Genomics Market Is Projected To Grow At A CAGR 10.3% CAGR from 2014 to 2020: Grand View Research, Inc.
The global genomics market is estimated to reach USD 22.1
billion by 2020, growing at an expected CAGR of 10.3% from 2014 to 2020.
Genomics is a subunit of biology that is concerned with the study of genes and
its functions and brings together the function and structure of genomes.
Genomics is applied in several fields such as biotechnology, genomic medicine,
anthropology, and various other social sciences. It consists of functional
genomics, comparative genomics, pharmacogenomics, structural genomics, and
epigenomics.
The global genomics market has
undergone an increase in its market potential due to technological
developments. Adding to it, factors including growing prevalence of fetal
disorders such as diabetes and cancer, an increase in partial or full
compensation by the government of certain countries add to the market’s growth
across the globe.
In 2013, genomics-based
diagnostics held the largest share of market revenue at over 35% on account of
the occurrence of a considerably larger number of research & development
initiatives. However, genomics-based personalized medicine segment is projected
to have the highest growth rate, at an anticipated CAGR of over 12%, from 2014
to 2020. The high growth rate of the segment is on account of the growing
demand for population-based therapeutic solutions and consequent increase in
R&D initiatives.
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Genomics
Market
Consumable led the global genomics market share at over 50% in 2013. This
is on account of rising adoption rate of genomic testing for several
applications, particularly in the field of drug development and discovery. The
consumables segment is also expected to lead the market with the fastest growth
rate over the forecast period owing to increasing applications and reduced
costs of consumables.
In 2013, PCR technology had the largest market share of over 45% owing to
technological developments and involvement of government policies about funding
of research & development. Nucleic acid extraction and purification
technology are expected to witness the highest growth rate, at a projected CAGR
of 10.1%, from 2014 to 2020 on account of developing technologies for genome
profiling and growing methods for new diagnostics tools and techniques.
North America was the major regional market, generating over 35% of the
total revenue of the global genomics market. This was on account of various
reasons such as high patient awareness levels, the presence of sophisticated
infrastructure of healthcare. Asia Pacific is likely to be the highest growing
region, at a projected CAGR of 12.7% over the next six years. The presence of
large unmet medical needs and the increasing demand for economical clinical
outsourcing in the emerging nations of China and India is anticipated to drive
the high growth rate.
The major market players include Agilent Technologies, Bio-Rad
Laboratories Inc., Illumina Inc., Roche Diagnostics, Cepheid, Affymetrix, Inc.,
BGI, GE Healthcare, Qiagen, and Life Technologies.
For
more information: http://www.grandviewresearch.com
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