Genomics Market by Product, Consumables & Services Worth $19.0 Billion by 2018 - New Report by MarketsandMarkets
(PRWEB) June 16, 2014 -- New analysis from MarketsandMarkets "Genomics Market by Products - [Instruments (NGS platform, Microarray, RT-PCR), Consumables (Genechips, Reagents for DNA Extraction & Purification, Sequencing)], Services (Sequencing & Microarray Services, and Software) - Global Forecast to 2018" finds that the Global Genomics Market earned revenues of $11.11 billion in 2013 and estimates this market to reach over $19.0 billion by 2018.
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The global genomics products market was segmented into instruments, consumables, and services. The total market was valued at an estimated $11.11 billion in 2013 and is expected to grow at CAGR of more than 12.0% during the forecast period.
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The Consumables segment is the highest revenue contributing product segment. This segment is expected to earn increasing revenues, owing to volume growth of genetic tests in drug discovery, biomarker discovery, and pharmacogenomics applications. PCR, DNA sequencing, nucleic acid extraction and purification reagents, and gene chips constituted over 80% of the revenue from the Consumables product segment, with PCR reagents constituting over 20% of the revenue earned in the Consumables market.
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The report segments the Global Genomics market by products (instrument, consumables, and services), by technology (Nucleic acid extraction & purification, PCR, DNA sequencing, and DNA microarray), by application (diagnostics, personalized medicine, academic research, agriculture & animal health, and academic research), and by geography (North America, Europe, APAC, and RoW). Technological advancements (Nanopore sequencing, customized microarray, and d-PCR), increasing capital investment by public and private capitalists in genetic researches, as well as innovations in bioinformatics tools for advanced application in drug discovery and academic research are considered the key drivers for the global genomics market.
“The future of genomics lies in the personalized medicine industry. Government initiatives and considerable investments are expected to drive genetic research on personalized medicines that utilize base pairs of the human genome sequence”.
As of now, the application of personalized medicine is primarily focused on drug discovery for oncology, vaccine production, as well as infectious disease-therapeutic areas. The usage and application areas for genomic research in personalized medicine are expected to increase significantly in coming years.
Over the last decade, Tier I and Tier II companies were found to be dominant in the instruments and consumables product segments of the genomics market. Moreover, increasing market consolidation through consecutive restructuring activities by leading players has proved to be a challenge for new entrants. “Market penetration in the genomics services sub-segment would be a suitable strategy for start-ups. Increasing dependency of small and medium scale research institutes on outsourced services is expected to drive the market significantly,” concludes Antan. “Partnering with Tier I and Tier II manufacturers reduces the initial capital investment, and allows small scale service providers to leverage established brand names for market penetration.” Leading market players in this market include Roche Diagnostic (Switzerland), Life Technologies, Corp. (U.S.), QIAGEN (Netherlands), Illumina, Inc. (U.S.), and Bio-Rad Laboratories, Inc. (U.S.).
The Global Genomics Market study is part of the Biotechnology subscription title, which also includes research in the following markets: Next Generation Sequencing (NGS) Market [Platforms (Illumina HiSeq, MiSeq, Life Technologies Ion Proton/PGM, 454 Roche), Bioinformatics (RNA-Seq, ChIP-Seq), (Pyrosequencing, SBS, SMRT), (Diagnostics, Personalized Medicine)] – Global Forecast to 2017, and Proteomics Market (Protein Microarray, Mass Spectrometry, NMR Spectroscopy, Chromatography, Electrophoresis, Surface Plasmon Resonance, X-ray Crystallography) - Instruments, Reagents & Services - Trends & Global Forecasts to 2017.
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