The global genomics market size is expected to reach USD 27.6 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 9.7% during the forecast period. Over the past few years, there have been significant changes in disease management processes due to simultaneous advancements in genomics and personalized medicine. There has been a gradual growth in usage of genomic studies in clinical practices, which is reflected by growing trend of targeted therapies.
Results from genomic studies enable a better understanding of diseases and underlying mechanisms for researchers, physicians, and consumers. This facilitates evidence-based decision-making and thus, helps improve personalized treatment regime. In addition, technological advancements in data analysis tools are motivating healthcare community to create precision-based therapies from surplus, available DNA data.
Advancements in genomics and associated technologies are significantly impacting crop genetics. Technological advancements in sequencing facilitate genomes & transcriptomes sequencing for several crops. Although a reference genome exists for several crops, resequencing and gene expression studies are required for in-depth study of key genes contributing to desired trait. Implementation of this information in crop breeding helps in development of advanced crops.
Companies are involved in strategic alliances with global as well as local entities to boost their revenue generation and enhance their share in the market. For instance, in March 2017, Foundation Medicine collaborated with Bristol-Myers Squibb Company. Through the collaboration, the latter was able to deploy former’s molecular information solutions and comprehensive genomic profiling for identification of predictive biomarkers, such as Microsatellite Instability (MSI) and Tumor Mutational Burden (TMB), to accelerate its immunotherapy clinical trials. Such initiatives are aimed at increasing the adoption of genomic information in cancer management.
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www.grandviewresearch.com/industry-analysis/genomics-market
Further Key Findings From the Report Suggest:
- High volume requirement and high cost of specific reagents contribute to substantial revenue growth. Companies are incorporating the trend of offering varied reagents that simplify workflow process
- NGS-based services hold a major share in the genomics services segment due to their rapid adoption of whole genome sequencing and application of sequence databases for disease screening and prognosis
- Biomarkers exhibit high clinical potential and efficiency across treatment of wide range of diseases. Use of predictive biomarkers for diagnosis and monitoring take cancer eradication a step further. Moreover, organizations and programs such as National Biomarker Development Alliance (NBDA) are actively participating in development of novel biomarkers for cancer diagnosis
- Growing interest of pharmaceutical and biotechnology companies in genomics is expected to drive the market in the coming years.
- As patients are focusing more on their health, direct-to-consumer (DTC) laboratory testing is increasingly gaining popularity. DTC genetic tests enable consumers to access information about their genetics without necessarily including healthcare professionals in the process
- Asia Pacific is the most promising region, exhibiting a CAGR of 12.7% during the forecast period. The growth of the region can be attributed to improving healthcare infrastructure
- Some of the key players in the market are BGI; Agilent Technologies; Thermo Fisher Scientific, Inc.; Bio-Rad Laboratories, Inc.; Foundation Medicine, Inc., 23andMe, Inc.; Danaher; Illumina, Inc.; Pacific Biosciences; Oxford Nanopore Technologies.; F. Hoffmann-La Roche Ltd.; and Myriad Genetics, Inc.
- Market participants are engaged in making the technology available to users at a lower price and in a compact form.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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