Genomics Market Will Grow Rapidly Owing To Enhanced R&D Practices From 2014 To 2020: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.” has announced the addition of “Genomics Market Analysis And Segment Forecasts To 2020” Market Research report to their Database

Genomics, a sub-stream of biology relating to the study of genes and their functions has multiple applications across diverse fields like anthropology, genomic medicine, biotechnology, etc. The global market for genomics will grow at a CAGR of 10% from 2014 to 2020. It would be valued at USD 22 billion by 2020.

This growth is owed to technological developments that facilitate integration of several types of information with genomic information, thereby allowing researchers to better comprehend the genetic bases of various medical conditions and the response to drugs.

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The market would also benefit from partial or full reimbursement offered by some governments. Higher incidence of diabetes, cancers, fetal disorders, etc. is also contributing to high demand. A well-distributed network of clinical laboratories, falling prices of DNA sequencing, and growing awareness amongst patients are other positive factors.

The global genomics market is segmented on the basis of products, applications, technologies and regions. Instruments, consumables, and services are the three product types. Consumables were dominant in 2013. They held about 60% of the total market that year and would grow at the fastest rate over the next six years. Rising commercial adoption of genomic testing, especially in drug discovery and development, along with decreasing consumables’ cost will bring about this growth.

Key applications include diagnostics; academic research; personalized medicines; agriculture; and drug discovery and development. Diagnostics, with over 35% of total market revenues, were the leading application in 2013. This was the result of a high number of research programs. Personalized medicines would be the fastest-growing (CAGR of 11.9%) segment over the next six years.

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Main technology segments comprise DNA microarray, PCR, DNA sequencing, and nucleic acid extraction and purification. PCR, with almost half of the market share, assumed leadership position in 2013. Factors working in its favor are technological advancements, growing research in proteomics and genomics, and governmental support in the form of research funds.

There are four regional categories viz. Europe, Asia Pacific, North America and Rest of the World (RoW). Europe was the market leader in 2013. However, uneven reimbursement policies and economic instability may erode its position. Contrarily, Asia Pacific will witness lucrative growth due to vastly untapped markets (China, India) and rising demand for low-cost clinical outsourcing.

Eminent market participants at the global level are Agilent Technologies, GE Healthcare, Affymetrix Inc., and Bio-Rad Laboratories Inc. Others are Illumina Inc., Life Technologies, Roche Diagnostics, and Cepheid.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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