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North America's genomics market to have rising investments and innovations in the sector from 2016-21 insights shared in detailed report

Medical Market Research

The North America Genomics Market was worth USD 4.77 billion in 2016 and estimated to be growing at a CAGR of 9.7%, to reach USD 7.58 billion by 2021.

Genomics, the science of studying genomes and their interaction with a variety of stimuli, has been the focus of extensive research and development activities in the few years. The field has witnessed a significant rise in technologies that promise a better understanding of genomes and their interaction with the environment and tools that use research results to understand the role played by genomes in the growth and survival of all organisms.

It finds its application in various fields such as genomic medicine, biotechnology, anthropology and other social sciences.

One of the major drivers of the North American market is the availability of abundant funds and the presence of a large number of companies undertaking research in the field of molecular biology.

Genomics is being extensively used in pharmaceutical industries to develop new classes of drugs. There has a rise in the demand for genetically modified plants and animals due to which there has been a surge in the market.

With genomics being used in various industries the market growth is expected to boost during the forecast period. However, the high cost of genomic instruments is likely to restrain the growth of the market during the forecast period.

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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.

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 U.S.A and Canada. North America is a major market due to increasing R&D projects taken up by various companies.

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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.

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