Increased Government Funding Will Drive The $852 Million Global Genomics Market Growth
20 May, 2020
The global genomics market was worth $852 million in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 14.71% and reach $1,475 million by 2023. Rising government funds for research on genomics drives the growth of the single-cell genomics market. The government funding focuses on efforts to resolve the complexity of the human genome, define the genomic basis of human health and disease, and ensure that genomics is used safely to enhance patient care and benefit society through government, public and private institutions. For instance, in 2018, in the U.S, The All of Us Research Program, a part of the National Institutes of Health, gave funds of $28.6 million for establishing three genome centers in the USA. These centers will start generating genomic data from the biosamples contributed by the participants of the program.
The genomics market consists of sales of single-cell genomics and related goods. The study of genomes is called genomics. Single-cell genomics is an innovative method of classifying individual cells from a tissue sample, capable of defining unique traits and identifying rare cell types. Genomics is used in different fields of study such as intragenomic phenomenon including pleiotropy, epistasis, heterosis, and other interactions between loci and alleles within the genome.
The global genomics market is segmented by product type into instrument (including systems, service contract and software), and reagents (including reagents and consumables). It is also segmented by process into cell isolation, sample preparation, and genomic analysis. By end user it is segmented into academic institutes, biopharmaceutical companies, and clinical research institutes.
Companies in the global genomics market are investing in new product launches to increase their revenue and expand their consumer base, and also for gaining a competitive edge over their rivals. For instance, in 2018, NanoString Technologies, Inc., a USA-based biotech company specialized in developing cancer diagnostics tools, launched a CAR-T characterization panel, which is a new gene expression panel for the molecular characterization of CAR-T cells in research, development, and manufacturing. The panel was developed in partnership with eight leading CAR-T therapy centers; it helps in ease of workflow and aims to advance the field of CAR-T therapy.
Some key players in the genomics market include 10X Genomics, Qiagen NV, Fluidigm Corporation, Johnson & Johnson Private Limited, Zephyrus Biosciences Inc., Illumina, Inc., Affymetrix, Angle PLC, Denovo Sciences Inc., Diagnologix llc, DNA Electronics Ltd, Enumeral, Epic Sciences, Kellbenx Inc., Resolution Bio Science Inc., Wafergen Bio-systems Inc., Yikon Genomics Co. Ltd, Thermo Fisher Scientific Inc., CellBio, Beckman Coulter, Becton Dickinson, Bio-Rad, Carl Zeiss Microscopy, Cell Microsystems, Cellsee Diagnostics, CellSorter, Cytena, CytoTrack, Dolomite Bio, Agilent Technologies Inc., and Fluxion Biosciences.