The latest market report published by Credence Research, Inc. “Genomics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global genomics market was valued at US$ 13,122.9 Mn in 2017 expanding at a CAGR of 10.3% from 2018 to 2026.
Genomics is the study of genetic coding of an organism and projected to play a vital role in management of disease conditions in the future. Genomics has proved fruitful in diagnosis and prognosis of various chronic and congenital diseases. For instance, its application in BRCA1 mutation identification has been gold standard in cancer research and treatment. The idea of whole genome sequencing is becoming a common practice owing to precision medicine trends, investments and favorable collaborations between industry participants and regulatory authorities. The Precision Medicine Initiative (PMI) in the U.S. aims to collect database of health data of 1 million volunteers including genetics and lifestyle factors. In the U.K., Genomics England aims to sequence 1 million genome from patients with various diseases from different genomic medicine centers. Many pharmaceutical companies such as GSK, Roche, and AstraZeneca have ventured in the GENE Consortium in Europe giving them access to database of 5,000 sequenced genomes. Ireland, Iceland and China are some of the other countries that have launched their private programs to gain a better understanding in personalized medicine and genomics in clinical application. However, concerns regarding the security and privacy of the information, high cost of programs are some of the challenging factors of this market.
In terms of application type, disease diagnostics held the largest share in the global genomics market. Molecular diagnostics companies such as Pathway Genomics, Myriad Genetics, Quest Diagnostics, and Abbott Laboratories actively collecting genomics data from different groups of patients. These companies provide diagnostic kit as well as technological products used for the genomic processes. Growing preferences of molecular diagnostics and point-of-care diagnostics have further driven the growth of disease diagnostics market. Personalized medicine and drug discovery application are poised to grow at a significant rate during the forecast period. In terms of end-user, biopharmaceutical companies held the largest share in the market due to growing number of research studies carried out for drug discovery and development purposes and personalized medicine.
In terms of geography, North America held the largest share in the global genomics market owing to domicile of major biotechnology and pharmaceutical companies in the region. The Unites States lead the North America genomics market owing to strong governmental support and funding for genomic research. The U.S. is the foremost country in cancer and other chronic disease research. Growing awareness regarding the genetic testing and high affordability of such tests in the country make U.S. the most attractive market for genomics. Europe held the second largest share in the genomics market owing to developed genomics industry in the region, particularly in U.K., Germany and France. Asia Pacific is projected to grow at fastest rate during the forecast period. Factors responsible for the growth of this market include growing research and development of genomic technologies, biomarkers testing in treatment of various diseases. China has emerged as the leader in genomics solutions with significant contribution in the global genomics market. China’s genomics program includes 1 million genomes sequencing for specific cancer and metabolic disease detection. The key players currently engaged in genomics market include Thermo Fisher Scientific, Inc., Bio-Rad Technologies, Inc., Illumina, Inc., Danaher Corporation, BGI, Pacific Biosciences, Oxford Nanopore Technologies., Myriad Genetics, Inc., among others.
Browse the full report at https://www.credenceresearch.com/report/genomics-market
Key Market Movements:
- Growing R&D and funding for genomics in clinical application
- Growing private and governmental collaborations for genomics programs
- Increasing applications of genomic studies agriculture and veterinary research
- Robust growth of genomic studies in Asia Pacific, especially in China, South Korea and India