Genomics Market Is Projected To Reach $27.61 Billion By 2025

The global genomics market size is expected to reach USD 27.61 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.6% during the forecast period. The past decades have witnessed significant changes in disease management processes due to simultaneous advancements in genomics and personalized medicine. There has been a gradual growth in the usage of genomic studies in clinical practices, which is reflected by the growing trend of targeted therapies.

Results from genomic studies enable a better understanding of diseases and the underlying mechanisms for researchers, physicians, and consumers. This facilitates evidence-based decision-making, and hence, helps improve personalized treatment regime. In addition, technological advancements in data analysis tools have motivated healthcare community to create precision-based therapies from surplus, available DNA data.

Ability of the medical community to make use of the available genomic information in personalized medicine is anticipated to significantly impact the genomics market. Furthermore, plummeting cost of sequencing has enabled the whole genome sequencing at very less price. Scientists are combining the sequencing generated data with diagnostics which has proven its effectiveness in enhancing personalized treatment landscape.

The companies are involved in strategic alliances with global as well as local entities to boost their revenue generation and enhance their market share. For instance, in March 2017, Foundation Medicine collaborated with Bristol-Myers Squibb Company, as a result of which Bristol-Myers Squibb could deploy Foundation Medicine’s molecular information solutions and comprehensive genomic profiling for identification of predictive biomarkers, such as Microsatellite Instability (MSI) and Tumor Mutational Burden (TMB), to accelerate its immunotherapy clinical trials.

NGS-based services held a major market share in the services segment due to its rapid adoption of whole genome sequencing and application of sequence databases for disease screening and prognosis. The demand would remain strong with the expansion of the customer base from limited to academic and research centers to CROs, biotech and pharma players. As patients are focusing on their health, Direct-To-Consumer (DTC) laboratory testing is increasingly being employed. DTC genetic tests enable consumers to access information about their genetics without necessarily including healthcare professionals in the process.

Access Full Insights: https://www.grandviewresearch.com/industry-analysis/genomics-market 

Further key findings from the report suggest:

• High demand in terms of volume coupled with the high cost of specific reagents contribute to substantial revenue share. Companies are embracing the trend of offering varied reagents that simplify workflow process
• Use of predictive biomarkers for diagnosis and monitoring take cancer eradication a step further. Moreover, organizations and programs such as the National Biomarker Development Alliance (NBDA) are actively participating in development of novel biomarkers for cancer diagnosis
• Growing interest of pharmaceutical and biotechnology companies in genomics is expected to drive growth of the genomics market in the forthcoming years
• Asia Pacific is anticipated to display the maximum potential and an become an emerging market for genomics. It is anticipated to register the fastest CAGR of 10.4% over the forecast period
• Major players include BGI; Agilent Technologies; Thermo Fisher Scientific, Inc.; Bio-Rad Laboratories, Inc; Foundation Medicine, Inc, 23andMe, Inc, Danaher, Illumina, Inc; Pacific Biosciences; Oxford Nanopore Technologies.; F. Hoffmann-La Roche Ltd., and Myriad Genetics, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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