Global Genomics Market: Overview
Genomics is a branch of biology. Genomics is mainly attributed to the study of genes and their functions. It brings the structure and the function together of the genomes. Genomics is functional in numerous domains such as genomic medicine, biotechnology, anthropology, and many other social sciences. Genomics is comprised of comparative genomics, structural genomics, pharmacogenomics, epigenomics, and functional genomics. Thus, the rising demand for genomics, the global market is expected to grow significantly in the near future.
Global Genomics Market: Growth Factors
The major factors contributing to boosting the growth of the global genomics market include the rising grants, funds, & expenditure by the government, growing research in the genomics field, rising digit of start-up industries; and growing application in diagnostics for genomic sequencing. However, strict regulatory authorities and the huge cost of the systems and instruments of genomic sequencing are few factors that can hinder the growth of the market.
Global Genomics Market: Segmentation
The global genomics market can be segmented based on technology, application, product, end-user, process, and region. The technology segment of the market is sub-segmented into polymerase chain reaction, sequencing, nucleic acid extraction and purification, microarray technology, and other applications. The application segment of the market is divided into personalized medicine, diagnostics, agriculture and animal research, drug discovery and development, and other applications. The product segment of the genomics market is diversified into services, instruments/systems, and consumables. The end-user segment of the market is sub-segmented into pharmaceutical & biotechnology companies, research centers, academic institutes & government institutes, hospitals & clinics, and other end users. The process segment of the genomics market is classified into sequencing & imaging, library preparation, and data analysis. Geographically, the market is grouped into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Genomics Market: Regional Analysis
North America is expected to dominate the global genomics market. The growth of this region in the market can be contributed to factors such as the accessibility of ample funds and the existence of a huge number of industries actively participating in research in the molecular biology field. Europe is also anticipated to grow in the market at a fast pace in the coming period owing to the huge implementations by the European Union to support research in the genomics field. Also, Asia Pacific region is assumed to grow in the genomics market at a higher rate in the near future. The growth of this region can be attributed to the developing countries’ growing economies, such as China & India and the raised attention of the governments on supporting research in the genomics field.
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Global Genomics Market: Competitive Players
The prominent players in the global genomics market are Thermo Fisher Scientific, Inc., Affymetrix, Inc., Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., and BGI. The other major players in the market are Roche Diagnostics, Cepheid, Inc., Illumina, Inc., QIAGEN N.V., and GE Healthcare.