The 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 percent, forecasts Markets and Markets. 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.
In 2018, the consumables segment accounted for the largest share of this market, majorly due to the repeated use of consumables for genomic experiments and the increasing number of research programs by academic institutes and non-profit organizations.
By technology, the PCR segment accounted for the largest share of the genomics market in 2018. Technological advancements, increasing research in the field of genomics, and the lower cost of DNA amplification using PCR are the key factors driving the growth of this market.
Diagnostics is the largest and the fastest-growing application segment of the genomics market primarily due to the increasing research on diseases, such as cancer and genetic disorders and the decreasing cost of sequencing.
In 2018, North America was the largest regional market for genomics. The large share of North America in the global genomics market can be attributed to the increasing research funding and government initiatives for promoting precision medicine, and the use of GM crops in the U.S. The Asia-Pacific market, on the other hand, is expected to register the highest CAGR.
Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (U.S.), Eurofins Scientific (Germany), BGI (China), GE Healthcare (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK) are the key players operating in the global genomics market.