Worldwide Genomics Market Outlook, 2019 to 2024 - Thermo Fisher Scientific, Illumina, QIAGEN, and Agilent Technologies are Dominating
DUBLIN, March 18, 2019 /PRNewswire/ -- The "Genomics Market by Product and Service (Systems & Software, Consumables, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostic Application, and Precision Medicine), End User (Research Institute) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global genomics market is projected to reach USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5% during the forecast period.
Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the genomics market. However, the high cost of genomic equipment is one of the major factors restraining the growth of this market.
Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US), QIAGEN N.V. (Netherlands), and Agilent Technologies, Inc. (US) dominated the genomics market in 2018. Players mainly focused on product launches and inorganic strategies such as collaborations, acquisitions, and agreements in the market for optimal growth from 2015 to 2018.
Other players in the genomics market include Eurofins Scientific (Germany), BGI (China), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK).
The services segment is projected to grow at the highest CAGR during the forecast period
Based on product & service, the genomics market is segmented into consumables, systems & software, and services. During the forecast period, the services segment is expected to grow at the highest CAGR majorly due to the increasing awareness of genomics and the reducing cost of DNA sequencing.
Diagnostic applications to grow at the highest CAGR during the forecast period
Based on application, the genomics market is segmented into diagnostics, drug discovery and development, personalized medicine, agriculture and animal research, and other applications. During the forecast period, the diagnostic applications segment is projected to grow at the highest CAGR majorly due to the increasing awareness of genomics among patients and the improving efficiency of genomic sequencing in the diagnosis of diseases.
In the end-user market, the hospitals and clinics segment is estimated to witness the highest growth during the forecast period
Based on end user, the genomics market is segmented into research centers and academic & government institutes, hospitals and clinics, pharmaceutical and biotechnology companies, and other end users. During the forecast period, the hospitals and clinics segment is estimated to grow at the highest CAGR owing to the growing availability of genetic tests and pharmacogenomics and the rising emphasis on providing personalized medicine in hospitals.
Growing investments and favorable government initiatives for genomics research to offer growth opportunities in North America during the forecast period
During the forecast period, the North American market is estimated to witness high growth owing to factors such as the implementation of favorable initiatives by governments in the US and Canada and rising investments in the pharmaceutical, biotechnology, medical, and academic research sectors in these countries.
Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Genomics: Market Overview
4.2 North America: Genomics Market, By Technology, 2018
4.3 Asia Pacific: Genomics Market, By Product & Service, 2018
4.4 Geographical Snapshot of the Genomics Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Government Funding and Growth in the Number of Genomics Projects
5.2.1.2 Decreasing Sequencing Costs
5.2.1.3 Growing Application Areas of Genomics
5.2.1.4 Entry of New Players and Start-Ups in the Genomics Market
5.2.2 Restraints
5.2.2.1 High Cost of Genomic Equipment
5.2.3 Opportunities
5.2.3.1 Use of Genomics in Specialized/Personalized Medicine
5.2.4 Challenges
5.2.4.1 Dearth of Trained Professionals
5.2.4.2 Secure Storage of Large Volumes of Sequenced Data
6 Genomics Market, By Product and Service
6.1 Introduction
6.2 Consumables
6.2.1 Consumables Forms the Largest Segment of the Genomics Market
6.3 Systems & Software
6.3.1 With Genome Sequencing Available at Substantially Lower Rates, the Demand for Systems & Software is Expected to Increase
6.4 Services
6.4.1 The Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
7 Genomics Market, By Technology
7.1 Introduction
7.2 PCR
7.2.1 PCR Allows Researchers to Produce Millions of Copies of A Specific DNA Sequence Within Hours
7.3 Sequencing
7.3.1 Increasing Applications of Sequencing in Animal Breeding, Agriculture, and Human Genomics to Drive Market Growth
7.4 Microarray
7.4.1 Microarray Technologies are Widely Used in the Field of Genomics Due to Their Low Cost
7.5 Nucleic Acid Extraction and Purification
7.5.1 Advances in Nucleic Acid Extraction and Purification Technologies are Expected to Support the Growth of This Market
7.6 Other Technologies
8 Genomics Market, By Application
8.1 Introduction
8.2 Diagnostics
8.2.1 Diagnostics Forms the Largest and Fastest-Growing Application Segment of the Genomics Market
8.3 Drug Discovery and Development
8.3.1 Growing Application of Genomics in the Area of Drug Discovery and Development to Propel Market Growth
8.4 Precision Medicine
8.4.1 Precision Medicine Focuses on Identifying the Most Effective Medical Treatments for Patients Based on Their Genetic, Environmental, and Lifestyle Factors
8.5 Agriculture & Animal Research
8.5.1 Genomics Helps in Improving the Productivity of Crops and Livestock
8.6 Other Applications
9 Genomics Market, By End User
9.1 Introduction
9.2 Research Centers and Academic & Government Institutes
9.2.1 Increase in Research Intensity to Drive the Usage of Genomics Systems Among Academic & Government Institutes
9.3 Hospitals & Clinics
9.3.1 Increasing Demand for Pharmacogenomics to Drive the Acceptance of Ngs in Hospitals
9.4 Pharmaceutical & Biotechnology Companies
9.4.1 Growing Importance of Biomarkers to Drive the Use of Genomic Systems and Services Among Pharma & Biotech Companies
9.5 Other End Users
10 Genomics Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 US Dominates the North American Genomics Market Due to the Increasing Research Funding and Government Initiatives for Promoting Precision Medicine and the Use of Gm Crops
10.2.2 Canada
10.2.2.1 Increasing Research in the Field of Genomics to Drive Market Growth
10.3 Europe
10.3.1 UK
10.3.1.1 UK to Register the Highest CAGR in the European Genomics Market During the Forecast Period
10.3.2 Germany
10.3.2.1 Availability of Funding for Life Sciences Research to Boost Market Growth in Germany
10.3.3 France
10.3.3.1 Increasing Government Investments in Genomics to Boost the Growth of the French Genomics Market
10.3.4 RoE
10.4 Asia Pacific
10.4.1 China
10.4.1.1 China is Expected to Command the Largest Share of the Asia Pacific Market
10.4.2 India
10.4.2.1 Emergence of Local Players is Expected to Aid the Growth of the Genomics Market in India
10.4.3 Japan
10.4.3.1 Increasing Government Focus on Cancer Research in Japan to Increase Demand for Genomics Products
10.4.4 Rest of Asia Pacific
10.5 Rest of the World
10.5.1 Middle East and Africa
10.5.1.1 Increasing Adoption of Genetic Testing in the Middle East and Rising Hiv & Cancer Incidence in Africa are Driving Market Growth
10.5.2 Latin America
10.5.2.1 Government Funding and Partnerships to Boost the Adoption of Genomics Products and Services in Latin America
11 Competitive Landscape
11.1 Overview
11.1.1 Thermo Fisher Scientific
11.1.2 Illumina
11.1.3 Qiagen
11.1.4 Others
11.2 Competitive Scenario
11.2.1 Product Launches and Approvals
11.2.2 Expansions
11.2.3 Agreements and Collaborations
11.2.4 Acquisitions
11.3 Competitive Leadership Mapping (Overall Market) (2018)
11.3.1 Visionary Leaders
11.3.2 Innovators
11.3.3 Dynamic Differentiators
11.3.4 Emerging Companies
11.4 Competitive Benchmarking
11.4.1 Analysis of the Product Portfolio of Major Players in the Genomics Market (25 Companies)
11.4.2 Business Strategies Adopted By Major Players in the Genomics Market (25 Companies)
11.5 Competitive Leadership Mapping (Start-Up) (2018)
11.5.1 Progressive Companies
11.5.2 Starting Blocks
11.5.3 Dynamic Companies
11.5.4 Responsive Companies
12 Company Profiles
12.1 Illumina, Inc.
12.2 Thermo Fisher Scientific
12.3 Qiagen
12.4 Eurofins Scientific
12.5 Agilent Technologies
12.6 Oxford Nanopore Technologies
12.7 F. Hoffmann-La Roche
12.8 Bio-Rad Laboratories
12.9 BGI
12.10 Danaher Corporation
12.11 GE Healthcare
12.12 Eppendorf
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