Pune, Dec. 09, 2019 (GLOBE NEWSWIRE) -- The global Genomics Market size is projected to reach USD 62614.6 million by 2026. Genomics has successfully transformed the way of preventing, managing and treating diseases. Researchers at the University of Paris-Saclay believe that we have entered into the third revolution of sequencing technology in the world of genetics. Moreover, several companies are planning to build third-generation sequencing technology to stay abreast of new trends. As per a recent report published by Fortune Business Insights, titled “Genomics Market Size, Share and Industry Analysis By Type (Products, Services), Technology (Polymerase Chain Reaction, Next-generation Sequencing, Microarray, Sanger Sequencing), Application (Diagnostics, Research), End-User (Research Institutes, Healthcare Facilities & Diagnostic Centers, Pharmaceutical & Biotechnological Companies, Contract Research Organization (CROs)) & Regional Forecast, 2019 – 2026,” the market value stood at USD 15888.8 million in 2018 and is anticipated to exhibit an exponential CAGR of 18.7% during the forecast period.
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The Genomics Market report outlines the present and future scenario of the market by offering key insights into the trends and drivers stimulating growth. Furthermore, it highlights detailed information on several aspects of the market which include opportunities, challenges, and threats. The report throws lights on the competitive landscape by covering key developments of some of the leading players. It also highlights strategies adopted by players, which in turn, can help stakeholders to make business decisions. Further to this, it also showcases information on all the major segments and their respective market share.
Helix’s New DNA Studio to Aid in Expansion of the Market
Genomics has proved to be successful in the diagnosis of chronic diseases such as cancer. Owing to the increasing prevalence of cancer around the world, the demand for genomics products and services is expected to increase in the forthcoming years. As per the recent Genomics Market trends, product segment is expected to lead the market in the forecast years. The growth is attributable to the rising use of consumables and increasing number of product launches. For instance, a personal genomics company called Helix announced the launch of a new DNA product studio in October 2018. The aim of this launch is to build and distribute DNA products, thereby benefitting hundreds and thousands of people who want to know how DNA plays a crucial role in wellness and health.
A lead analyst at Fortune Business Insights stated that services segment is estimated to gain immense popularity. He further added that the rising demand for next-generation sequencing services along with cost-effective sequencing services will encourage patients to adopt genomics services.
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Advancements in Bioinformatics to Boost the Market in North America
Among regions, North America is anticipated to emerge dominant in the global Genomics Market throughout the forecast years. In 2018, the market value stood at USD 6959.3 million. This is ascribable to the rising focus on pharmacogenomics and technological advancements in bioinformatics. This, coupled with increasing adoption of new sequencing technologies, will create growth opportunities for the market in this region. Rising preference for personalized medicines is another factor responsible for the dominance of market in this region.
Apart from North America, the market in Europe is expected to exhibit a higher CAGR owing to the robust support from governments, especially in the U.K. Asia Pacific is expected to hold a considerable Genomics Market share over the projected horizon. Factors such as increasing the aging population, high demand for genetic sequencing in China, and expansion of healthcare system are positively impacting the Genomics Market growth in this region.
Start-ups to Focus on Providing Genomics Services to Customers
Veritas Genomics announced the launch of new genome sequencing products in November 2018. The company aims to enhance its customer service and expand its product portfolio. Other companies such as Agilent Technologies, Inc., Illumina, Inc., and F. Hoffmann-La Roche Ltd are expected to lead the market in the forecast period. This is mainly on account of their strong product portfolio and wide geographical reach. Among these companies, Illumina acquired a leading position in 2018 owing to the acquisition of Pacific Biosciences. Some of the other leading players operating in the global market are:
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd
- Agilent Technologies, Inc.
- Oxford Nanopore Technologies
- Danaher
- QIAGEN
- BGI
- IntegraGen
- General Electric Company
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Table of Content:
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Genomics Research Spending - For Key Countries, 2018
- Regulatory Scenario - For Key Countries
- Overview of Genomics Service Provider
- New Product Launch
- Start-ups with their Funding Overview
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Genomics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Product
- Instruments& Software
- Consumables
- Services
- Product
- Market Analysis, Insights and Forecast – By Technology
- Polymerase Chain Reaction (PCR)
- Next-generation Sequencing (NGS)
- Microarray
- Sanger Sequencing
- Others
- Market Analysis, Insights and Forecast – By Application
- Diagnostics
- Research
- Others
- Market Analysis, Insights and Forecast – By End User
- Research Institutes
- Healthcare Facilities & Diagnostic Centers
- Pharmaceutical& Biotechnological Companies
- Contract Research Organization (CROs)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Strategic Recommendations
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