Genomics Market to Exhibit a Decent Growth Rate worldwide by 2024

January 19, 2017

The global genomics market is propelled by the introduction of novel technologies that utilize genomic information in disease research. It helps researchers comprehend the genetic bases of drug responses & diseases. Favorable government reimbursement policies coupled with high incidence of lifestyle diseases, such as diabetes & cancer and are key industry drivers. Popularity of genome profiling technologies and widespread use of innovative genomics tools & techniques can fuel market demand over the forecast period (2016 - 2024). Genomics is that aspect of biology that deals with bioinformatics, DNA, and DNA sequencing to analyze, assemble, and sequence the structure & function of genomes. Genomes refer to the entire DNA set in a single cell of an organism.

The worldwide Genomics Market is systematically categorized on the basis of products, applications, technologies, and regions. Instruments, services, and consumables are the three key product segments. With a nearly 60% share, consumables dominated the industry in 2013. This segment is expected to grow at a CAGR surpassing 11% during the forecast period. Popularity of genomic testing in a host of commercial applications is a key driver of this segment.

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On the basis of applications, the global genomics industry is divided into academic research, drug discovery, diagnostics, personalized medicine, and others. Diagnostics held the highest market share in 2013. Preference for molecular diagnostics tests and awareness among medical practitioners about the advantages of genetic-based diagnostics are factors that propel this segment. It is expected that personalized medicine will register a high growth rate throughout the forecast period. Treatment optimization, affordable treatments, patient compliance, early disease prognosis, and drug safety are vital drivers of this segment. North America emerged a global leader in the market for personalized medicine in 2013. This was due to progress in the world of genetics and robust technological developments.

As per technologies, the industry is segmented as DNA microarray, nucleic acid extraction & purification, PCR (polymerase chain reaction), and DNA sequencing. PCR led the market in 2013 due to factors, such as R&D in genomics & proteomics, encouraging government policies on R&D funding, and technological advancements. Ongoing industry trends suggest that the nucleic acid extraction & purification segment may grow at a CAGR exceeding 10% till 2024.

Europe, Asia Pacific, North America, and Rest of the World are the four regional segments of the global Genomics Industry. Prevalence of cardiovascular & genetic disorders and high investments in genomics & proteomics drive the Europe genomics market. This region held the largest industry share in 2013. However, volatile economic conditions and uneven reimbursement policies may hamper regional growth in the forthcoming years.

Asia Pacific is expected to grow rapidly over the forecast period because of widespread adoption of genomics techniques in emerging countries, such as China and India. These regions utilize genomics technologies to diagnose & treat diseases, like cancer and diabetes. Other factors that fuel the Asia Pacific region are surging medical expenditure, high disposable incomes, and better healthcare infrastructure. Key players in the global genomics market are Life Technologies, Roche Diagnostics, GE Healthcare, Agilent Technologies, and Cepheid.

Researchers have developed a microscope that uses a cell phone camera for detecting fluorescent components of DNA sequencing responses in tissues & cells. This special device can identify point mutations in KRAS genes. The KRAS gene is found in more than thirty percent of colon cancers. A number of sequencing techniques are used to fluorescently label & amplify copies of the target DNA transcript or sequence.

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