Genomics is most commonly used for the diagnosis of cancer. Recent advancements in personalized medicine and genomics have bought significant transformations in disease management. 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.
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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.
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 the U.K. is 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. The awareness about genomic technologies is increasing in countries such as India and China, as 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.
Some of the Main Key Players Covered in the Report
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- Hoffmann-La Roche Ltd
- Agilent Technologies, Inc.
- Oxford Nanopore Technologies
- General Electric Company
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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, direct-to-customer genomic 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 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.
Veritas Genetics Launched myGenome to Offer Personalized Services to its Customers
General Electric Company, 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.
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