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(MoneyNewsWire.Net, September 01, 2017 ) According to a new market research report, the Genomics Market to grow from USD 13.64 billion in 2016 to USD 21.86 billion by 2021 at a CAGR of 9.9%.
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Genomics is a discipline which analyzes the function and structure of genomes. It uses various sampling, sequencing, and data analysis and interpretation techniques to decode, assemble, and analyze genomes. The knowledge of complete set of DNA helps to identify certain genetic diseases, develop best course of treatment, and contribute to precision medicine.
Some of the key players in this market include Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, Cepheid.
The global genomics market is chiefly driven by the intensifying level of competition in the global pharmaceutical industry and the increased use of genomics in research and development of new drug classes. An increased demand for genetically modified animals and plants and the constantly reducing prices of genetic procedures are also leading to significant developments in the global genomics market through a rising scope for research and innovation. The use of genomics concepts in the field of synthetic biology, to study gene sequences of plants and living organisms, is expected to leverage the progress made in the field of synthetic cells and DNAs in the near future. Such rise in applications is also expected to lead to vast traction to the global genomics market in the future. However, the high cost of genomic instruments is one of the major restraints of the market.
The report segments the market based on product, technology, process, application and end user. The various product segments of the genomics market include instruments/systems, consumables, and services. The consumables segment is expected to account for the largest share of the genomics market. This is attributed to factors such as repeated usage of consumables for the genomic experiments, increasing research programs by academic institutes and non-profit organizations. The market by technology is segmented into Sequencing, Microarray technology, PCR, Nucleic acid extraction and other technologies. Based on the various application areas of genomics, the report segments the market into diagnostics, drug discovery & development, personalized medicine, and agriculture & animal research, among others.
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The market by process is segmented into the library preparation, sequencing & imaging, and data analysis. Based on the end users the genomics market is segmented into research centres, academic institutes, & government institutes; hospitals & clinics; and pharmaceutical & biotechnology companies, among others. The research centres, academic institutes, and government institutes segment accounted for the largest share of the market, by end user. This largest share is attributed to the increasing research initiatives and projects in the area of genomics worldwide. On the basis of geography, the market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. Developed regions such as North America and Europe presently lead the global genomics market. The market is expected to witness the most significant development across Asia Pacific owing to strengthening economies of developing countries such as India and China.
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