Global Genomics Market is Estimated to Value Over USD 29 Billion by 2026 End

  • 02 Oct 2019

Global Genomics Market is estimated to value over USD 29 billion by 2026 end and record a CAGR of over 12.1% during the forecast period 2019 to 2026.

 

There have been substantial changes in the field of disease management over the past decade owing to advancements in personalized medicine and genomics. Furthermore, there has been a steady augmentation in the utilization of genomic researches in clinical practices, which are shown by the global genomics market trends of target-based therapeutics.

The results obtained from researches conducted in genomics provides a batter way of analysing diseases and the corresponding mechanisms for consumers, physicians and researchers. This enables decision making based on evidence which helps improve the regime of personalized treatment. Additionally, advancements in technology in tools used for the analysis of data have encouraged the community of healthcare to design therapies that are precision-based from the DNA data that is available.

The medical community is capable of using the accessible genomic information in personalized medicine which is one crucial factor substantially affecting the global genomics market growth. Moreover, the ever-increasing sequencing costs has made the whole sequencing of genome possible at low prices. Scientists are combining diagnostics with the data generated from sequencing which has proven to be effective in inflating the landscape of personalized treatment.

Many companies are making tactical alliances with international as well as domestic entities in order to propel their generation of revenues and increase their global genomics market share. For example, Foundation Medicine, in March 2017, established a collaboration with Bristol-Myers Squibb Company, owing to which Bristol-Myers Squibb could use Foundation Medicine’s solutions of molecular information and overall profiling of genomes for identifying predictable biomarkers, for instance, Tumour Mutational Burden (TMB) and Microsatellite Instability (MSI) to speed up the clinical trials of immunotherapy.

 

The NGS-Based Services Shall Subjugate the Market Over the Forecast Period

The services based on NGS dominated the global market owing to its quick adoption of the entire sequencing of genomes and application of databases of sequences for disease prognosis and screening. The insistence would strengthen the inflation of the consumer base from finite research and academic centres to pharma and biotech players, CROs. As patients are emphasizing more on their health, the laboratory testing based on the Direct-To-Consumer (DTC) model is being widely employed. Genetic tests based on DTC allow users to ingress information regarding their genetics without any assistance from healthcare professionals.

High specific reagents costs combined with high insistence with respect to the volume are integral factors contributing to the significant global genomics market share. Companies are inculcating the trend of providing a variety of reagents that help in simplifying the overall workflow. Furthermore, usage of predictable biomarkers for monitoring and diagnosis of cancer enhances the process of eradication. Additionally, programs and organizations such as the National Biomarker Development Alliance (NBDA) are continuously participating in the growth of advanced biomarkers that can be used for diagnosing cancer. Rising interest of biotechnology and pharmaceutical companies in the fields of genomics is predicted to steer the market proliferation in the upcoming years.

The North American region accounted for the largest global genomics market share in 2018. Rising investments oi research and development activities by government bodies, increasing awareness of patients and access to sophisticated healthcare infrastructure has resulted in the advancements in technology in this region. Local presence of key players such as Inc.; Danaher Corporation Agilent Technologies; Affymetrix, GE Healthcare; Illumina, Inc.; Cepheid Inc. and Bio-Rad Laboratories, Inc. can also be credited to the high share of the market.

Key market players include BGI, Agilent Technologies; Thermo Fisher Scientific, Inc.; Bio-Rad Laboratories, Inc.; Foundation Medicine, Inc. Eurofins Scientific, Danaher Corp., Illumina Inc., Qiagen, Oxford Nanopore Technologies.; F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Eppendorf.

 

Global Genomics Market Segmentation:

By Product and Service

  • Consumables
  • Systems & Software
  • Services

By Technology

By Application

  • Diagnostics
  • Drug Discovery
  • Precision Medicine
  • Agriculture & animal Research
  • Other Applications

By End User

  • Research Centres and Academic & Government Institutes
  • Hospitals & Clinics
  • Pharmaceutical & Biotechnology Companies
  • Other End Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

FutureWise Key Takeaways:

  • Growth prospects
  • SWOT analysis
  • Key trends
  • Key data-points affecting market growth

 

Objectives of the Study:

  • To provide with an exhaustive analysis on the global genomics market by product and service, by technology, by application, by end user and by region
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
  • To evaluate and forecast micro-markets and the overall market
  • To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific Latin America and Middle East & Africa
  • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
  • Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

Get unlimited analyst support and customise this study further to your requirements, contact sales@futurewiseresearch.com