San Francisco, California, Nov. 12, 2014 (GLOBE NEWSWIRE) -- The global market for genomics is expected to reach USD 22.1 billion by 2020, growing at an estimated CAGR of 10.3% from 2014 to 2020, according to a new study by Grand View Research, Inc. Genomics play an imperative role in the field of infectious disease testing by enabling the use of fast and effective result rendering molecular diagnostic tests. This, coupled with growing prevalence of infectious diseases and hospital acquired infections is expected to drive market growth during the forecast period. Other driving factors for this market include decreasing prices of DNA sequencing, increasing demand for genome analysis in animal and plant feedstock, extensive presence of both private and public external funding programs and growing patient awareness levels. In addition, presence of untapped growth opportunities in emerging countries such as India, Brazil and China and the increasing health awareness are expected to serve this market as future growth opportunities.
Genomics based diagnostics dominated the overall market in terms of revenue at 36.4% in 2013 majorly owing to the presence of a relatively larger number of R&D programs. Genomics based personalized medicine segment on the other hand is expected to grow at the fastest CAGR of over 12.0% from 2014 to 2020 due to increasing demand for population based therapeutic solutions and subsequent increase in R&D initiatives.
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Further key findings from the study suggest:
- Consumables dominated the genomics market in terms of share at over 50% in 2013; mainly due to increasing rates of commercial adoption of genomic testing for various applications especially in the field of drug discovery and development.
- North America was the largest regional market in 2013, at over 35.0% owing to the presence of sophisticated healthcare infrastructure, high patient awareness levels, healthcare expenditure and relatively larger number of R&D exercises pertaining to drug discovery and development.
- Asia Pacific is expected to grow at the fastest CAGR of 12.7% from 2014 to 2020. Growing demand for cost effective clinical outsourcing and the presence of high unmet medical needs in emerging countries such as India and China are some of the factors attributing to the rapid market growth in this region.
- DNA sequencing is one of the most commonly used technologies in biological and medical research laboratories for various applications such as DNA-based phylogeny, DNA cloning, functional analysis of genes, genetic fingerprints identification, detection and diagnosis of hereditary and infectious diseases. On account of the growing demand for all these applications, this segment is expected to grow at the highest CAGR during the forecast period.
- Key industry participants of this market include Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies and Cepheid.
For the purpose of this study, Grand View Research has segmented the genomics market on the basis of product, application, technology and region:
Genomics Product Outlook
Genomics Application Outlook
• Personalized Medicines
• Drug Discovery and Development
• Academic Research
Genomics Technology Outlook
• DNA Sequencing
• DNA Microarray
• Nucleic Acid Extraction and Purification
Genomics Regional Outlook
• North America
• Asia Pacific
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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Source:Grand View Research