Genomics referred as the study of a gene & its functioning. Its main aim is to understand the genome's architecture that comprises the ribonucleic acid (RNA), deoxyribonucleic acid (DNA), and proteins. It examines the molecular mechanisms and interaction of genetic & environmental factors in the diseases. Additionally, genomics is a wide spectrum that includes structural genomics, epigenomics (epigenetics), functional genomics, comparative genomics, and pharmacogenomics.
According to study, “Genomics Market Global Report 2020-30” the key companies operating in the global genomics market are Fluidigm Corporation, 10X Genomics, Qiagen NV, Johnson & Johnson Private Limited, Affymetrix, Angle PLC, Zephyrus Biosciences Inc., Illumina, Inc., Denovo Sciences Inc., Enumeral, Epic Sciences, Kellbenx Inc., Diagnologix LLC, Dolomite Bio, Agilent Technologies Inc., DNA Electronics Ltd, Resolution Bio Science Inc., Yikon Genomics Co. Ltd, Thermo Fisher Scientific Inc., Wafergen Bio-systems Inc., CellBio, Becton Dickinson, Bio-Rad, Beckman Coulter, Carl Zeiss Microscopy, Cellsee Diagnostics, CellSorter, Cell Microsystems, Cytena, CytoTrack, Fluxion Biosciences.
Based on product & service, genomics market is segmented as system & software, consumable and services. The consumable segment dominates the market as they are extensively consumed by the consumers and it provides accuracy & precision in the preparation of the genomics. The services segment is anticipated to witness higher growth due to services offered by the companies include service partnerships, analysis & data management solutions, and financial solutions during the forecast period. Based on technology, market is segmented as Polymerase Chain Reaction (PCR), sequencing, nucleic acid extraction & purification, microarray and others (single-cell genomics analysis, branched DNA analysis, and flow cytometry). The sequencing segment holds major share in global market as its variant libraries & genes, and increases the function of proteins. Based on application, market is segmented as drug discovery & development, agriculture & animal research, diagnostics, precision medicine and others (biofuel research, marine research and forensics). In addition, based on end-user, market is segmented as hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies and others (agri-genomics organizations, non-profit organizations (NPOs), and direct-to-consumer genetic companies).
The genomics market is driven by growth in application areas of genomics, followed by rise in government funding & growth in number of genomics projects, increase in new players & start-ups in the genomics market. However, high cost of genomic equipment and dearth of trained professionals may impact the market. Moreover, rise in use of genomics in specialized/personalized medicine is a key opportunity for market.
Based on geography, the North-American region dominates the global genomics market owing to increase in research funding & government initiatives in genomics in the region. The Asian-Pacific and European regions hold major share in global market due to rise in the awareness and growth in adoption of numerous genomic technologies in the developing nations such as China and India for diagnosis, detection and treatment of multiple genetic disorders such as diabetes, cancer and others during the forecast period. The global genomics market was valued at US $851.96 million in 2019 and it is projected to grow at a CAGR of 14.71% and reach US $1475.11 million by 2023.
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Ankur Gupta, Head Marketing & Communications