The global genomics market size is projected to reach USD 62614.6 million by 2026. Genomics has successfully transformed the way of preventing, managing and treating diseases. Researchers at the University of Paris-Saclay believe that we have entered into the third revolution of sequencing technology in the world of genetics. Moreover, several companies are planning to build third-generation sequencing technology to stay abreast of new trends. As per a recent report published by Fortune Business Insights, titled “Genomics Market Size, Share and Industry Analysis By Type (Products, Services), Technology (Polymerase Chain Reaction, Next-generation Sequencing, Microarray, Sanger Sequencing), Application (Diagnostics, Research), End-User (Research Institutes, Healthcare Facilities & Diagnostic Centers, Pharmaceutical & Biotechnological Companies, Contract Research Organization (CROs)) & Regional Forecast, 2019 – 2026,” the market value stood at USD 15888.8 million in 2018 and is anticipated to exhibit an exponential CAGR of 18.7% during the forecast period.
The report covers:
- Global Genomics Market trends, with detailed analysis on consumer trends & manufacturer trends.
- Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
- Key areas of investments identifying market opportunities and challenges in forecast timeframe.
- Competitive analysis of the industry players along with the overview on strategic management.
- Comprehensive company profiles of the major industry players.
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Leading Players operating in the Genomics Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Thermo Fisher Scientific Inc.
- Oxford Nanopore Technologies
Advancements in Bioinformatics to Boost the Market in North America
Among regions, North America is anticipated to emerge dominant in the global genomics market throughout the forecast years. In 2018, the market value stood at USD 6959.3 million. This is ascribable to the rising focus on pharmacogenomics and technological advancements in bioinformatics. This, coupled with increasing adoption of new sequencing technologies, will create growth opportunities for the market in this region. Rising preference for personalized medicines is another factor responsible for the dominance of market in this region.
Apart from North America, the market in Europe is expected to exhibit a higher CAGR owing to the robust support from governments, especially in the U.K. Asia Pacific is expected to hold a considerable genomics market share over the projected horizon. Factors such as increasing the aging population, high demand for genetic sequencing in China, and expansion of healthcare system are positively impacting the genomics market growth in this region.
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