Genomics Market

Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US) and QIAGEN N.V. (Netherlands) are leading players In Genomics Market

The global genomics market is projected to reach USD 35.7 billion by 2024 from USD 18.9 billion in 2019, at a CAGR of 13.5%. Factors such as the rising government funding and growth in the number of genomics projects, decreasing sequencing costs, growing application areas of genomics, and the entry of new players and start-ups in the genomics field are driving the growth of the genomics market during the forecast period. On the other hand, the dearth of trained professionals and secure storage of large volumes of sequenced data are the key factors that are expected to challenge market growth to a certain extent during the forecast period.

The major players in the genomics market include Thermo Fisher Scientific, Inc. (US), Illumina, Inc. (US), QIAGEN N.V. (Netherlands), and Agilent Technologies, Inc. (US), Eurofins Scientific (Germany), BGI (China), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Oxford Nanopore Technologies (UK). Analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product approvals, product launches, strategic acquisitions, and expansions along with partnerships & agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the genomics market.

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In 2018, Thermo Fisher Scientific accounted for the largest share of the genomics market. The company has its operations in over 150 countries. It focuses on expanding its product portfolio through acquisitions, agreements, and collaborations with complementary companies. For instance, in October 2018, Thermo collaborated with Symphogen (Denmark) in order to simplify genomic analysis. In addition to this, in January 2018, the company signed an agreement with Illumina (US) to increase its genomic business in the field of next-generation sequencing. Similarly, in March 2016, Thermo acquired Affymetrix (US) to enhance its product portfolio.

Illumina held the second-largest share of the genomics market in 2018. The company offers a range of highly interconnected products related to sequencing, genotyping, gene expression, and molecular diagnostics. With a growth rate of 14.8%, Illumina generated revenue of USD 2,752 million in 2017 compared to USD 2,398 million in 2016. This increase is attributed to the high sales of sequencing consumables and growth in the installed base of sequencing systems. Illumina develops, manufactures, and markets integrated systems for the analysis of genetic variations and biological functions. Its broad portfolio of products includes systems, consumables, and analysis tools designed to simplify genetic analysis. The company also offers software and informatics platforms, including cloud-based computational tools for its sequencing and array-based systems. It provides sequencing services like whole genome sequencing, whole exome sequencing, de novo sequencing, custom targeted re-sequencing, gene expression using random primed RNA sampling, and other related services to its end users.

QIAGEN held the third position in the genomics market in 2018. The company offers consumable products, instruments, and automation systems. The company offers around 500 core consumable products, such as sample and assay kits, and automated instrumentation systems in more than 100 countries. QIAGEN’s solutions support more than 50,000 customers worldwide in generating insights for genomic analysis. The company’s solutions are helpful in hospitals and laboratories worldwide, providing answers to an increasing volume and complexity of genomic information. The company has its research and manufacturing facilities in the US, the UK, China, Poland, and the Philippines. The company has built an increasing presence in key emerging markets as a growth strategy. In 2017, the top seven emerging markets- Brazil, Russia, India, China, South Korea, Mexico, and Turkey –contributed approximately 16% of the net sales of the company.

Related Reports:

Genomics Market by Product and Service (Systems & Software, Consumables, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostic Application, and Precision Medicine), End User (Research Institute) - Global Forecast to 2024

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