New York, NY -- (SBWire) -- 03/16/2020 --The genomics market is driven by increasing awareness regarding genes & their functions and its applications within the field of drugs and genome sequencing. Moreover, the growing number of genomic projects also plays a pivotal role in driving growth of the market. However, higher cost of genomic analysis equipment and dearth of skilled personnel for handling the equipment is anticipated to restrain market to a particular extent.
Market Industry Reports (MIR) has published a new report titled "Genomics Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the genomic market is estimated to be over US$ 18.5 billion in 2019. It is anticipated to grow at a double-digit CAGR from 2019 to 2030.
Key Players:
Thermo Fisher Scientific, Inc., QIAGEN N.V, Aligent Technologies, Bio-Rad Laboratories, Illimina, Inc., GE Healthcare, BGI, F. Hoffmann-La Roche Ltd., Oxford Nanopore Technologies, Danaher Corporation, and others.
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Genomics Market report is segmented on components, services, application, and end use and by regional & country level. Based upon components, Genomics market is segmented into hardware and software. On the basis of services, Genomics market is segmented into Real-time, Forward and Store, Remote Monitoring.
Increasing government funding for research in the field of genomics has extensively contributed to global genomics market. Increasing funding has led to an increase in genomic projects to provide better insights regarding genome, thereby assisting in improved decision making about treatment methods. Moreover, the demand for genetically modified plants and animals has been on the rise in recent times which in turn, has reduced cost of genetic modification procedures.
Genomics Market Segmentation Market:
By Products & Services:
-Consumables
-Services
-Systems & Software
By Technology:
-Sequencing
-Polymerase Chain Reaction (PCR)
-Microarray
-Nucleic Acid Extraction & Purification
By Application:
-Drug Discovery & Development
-Diagnostics
-Precision Medicine
-Agriculture & Animal Research
By Region:
-North America
-Europe
-Asia Pacific
-Rest of the World (ROW)
By End Users:
-Hospitals &Clinics
-Academic and Research Centres & Government Institutions
-Pharmaceuticals & Biotechnological Companies
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Genomic investigation hardware is limiting the development of the genomics market to a limited degree. Alongside this, the requirement for talented staff to deal with gear and moral and lawful provokes inferable from the administrative rules for hereditary testing further impedes the development of this market development.
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Genomics Market to Witness Robust Expansion by 2030 with Leading Key Players: Cerner Corporation, Tunstall Group, Vidyo
The term genomics was first coined in 1986 by Tom Roderick. Genomics may be a field of genetics, which incorporates the study of genes and their functions. Genomics assists in understanding the structure of the genome & its genetic mapping to review intragenomic processes like biological processes, heterosis, epistasis, peliotrophy, and genomic interactions between loci & alleles, among others. Thereby providing better understanding regarding the genetic makeup of each individuals to realize better insights into understanding potential risks associated with diseases, and identification of responsiveness to medicines, and among others.