The use of
genomics is expanding in the medical industry, which is creating growth
opportunities for the global genomics market. Fortune Business Insights in a new
report, titled “Genomics:
Global Market Analysis, Insights and Forecast, 2019-2026” offers valuable insights
into the factors enabling growth in the market. Genomics is most commonly used
for the diagnosis of cancer. Recent advancements in personalized medicine and
genomics have bought significant transformations in disease management.
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The growing
use of genomics in several clinical trials is reflecting a growing trend.
Consequently, the global market is expected to rise at an exponential CAGR of
18.7% between 2018 and 2026. In 2018, the market was valued at US$ 15,888.8 Mn
and it is anticipated to reach US$ 62,614.6 Mn by 2026. The gradual shift from
traditional medicine to precision medicine is positively changing the
healthcare environment. Genomics plays a crucial role in the treatment and
diagnosis of chronic diseases.
Adoption of Advanced Technologies Renders North America Dominant
From a
geographical standpoint, North America dominated the global genomics market in
2018. The region will continue to maintain its dominance through the forecast
period. Rapid technological advancements and the presence of sophisticated
healthcare infrastructure are driving the market in this region. In 2018, North
America was valued at US$ 6,959.3 Mn. The demand for genomic medicine is
increasing in North America on account of the rising adoption of personalized
medicine and new sequencing technologies.
Europe is
expected to display great growth potential owing to the wide availability of
funds and the presence of large MNCs. Governments in England and the U.K. are
increasingly making investments in research and development (R&D)
activities to favour the expansion of the market in Europe.
The market
in Asia Pacific is likely to witness strong growth during the forecast years.
The primary factor responsible for the growth is developing healthcare
infrastructure, which is increasing demand for biomarkers. The awareness about
genomic technologies in increasing in countries such as India and China. People
in these countries are becoming more aware with regards to the detection of
genetic disorders, their treatment and prognosis. All these factors are
enabling growth in the market.
A Myriad of
R&D Activities Has Spurred Growth Prospects for Genomics Market
“Several services and start-up
companies are paving their way into genomics industry by offering services
which include ancestry services, customer genomics services, among others,”
stated a lead analyst at Fortune Business Insights. “Rising support from
governments regarding research and funding is expected to contribute to the
growth of the market,” he added. Several genomic institutes are supporting the
industry by granting funds for performing research and development activities.
Stanford healthcare uses genomic information to develop a personalized
treatment for patients suffering from chronic illness.
The demand for genetically modified
plants and animals is increasing. This, coupled with lower costs of genetic
procedures is likely to contribute to the development of the genomic market in
the forthcoming years. Technological advancements in genomic medicine which
include Next-generation Sequencing (NGS), Sanger sequencing, Polymerase Chain
Reactions (PCR), and microarray are likely to drive the market. Of these, Polymerase
Chain Reactions (PCR) covered the maximum share in the global market in 2018.
The easy availability and extensive use of this technology are responsible for
this segment’s growth. Owing to the increasing number of genetic studies, the
demand for genomics is expected to fuel in healthcare facilities &
diagnostic centers, Contract Research Organization (CROs) and others.
Read More in this Press Release:
Veritas
Genetics Launched myGenome to Offer Personalized Services to its Customers
General Electric, Thermo Fisher
Scientific Inc., Oxford Nanopore Technologies, Agilent Technologies, Inc., IntegraGen,
QIAGEN, BGI, F. Hoffmann-La Roche Ltd, Danaher, and Illumina, Inc. are some of
the leading players in the global genomics market. Among these, F. Hoffmann-La
Roche Ltd, Agilent Technologies, Inc., and Illumina, Inc. are projected to
dominate the global market. Strong geographical presence and robust portfolio
are factors responsible for their prominent position in the market. Several
companies are entering into strategic alliances to better their market position
and increase revenue.
Bristol Myers Squibb collaborated with Foundation
Medicine in March 2017. This collaboration will help the former company to
leverage the latter’s molecular information and genomic profiling solutions.
Furthermore, it will help Bristol Myers to identify biomarkers such as Microsatellite
Instability (MSI) and Tumor Mutational Burden (TMB) in cancer patients. Another
company called 10X Genomics acquired an epigenomics-based startup called Epinomics
in August 2018. This acquisition will help the company strengthen its market
position.
Get More Details Here: https://www.fortunebusinessinsights.com/industry-reports/genomics-market-100941
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