Global Genomics Market– Description
Genomics is referred to as an interdisciplinary field of biology which involves the study of a person’s genes or the genome with major emphasis on their structure, evolution, function, mapping, and editing. The researchers use high performance computing and math techniques called bioinformatics to analyze a large amount of DNA-sequence data to identify disease causing variations in the genes. Genomic data comes with the potential to boost precision medicine, thus leading to the development of highly efficient treatment methods for various cognitive and behavioral disorders.
What are the major growth propellants of the marketplace?
The major factors aiding the expansion of the worldwide genomics industry are rising government funding to support genomics projects, increasing prevalence of cancer, and widespread application of NSG in cancer research. Moreover, surging focus of research organizations and prominent pharmaceutical companies on the development of new drugs, disease therapies, and clinical testing methods is creating lucrative expansion opportunities for the market. Citing an instance, in 2020 MGI and Chigene inked a partnership deal to obtain breakthroughs in precision diagnosing using whole-genome sequencing method.
Also, the entry of new players and start-ups in the global market and the surging usage of genomics in personalized medicine owing to its benefits such as cost effectiveness, drug safety, patient compliance, optimization of therapies, and early detection of diseases are positively swaying the market dynamics.
On the contrary, shortage of skilled professionals to efficiently assess the genomic data is likely to impede the market progression in the ensuing years.
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Insights on the various segments of global genomics market
Based on product
- consumables
- services
- into system & software
The consumables segment presently holds a significant market share and in anticipated to showcase similar expansion trends over the stipulated timeline ascribing to the surging number of genomic tests performed worldwide.
On the basis of technology
- PCR
- nucleic acid extraction
- purification
- sequencing technologies
- microarrays
Among these, the sequencing technologies segment is projected to register notable gains over the forecast period due to various benefits offered by these technologies such as high speed, scalability, and ultra-high-throughput.
In terms of application
- animal research
- diagnostics
- drug discovery and development
- agriculture
The drug discovery segment is poised to generate significant revenues over the estimated timeframe owing to rising research activities pertaining to cancer and genetic disorders and decrease in the cost of sequencing.
By end user
- pharmaceutical & biotechnology companies
- research centers and academic & government institutes.
- hospitals & clinics
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Elaboration on the geographical landscape of genomics market
In terms of the geographical terrain, North America, Europe, and Asia Pacific are the major benefactors to the industry expansion. North America is expected to capture substantial market share over the analysis timeline attributing to rise in government initiatives to promote precision medicine and the presence of prominent industry players across the region.
Which are the major players constituting the competitive hierarchy of the market?
The primary players present in genomics market are Illumina, Inc, Thermo Fisher Scientific, Inc, Qiagen NV, Agilent Technologies, Inc, F. Hoffman-La Roche AG, Bio-Rad Laboratories, Inc, and BGI Group.
Notably, in 2020, BGI Group announced the expansion of its laboratory automation and DNA sequencing products that were available in Latin America. The company inked agreements with top distributors from Ecuador, Colombia, Brazil, Argentina, Mexico, and Peru.
Similarly, other noteworthy market players are undertaking efficient business centric decisions in terms of partnerships, innovative product launches, collaborations, mergers & acquisitions, and research & development investments to strengthen their presence in the overall industry and garner significant revenues.
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