Dublin, Feb. 26, 2021 (GLOBE NEWSWIRE) -- The "Global Genomics Market by Product & Service (System & Software, Consumables, Services), Technology (Sequencing, PCR), Application (Drug Discovery & Development, Diagnostic, Agriculture), End-user (Hospital & Clinics, Research Centers), and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global genomics market is projected to reach USD 54.4 billion by 2025 from USD 22.7 billion in 2020, at a CAGR of 19% during the forecast period.
The major factors driving the growth of this market include the increasing government funding to support genomics projects, the growing incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups in the genomics market, and the growing application areas of genomics.
By product segment, the consumables accounted for the fastest growing segment of the genomics market
Based on product & service, the genomics market is segmented into consumables, systems & software, and services. In 2019, consumables accounted for the fastest growing segment of the genomics market during the forecast period. Consumables are used in large numbers in genomic systems, and their use will continue to increase with the growing number of genomic tests performed across the globe. This is a key factor driving the market growth.
By application, the drug discovery and development segment accounted for the largest share of the genomics market
Based on application, the genomics market is segmented into drug discovery and development, diagnostics, agriculture and animal research, and other applications. Drug discovery and development accounted for the largest application segment in the genomics market in 2019. The large share of this segment can be attributed to the increasing research on diseases such as cancer and genetic disorders and the decreasing cost of sequencing.
Asia-Pacific: The fastest-growing region in the genomics market
The genomics market in the Asia-Pacific is projected to register the highest growth during the forecast period, mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, and expansions of key players to strengthen their presence in the APAC region.
North America: the largest share of the genomics market
North America accounted for the largest share of the genomics market. Increasing government initiatives for promoting precision medicine, adoption of several strategies by key players to provide efficient genomics solutions in this region, and the presence of prominent players are the major drivers of the North American market.
Key Topics Covered:
1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Inclusions & Exclusions
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.7 Summary of Changes
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.3 Market Data Estimation and Triangulation
2.1.4 Data Triangulation
2.2 Market Estimation Methodology
2.3 Industry Insights
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Genomics Market Overview
4.2 Asia-Pacific: Genomics Market, by Application & Country (2019)
4.3 Genomics Market for Sequencing, by Type
5 Market Overview
5.2 Market Dynamics
220.127.116.11 Increasing Government Funding to Support Genomics Projects
18.104.22.168 Growing Incidence of Cancer and Increasing Applications of Next-Generation Sequencing in Cancer Research
22.214.171.124 Entry of New Players and Start-Ups in the Genomics Market
126.96.36.199 Growing Application Areas of Genomics
188.8.131.52 Use of Genomics in Specialized/Personalized Medicine
184.108.40.206 High Cost of Genomic Equipment
220.127.116.11 Dearth of Trained Professionals
18.104.22.168 Secure Storage of Large Volumes of Sequenced Data
22.214.171.124 Partnerships and Collaborations for Technological Advancements in Genomics
126.96.36.199 Impact of COVID-19 on the Genomics Market
5.3 Technological Analysis
5.4 Value Chain Analysis
5.5 Regulatory Analysis
5.5.1 North America
5.6 Ecosystem Analysis of the Genomics Market
Bio-Rad Laboratories, Inc.
F. Hoffmann-La Roche, Ltd.
Helix Opco, LLC
New England Biolabs
Novogene Co. Ltd.
Oxford Nanopore Technologies
Personal Genome Diagnostics Inc. (PGDX)
Thermo Fisher Scientific, Inc.
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