San Francisco, California (PRWEB) August 12, 2014
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.
The report “Genomics Market Analysis By Product (Instruments, Consumables, Services), By Application (Diagnostics, Personalized Medicines, Drug Discovery & Development, Academic Research, Agricultural), By Technology (PCR, DNA Sequencing, DNA Microarrays, Nucleic Acid Extraction & Purification) And Segment Forecasts To 2020” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/genomics-market.
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Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the genomics market on the basis of product, application, technology and region:
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/.
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Grand View Research, Inc
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