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PUNE, India, October 6, 2017 /PRNewswire/ --
According to a new market research report "Genomics Market by Product and Services (Instruments/Systems, Consumables, Services), Technology (Sequencing, Microarray, PCR), Process (Library Preparation, Sequencing, Data Analysis), Application (Diagnostics) - Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 23.88 Billion by 2022 from an estimated USD 14.71 Billion in 2017, at a CAGR of 10.2%.
Browse 112 Market Data Tables and 43 Figures spread through 218 Pages and in-depth TOC on "Genomics Market"
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The key factors such as growth in the number of R&D activities, growing demand for personalized medicine and reducing cost of sequencing services are driving the growth of this market.
By products and services, the consumables segment accounted for the largest share of the market in 2017
On the basis of products and services, the Genomics Market has been segmented into instruments/systems, consumables and services. In 2017, the consumables segment is expected to account for the largest share of the global Genomics Market. The services segment, on the other hand, is expected to be the fastest-growing segment during the forecast period. Growth in this segment is mainly driven by the increase in the biotechnology and genomics services start-ups, adoption of genetic testing by hospitals and decrease in the sequencing costs.
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By technology, the PCR technology accounted for the largest share of the market in 2017
On the basis of technology, the Genomics Market has been segmented into sequencing, microarray, PCR, nucleic acid extraction and purification and other technologies such as genotyping and gene editing. In 2017, the PCR technology is expected to account for the largest share of the global Genomics Market. The sequencing technology, on the other hand, is expected to be the fastest-growing segment during the forecast period. Growth in this technology attributes to the increase in genomics application areas, and advancements in the sequencing technology such as high throughput sequencing.
By process, the sequencing segment accounted for the largest share of the market in 2017
On the basis of process, the Genomics Market has been segmented into library preparation, sequencing and data analysis. In 2017, the sequencing is expected to account for the largest share of the global Genomics Market. It is also expected to be the fastest-growing segment during the forecast period. Growing adoption of genetic testing by hospitals and decreasing costs of sequencing services are expected to drive the growth of the segment.
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North America dominated the market in 2017
North America accounted for the largest share of the Genomics Market in 2017, followed by Europe. The large share of the North American Genomics Market can be attributed to the growth in biotechnology and genomics research grants and funds in the US focus on precision medicine and pan-Canadian program.
The various players in the Genomics Market include F. Hoffmann-La Roche (Switzerland), Thermo Fisher Scientific (US), BGI (China), Illumina (US), QIAGEN (Netherlands), GE Healthcare (UK), Bio-Rad Laboratories (US), Eurofins Scientific (Germany), Agilent Technologies, (US), Oxford Nanopore Technologies (UK), Pacific Biosciences of California (US), and Eppendorf (Germany) among others.
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