The global market was valued at $11.11 billion in 2013 and is expected to grow at a CAGR of more than 10.0% during the forecast period.
Dallas, TX -- (SBWIRE) -- 02/13/2014 -- 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.
Browse 49 market data tables and 52 figures spread through 248 pages and in-depth TOC on “Genomics Market".
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The global genomics market was valued at an estimated $11.11 billion in 2013 and is expected to grow at a CAGR of over 12.0% from 2013 to 2018.
The global genomics instrument and consumables segments were further categorized into nucleic acid extraction and purification systems, PCR, DNA microarrays, DNA sequencers, and NGS platforms. The Consumables segment of the global market held the maximum share among all other product segments.
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.
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“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.).
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