Genomics is gaining traction from mankind due to its analysis regarding genetic code, variations that cause diseases and possible solution for maximizing the durability of life. Increased focus of numerous laboratories, pharmaceuticals, biotech labs and research institute towards the growth of personalized medicine, cancer research, and creation of the genetic database is driving the global genomics market. As per the findings of a newly published market research report by IndustryARC, the global genomics market size is projected to be $33.07 billion by 2025. Which is growing at a Compound Annual Growth Rate (CAGR) of 10.59% during the forecast period 2019-2025.
The report is titled, “Genomics Market: By Product Types (Microarray chip, Sequencers, Others); By Services (Bioinformatics, Laboratory, Others); By Technique (PCR, Electrophoresis, others); By Application (Genotyping, SNP analysis, others); (By End-User (Anthropology, Diagnostics, Others); By Geography – Forecast (2019-2025).” It provides an in-depth assessment of the competitive landscape, market drivers, market trends, strategic analysis and geographical analysis of the global genomics market.
Genomics Market: Leading Segments
Genomics is used in several applications which include agriculture, anthropology, cytogenetic, drug discovery, diagnostics, toxic genomics, and crime detection. Among all, drug discovery application of genomics is growing at a faster pace that is about with a CAGR of 11.85% over the aforesaid foreknown period. It deals with the target discovery mainly related to oncology, pharmacology, rare and undiagnosed diseases, and infectious diseases. Additionally, genomics is also used in drug discovery of hypertension, chemotherapy, diabetes, ulcer, and ophthalmology owing to the recent advancements in medical genetics. Genomics is more helpful to understand the genetic mutations and also to develop drugs which restrict the outbreak of chronic diseases, furthermore increasing the demand for genomics market at a higher rate.
In 2018, North America is acknowledged as the leading region among other regions, which accounts for a share of 38.8% in the global genomics market. The U.S. dominates the North America genomics market, owed to the high burden of rare and inherited disorder coupled with the developing consciousness among the American population regarding genetic testing. Henceforth, progressions in technology and growth in drug discovery and vaccine synthesis applications are boosting the genomics market in this region.
Genomics Market: Disruptive Trends
- Reduction in Sequencing Costs
It has been observed that DNA sequencing cost has been come down from millions of dollars to thousand dollars, as it is not affordable in clinics, hospitals and research institutes at its initial stage. It is in line for the grant scheme run by the U.S. government under the national human genome research institute. Lower costs and time-saving techniques in DNA sequencing are triggering the growth of the global genomics market.
- Increasing Investments in Pharmaceutical Industry
Biomarkers introduction in drug discovery has diverted the pharmaceutical firms towards genomics market. The pharmaceutical industry footsteps in the direction of personalized medicine lead to the development of target-oriented drugs.
- Target Therapies
High prevalence of lifestyle diseases such as diabetes & cancer combined with the consideration of various large and established corporates, particularly from the healthcare and life sciences industry is contributing to the growth of genomics market.
- Government Initiatives & funding and active investments
The U.S. government has proposed a $215 million funds for the development of precision medicine to fight against cancer and chronic diseases. Thus, the cost of wholesome genomic sequencing has dropped due to the evolution of next-generation sequencing.
Genomics Market: Competitive Landscape
Some of the key strategic players intricate in the global genomics market are noted as Thermo Fisher Scientific, 3.F. Hoffmann-La Roche AG, Illumina Inc., Qiagen N.V., and Bio Rad Laboratories. These companies occupied a larger part of the global genomics market share.
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A. LATAM Genomics Market
B. Single-Cell Genome Sequencing Market
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