The global genomics market size is expected to reach USD 27.6 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 9.1% over 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 rising trend of targeted therapies.
Results from genomic studies enable a better understanding of diseases and the underlying mechanisms for researchers, physicians, and patients. 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.
One of the most important factors, which are likely to have a significant impact on the market, is that how much and to what extent the medical community will make the use of available genomic information in personalized medicine. 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 share in the market. For instance, in March 2017, Foundation Medicine collaborated with Bristol-Myers Squibb Company. This enabled Bristol-Myers Squibb to 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.
Further Key findings from the study suggest:
- Growing interest of pharma and biotech companies in genomics is expected to drive the genomics market in coming years
- NGS-based services held a major share of the market due to its rapid adoption in whole genome sequencing and application of sequence databases for disease screening and prognosis
- The demand for these services would remain strong due to growing customer base from academic and research centers to CROs and biotech and pharma companies
- Use of predictive biomarkers for diagnosis and monitoring takes cancer eradication a step further
- Moreover, various organizations and programs are actively participating in the development of novel biomarkers for cancer diagnosis
- With the rising health consciousness Direct-To-Consumer (DTC) laboratory testing is increasingly being employed. Such genetic tests enable consumers to access information about their genetics without having to visit healthcare professionals
- Asia Pacific is the potential regional market for genomics. It is anticipated to expand at the highest CAGR of 11.2%
- Major companies in the market include Beijing Genomics Institute (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.