The Europe genomics market is expected to reach US$ 10.1 Bn in 2025 from US$ 4.6 Bn in 2017. The market is estimated to grow with a CAGR of 10.6% from 2018-2025.
The growth of the genomics market is primarily attributed to the rise in the advancements for genome editing technologies and technological developments in genomics. However, nonexistence of skilled professionals and risks associated with genetic data are likely to pose a negative impact on the market growth. On the other hand, an extensive use of genomics for medical applications is likely to have a positive impact on the growth of the Europe genomics market in the coming years.
Advancement in the field of genomics has rapidly increasing. Many industry players have come up with innovative technique and ideas in last few years. The techniques such as cloning, gene sequencing, genome engineering has results into the generation of genetically modified organisms. The technological advancement as headed emergence of the New Bioeconomy, which is the replacement of petrochemical-based manufacturing and fermentation-based manufacturing products. In addition, the investments from public and private investors are rising for the gene editing. The rise in the investment are enabling technological developments and standard biological parts. For instance, in October 2018, Roche launched three new next-generation sequencing (NGS) AVENIO Tumor Tissue Analysis Kits, the AVENIO Tumor Tissue Targeted Kit, Expanded Kit and Surveillance Kit. The kits detect all four mutation classes in solid tumours, complement Roches NGS ctDNA kits for oncology research. For instance, in September 2016, GenScript launched a new CRISPR Synthetic RNA Service Technology that offers fast DNA editing with fewer off-target effects. Advancement in genomics have added various solution for most of the industries such as, pharmaceutical and agriculture. These technological advancement are likely to grow the market in near future. Thus, technological advancements are expected to bring about innovative treatments in the market thereby driving the Europe genome editing market growth over the forecast years.
In 2017, the sequencing segment held a largest market share of 38.1% of the genomics market, by technology. This segment is also expected to dominate the market in 2025 owing to higher acceptance of the sequencing procedures for the genomics. Furthermore, the microarray segment is anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
In 2017, the consumables segment held a largest market share of 46.5% of the genomics market, by product & service. This segment is also expected to dominate the market in 2025 as the consumables provides accuracy, speed, support across the globe for the systems used in the gene synthesis and genomics. Furthermore, the services segment is anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
By application, the diagnostics segment is anticipated to grow at a CAGR of 11.2% during the forecast period. The diagnostics helps benefit the human to avoid the inheritance of the diseases in their children and diagnostics provides clarity for more concise treatment. Moreover, the segment held the largest market share of 32.2% for the application segment in the genomics market and is likely to dominate the market in coming forecast period.
In 2017, the research centers segment held a largest market share of the genomics market, by end user. This segment is also expected to dominate the market in 2025. However, the hospitals & clinics segment is anticipated to witness the fastest growth rate of 11.1% during the forecast period, 2017 to 2025. This higher growth rate of the segment owing to the providing the references for further researches are likely to propel the growth of the research centers segment in the coming future.
Some of the major primary and secondary sources for genomics included in the report are, Association for Responsible Research and Innovation in Genomics (ARRIGE), Biotechnology Industry Research Assistance Council (BIRAC), Defense Advanced Research Projects Agency (DARPA), Department of Biotechnology (DBT), European Research Area (ERA), and among others.