The Report “Genomics Market Analysis: Product Types (DNA Microarrays, Sequencers, PCR); Services (Bioinformatics, DNA Sample Sequencing, De Novo, SNPS, Gene Expression) and Geography – Forecast (2015 – 2020)”, published by IndustryARC, estimates the market to reach $6.9 Billion by 2020.
Genomics has witnessed an unprecedented growth due to the availability of novel technologies in the past few years. It is basically a discipline in genetics that applies recombinant DNA, DNA sequencing methods, and bioinformatics to sequence, assemble, and analyze the function and structure of genomes. Genomics market has grown tremendously on the back of government initiatives, reduction in sequencing costs and collaborations within the pharmaceutical industry. Various laboratories, research institutes, pharmaceutical and bio-tech labs are involved in taking giant leaps forward with the introduction of personalized medicine, cancer research and creation of genetic database.
According to recent report by IndustryARC, the Global Genomics Market is poised to grow at a CAGR of 7.5% to reach $6.9 Billion from $4.8 Billion in 2015. The rapid progression in life sciences research is typically driven by technology which has helped to perform complex processes in a smooth manner. The explosion in ‘genomics research’ coupled by widespread adoption of DNA sequencing is snowballing growth of genomics market across the globe.
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Demand for Personalized Medicine will boost the genomic research while benefiting the overall market.
Precision Medicine is another channel open for positive cognizance of opportunities in the near future. It was first announced by President Obama in 2015, with the aim of investing $215 million to test volunteers for analyzing their genomic data and other related variables. With the advent of precision medicine, pharmaceutical industry would be able to open up a whole new branch of pharmacogenomics which would help in identifying new targets for early treatment and prevention of diseases.
Apart from this, mining is another possible sector where genomics is trying to find its application. Genomics aims to decipher and understand the genetic information encoded in an organism’s DNA and corresponding complements such as RNA, proteins, and metabolites. More broadly stated, the science of genomics seeks to better understand biological processes that underlie the interaction between organisms and their environment. Many mining activities involve poorly understood biological processes. Using genomics to investigate these processes could create positive economic and environmental benefits while reducing risk and uncertainty within mining.
Americas was the largest market for genomics in 2015 followed by APAC and Europe. APAC market has been witnessing significant rise in genomic research such as DNA sequencing, drug discovery and bioinformatics, which in turn bolsters the growth of genomics market in the region. APAC market is estimated to grow at a CAGR of 8.3% during the forecast period. However, Americas will remain dominant for the same period owing to the rapid technological advancement.
The Following Key Companies Were Analyzed in the Report:
- Roche Diagnostics
- Life Technologies
- Illumina Inc
- Bio-Rad Laboratories
Roche Diagnostics, Life Technologies and Illumina are the key market players followed by Qiagen, Bio-Rad and others. Roche has two business divisions namely: pharmaceuticals and diagnostics. Pharmaceuticals division has products for oncology, immunology, infectious diseases, ophthalmology neuroscience, and other therapeutic areas. Diagnostics division includes diabetes care, molecular diagnostics, professional diagnostics and tissue diagnostics.
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