Genomics is referred to as analysis of genes, chromosomes and their functions in chase of facets useful in managing or checking illnesses via immunizations or drug treatments. Escalating rivalry in pharmaceuticals and rising demand for genetically modified crops are some of the primary factors that drive demand for this market.
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The plummeting costs of genomic methods also drive the market ahead. The surfacing of evolutionary research activities in genomics is projected to add income to the genomics market. Increased research and developments to discover more about the genomes of organisms also propel demand for the market.
The worldwide genomics market is estimated to witness a double digit CAGR during the forecast phase. It was anticipated to have generated revenue worth about USD 11 billion in 2013. The market is anticipated to rise at about 12 percent during the forecast phase. It is projected to achieve around USD 19 billion by 2018. The genomics market is divided into technologies, applications, products and geographical regions.
The technologies sector is divided further into DNA microarrays, bioinformatics and other technologies. The applications sector is divided into drug discovery, drug diagnostics, agriculture and animal research, personalized medicines, educational research and others. The products sector of the genomics market is segmented on the basis of consumables, instruments and services.
The region sector is fragmented into Asia Pacific, North America, Asia Pacific and rest of the world. Augmented fiscal support by governments and state-of-the-art technologies are predicted to improve the genomics market conditions. The developing applications of research and experiments in genomics and reduced costs of consumables and instruments offer development prospects to the genomics market.
Information Source: Grand View Research