companies are expected to dominate the market, due to the increasing number of genetic research training.

North America will lead in the future and accounted for over 38% of the global genomics market in 2018. Continuous funding for life sciences research from private organizations and government institutions, growing implementation of tailored medicines, increasing investments made by academic institutions in genomics research, the presence of state-of-the-art healthcare facilities, and early adoption of latest technologies are boosting the North American market. Europe will be the second largest market in the future, owing to the presence of skilled researchers, high R&D investments made by leading companies, increasing geriatric population, the rising prevalence of chronic disorders, and positive reimbursement scenario. The Asia Pacific market will propagate at speedily over the forecast time period, due to the rising incidences of chronic diseases, growing interest in genomics, increasing research and development on genomics applications, and escalating use of genomics in disease diagnosis.

Some key players of the global genomics market are Illumina, Inc., Thermo Fisher Scientific, Inc., QIAGEN N.V., Eurofins Scientific, Agilent Technologies, Inc., GE Healthcare, BGI, Bio-Rad Laboratories, Inc., Oxford Nanopore Technologies, and F. Hoffmann-La Roche Ltd.