iCrowd Newswire – Jul 22, 2020
The global genomics market is predicted to advance at a CAGR of 12.7% from 2020 to 2030 and ultimately reach a value of $68.0 billion by 2030, according to the latest research study published by P&S Intelligence, the study covers detailed analysis of component and distribution channel of genomics industry.
The major market drivers are the increasing investments being made by various governments on genomics research, the rising requirement of personalized medicine, and declining costs of sequencing services across the world.
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Depending on solution, the global genomics market is divided into instruments, services, and consumables categories. Out of these categories, the consumables division is predicted to dominate the market in the future years. This is ascribed to the rising number of research and development (R&D) activities and the increasing processing of numerous samples in various facilities such as laboratories and research centers. In addition to this, consumables are extensively used at different stages during testing and research, which is further boosting the advancement of the category in the market.
The objective of this research includes;
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the genomics market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various genomics market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
- Recent strategic developments by the major players in the genomics market
The market is categorized, on the basis of application, into drug delivery and development, agriculture and animal research, precision medicine, and diagnostics. Amongst these, the diagnostics division recorded the highest share, in terms of revenue, in the market in the last few years, primarily because of the surge in research and development (R&D) activities in various genetic diseases and disorders such as cancer. Besides this factor, the soaring adoption of different types of high-throughput methods such as NGS (next-generation sequencing) is also fueling the progress of the category in the market.
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Globally, North America led the genomics market over the last few years, on account of the numerous ongoing genomics R&D projects and the huge investments that were made for conducting these research activities in the various North American countries. In this region, the market exhibited rapid expansion in the U.S. in the past, because of the numerous R&D activities that were conducted in the field of genomics in the country during the past few years. The results obtained from these research projects are being utilized for tackling challenges and developing solutions for animal-gene, agricultural, and medical research. The U.S. government has made huge investments in various genomics projects and allocated huge amounts of funds to many research institutes in the country during the last several years.
A few of the prominent players operating in the genomics market are Illumina Inc., Pacific Biosciences of California Inc., Oxford Nanopore Technologies Ltd., BGI Tech Solutions Co. Ltd., QIAGEN N.V., Quest Diagnostics Inc., Eurofins Scientific SE, F. Hoffmann-La Roche Ltd., Danaher Corporation, Bio-Rad Laboratories Inc., Agilent Technologies Inc., and Thermo Fisher Scientific Inc.
The research includes detailed analysis of;
- Drug discovery and development
- Precision medicine
- Agriculture and animal research
- Research centers and academic institutes
- Hospitals and clinics
- Pharmaceutical and biotechnology companies
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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