NEW YORK, Sept. 8, 2020 /PRNewswire/ -- Being consistently benefitted by government support, the global genomics market is expected to cross $68.0 billion by 2030, according to P&S Intelligence. The industry, which generated $18.2 billion in 2019, would grow at a 12.7% CAGR between 2020 and 2030. Because genomics is a relatively new field in medical research and requires sophisticated machinery and learned professionals, it currently depends on government funding and initiatives, to prosper.
Among such efforts driving the genomics market is the 2019 decision of the Indian government to employ the Department of Biotechnology (DBT) to scan 20,000 Indian genomes, to develop better diagnostic and treatment procedures for diseases such as cancer. Similarly, the Australian government revealed its intentions in May 2018 to allocate about $377 million for a 10-year human genome project, which would accelerate research, via the integration of advanced field knowledge and technology.
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The COVID-19 pandemic is one of the prime reasons for the growth of the genomics market presently, as several government and private organizations are making efforts to understand the genome sequencing of infected persons. For instance, in the 2020-21 budget, the Indian government set aside $368 million for DBT and $711 million for the Council of Scientific and Industrial Research (CSIR), for genomic research.
In the coming years, the services category, on the basis of solution, will witness the fastest growth in the genomics market, as the number of such service providers is increasing around the world.
The polymerase chain reaction (PCR) division, under the technology segment, held the largest share in the genomics market in 2019. This was because of the low amplification cost while using the PCR technology, rising focus on genome research, and easier availability of this technology compared to others.
Browse report 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 @ https://www.psmarketresearch.com/market-analysis/genomics-market-revenue
In the years to come, the precision medicine classification, under segmentation by application, is expected to experience the highest genomics market CAGR, of 13.7%. This is ascribed to the growing popularity of personalized medicine, as the effect of a disease or therapy can be different for different people. Using genomics, the prognosis of the disease can become clearer and the effects a particular therapy would have on a particular patient can be determined. This helps create a targeted therapy tailored to an individual patient, in order to better the outcome.
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The largest genomics market during 2014-2019 was North America, due to a large number of genomics projects, presence of established solution and service providers, and heavy investments by private and public organizations. In the coming years, the market would grow the fastest in Asia-Pacific (APAC), because of the increasing R&D in the field, in Japan, India, and China, owing to the heavy funding being provided by government and non-government entities.
In order to lessen the competition and consolidate their share, genomics market players are pursuing mergers and acquisitions, with the idea of:
- Getting access to each other's R&D expertise
- Developing more-effective drugs for rare and genetic diseases
- Providing more information related to genes, to their customers
- Widening their sequencing solution, oligonucleotide, and synthetic gene portfolios
- Offering associated technology at cost-effective rates
The key players in the global genomics market are Agilent Technologies Inc., Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd. (Roche), Danaher Corporation, Quest Diagnostics Inc., QIAGEN N.V., Eurofins Scientific SE, Pacific Biosciences of California Inc., GENEWIZ Inc., Psomagen Inc., BGI Tech Solutions Co. Ltd., Oxford Nanopore Technologies Ltd., 10X Genomics Inc., and Eppendorf AG.
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