Genomics is a branch of biology deals with the study of genes and their functions and applies DNA sequencing methods, recombinant DNA, and bioinformatics to analyze sequence, and assemble the structure and function of genomes. It includes structural genomics, functional genomics, epigenomics, comparative genomics and Pharmacogenomics. Genomics has provided many applications in various fields such as genomic medicine, biotechnology, anthropology and other social sciences. The global market for genomics has witnessed an increase in market potential due to technological advancements as novel informatics approaches that integrate many forms of information with genomic information in disease research which allowing researchers to better understand the genetic bases of various diseases and drug response. In addition, an increase in full or partial reimbursement for this market by the government of certain countries, increasing the prevalence of fetal disorder such cancer, diabetes, and others contribute to the increase in their demand in the global scenario. Increasing approaches for novel genomics techniques and tools, evaluate their benefit to patient outcome and focus on steps to implement it and emerging genome profiling technologies are expected to grow the genomics market at the rapid pace. The well-distributed network of clinical laboratories is leading to easy and faster adoption of genomics products and techniques.
The overall genomics market on the basis of its product is segmented into instruments, consumables, and services. Consumables held the largest share of the product market in 2013 at over 59.6% in 2013 and are expected to grow at the highest CAGR during the forecast period due to increasing commercial adoption of genomic testing for different applications coupled with reducing the cost of consumables and mounting applications.
The overall genomics market on the basis of its application is segmented into diagnostics, drug discovery, personalizes medicine, academic research, agricultural and others. Application of genomics in diagnostics market dominated the overall market in terms of share in 2013 at over 35.71% due to rapidly growing molecular diagnostic tests to mange and guide disease treatment, increasing awareness regarding the benefits of gene-based diagnostic amongst a lot of doctors and medical practitioners and accuracy of gene-based diagnostics diseases. Personalized medicine market is expected to grow at the highest CAGR during the forecast period due to various factors such as early detection of disease, cost-effective treatments, patient compliance, drug safety and optimization of treatments. SCGPM (The Stanford Center for Genomics and Personalized Medicine) is trying to advance genomic technology to make both molecular profiling and genetic as a routine and powerful tools for monitoring, predicting disease risk and treating varieties of diseases. North America dominates the overall personalized medicine market in 2013 at USD 757.1 million due to advancement in technology and developments in the field of DNA. Asia Pacific personalized medicine market is expected to grow at the highest CAGR due to the development of various novel technologies by research institutes leading to the betterment of the existing healthcare facilities and a well distributed network of clinical laboratories in India is leading to easy and faster adoption of genomics products and techniques.
The overall genomics market on the basis of its technology is segmented into PCR, DNA sequencing, DNA microarray and nucleic acid extraction and purification. PCR held the largest market share at 48.9% in 2013 due to are increasing research and development activities in genomics and proteomics, advancement in technology and intervention of government policies regarding funding for R&D. Nucleic acid extraction and purification technology market is expected to grow at the highest CAGR over 10.1% during the forecast period due to increasing approaches for novel diagnostic techniques and tools, evaluate their benefit to patient outcome and focus on steps to implement it and emerging genome profiling technologies.
Europe accounted for the largest share of the overall genomics market in 2013 at over 43.0%. The increasing prevalence of genetic disorders and cardiovascular disorders coupled with increasing investments in proteomics and genomics is expected to drive the market. However, the market is expected to lose its share during the forecast period as European economic crisis and the presence of uneven reimbursement policies are some of the restraints for the growth of the market. The Asia Pacific genomics market is expected to grow at the highest CAGR of over 12.7% during the forecast period due to increasing awareness and adoption of various genomics techniques in emerging countries such as India and China for detection, prognosis and treating various genetic disorders such as cancer, diabetes, and others. In addition to this, improving healthcare infrastructure, high unmet medical needs, rising patient disposable incomes and growing health care expenditures are also the drivers for the growth of this market.
Some of the key players in this market include Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, Cepheid, and others.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.