Genomics Market 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 Genomics 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.
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.
By Product Type
- DNA Methylation
- Histone Methylation
- Histone Acetylation
- MicroRNA Modification
- Large Non-coding RNA
- Chromatin Structures
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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.