Illumina CEO Jacob Thaysen sees major growth for the genomics giant in China, speaking at the JPMorgan Health-Care Conference. He also addressed the possibility of Illumina being acquired, a topic that has swirled since the company spun off its GRAIL cancer-detection unit. Bloomberg Markets aired the discussion with Katie Greifeld.

China represents a massive market for DNA-sequencing technology, a sector Illumina has long dominated. However, the company faces stiff competition from local rivals and regulatory hurdles there. Thaysen's comments suggest a strategic push to regain momentum in a key region, even as investors speculate about the firm's future ownership structure.

Speculation about a potential acquisition has grown since Illumina abandoned its controversial $7.1 billion purchase of GRAIL. Thaysen did not name any suitors, but his remarks at the San Francisco conference are being parsed for clues about the company's direction. The central question remains whether Illumina will remain independent or seek a buyer.