Chicago, Aug. 18, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Genomics Market by Product & Service (System & Software, Consumables, Services), Technology (Sequencing, PCR), Application (Drug Discovery & Development, Diagnostic, Agriculture), End User (Hospital & Clinics, Research Centers) – Global Forecast to 2025", is projected to reach USD 54.4 billion by 2025 from USD 22.7 billion in 2020, at a CAGR of 19.0% during the forecast period.
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The major factors driving the growth of this market include the increasing government funding to support genomics projects, the growing incidence of cancer and increasing applications of NGS in cancer research, the entry of new players and start-ups in the genomics market, and the growing application areas of genomics.
Based on product & service, the genomics market is segmented into consumables, systems & software, and services. In 2019, consumables accounted for the fastest growing segment of the market during the forecast period. Consumables are used in large numbers in genomic systems, and their use will continue to increase with the growing number of genomic tests performed across the globe. This is a key factor driving the market growth.
Based on end users, the genomics market is segmented into hospitals & clinics, research centers and academic & government institutes, pharmaceutical & biotechnology companies, and other end users. In 2019, the hospitals & clinics segment accounted for the fastest growing of the market. Hospitals & clinics are shifting from traditional genomic testing methods to cost-effective and more sensitive methods, such as whole-exome sequencing, which is a major factor driving the market growth.
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Geographical Growth Scenario:
In 2019, the Asia Pacific region accented for the fastest growing region of the genomics market. It is also estimated to grow at the highest CAGR in the market during the forecast period, mainly due to favorable government support for genomics projects, increasing awareness about newer genomics technologies such as NGS, and expansions of key players to strengthen their presence in the APAC region.
Leading players operating in the Genomics Market are:
Illumina, Inc. (US),
Thermo Fisher Scientific (US),
QIAGEN N.V. (Netherlands),
Agilent Technologies, Inc. (US),
F. Hoffmann-La Roche Ltd. (Switzerland),
Bio-Rad Laboratories, Inc. (US), and
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