NEW YORK, June 7, 2016 /PRNewswire/ -- The genomics market is poised to reach USD 19.99 billion by 2020, growing at a CAGR of 9.9% during the forecast period of 2015 to 2020. The major factors driving the growth of the global genomics market include increasing investments, grants, and funds by the government; increasing research in the field of genomics; increasing number of start-up companies; and increasing application of genomic sequencing in the diagnostics. Despite the large number of benefits like detection of genetic variations in a diseased condition, high costs of genomic sequencing instruments/systems are restraining the genomics market.
The applications of genomics technologies have witnessed growth in recent years, which can be primarily attributed to the availability of advanced systems as well as the low cost of conducting sequencing. The technological advancement is evident from the number of improved versions of existing sequencers released in recent years. For instance, in January 2014, the leading player in the genomics market, Illumina, Inc. (U.S.), launched its NextSeq 500 System, which combines high-throughput performance with an affordable desktop form factor. This system is expected to enable researchers to perform sequencing in less than a day. In addition, the company also launched the NextSeq 500 System in January 2014, which combines high-throughput performance with an affordable desktop form factor. This system is expected to enable researchers to perform sequencing in less than a day.
In 2015, the consumables segment is accounted for the major share of the global genomics market, by product, while the diagnostics segment is expected to account for the largest share of genomics market, by application. The academic institutes, research centers, government institutes accounted for major share of the genomics end users market in 2015. Additionally, the PCR accounted for the largest share of the genomics market, by technology, in 2015
In 2015, North America is expected to account for the largest share of the global genomics market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). North America's large share is attributed to the passage of Personalized Medicine Initiative in 2015. The new healthcare initiative will increase the adaptation of genomics in personalized medicine and provide better treatment to the patients.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, joint ventures, collaborations, geographic expansion, new product launches, and acquisitions) to increase their market shares and establish a strong foothold in the global market.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps the firms to garner a greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of top players in the genomics market. The report analyzes the genomics market, by product, technology, process, end user, application, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the genomics market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various genomics products and services across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the genomics market
- Competitive Assessment: In-depth assessment of market shares, strategies, and products of the leading players in the genomics market
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