The Genomics market studied was anticipated to register a CAGR of 9.3%, during the forecast period. The major factors attributing to the growth of the genomics market are growing government support and increased number of genomics studies, declining sequencing cost, increased genomics applications. The genomics market is geared to exponential growth as a result of the essential genetic developments and also because of its applications in numerous areas of study, such as intragenomic phenomena, like epistasis, heterosis, pleiotropy, and other associations within the genome between alleles and loci. Also, there are few more factors which are playing crucial roles in taking the genomics market to the next level; among them, one is on-bioengineering and synthetic biology applications, which are expected to further propel the growth of the genomics market.
Key Market Trends
Consumables Segment is Expected to Hold the Largest Market Share in the Genomics Market
- Genomics is widely used in medical, biotechnology, agriculture, diagnostics, and DNA Sequencing. Genomics is used in the healthcare sector to build vaccines and medicines. The use of consumables while making vaccines and drugs and in their testing have great applications.
- According to the US National Center for Biotechnology Data, oncology expenditure (research and treatment of tumors) is projected to increase by 7%- 10% yearly through 2020, with universal oncology, costs approaching USD 150 billion. The use of genomics in making possible biomarkers for cancers and in the exploration of cell-free circulating DNA by several R&D sectors is upsurging the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall genomics market, throughout the forecast period. This is owing to the factors, including the rising incidence of chronic diseases, such as cancer, increasing government entities investment in research, raising awareness of patients, and the availability of advanced healthcare infrastructure has contributed to growing technological advances in this sector and rising demand for biotechnological practices in the region, is anticipated to further drive the growth in this region. Further, the domicile presence of some of the major players in the region is also ensuring the dominance of the region.
The genomics market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions across the world. Some of the companies which are currently dominating the market are Illumina Inc., Thermo Fisher Scientific, Agilent Technologies, Luminex Corporation, and Myriad Genetics Inc.
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