Global Genomics Market is Expected to Grow at a CAGR of 10.0% by 2020 | Report by Hexa Research
Sep 1, 2016
Increasing usage of novel genomics techniques and tools, evaluation of their benefit to patient outcome and focusing on steps to implement it and rising genome profiling technologies are expected to grow the "genomics market" at the rapid speed.
Felton, United States - September 1, 2016 /MarketersMedia/ —
The global genomics market has witnessed growth in market potential due to technological advancements such as novel informatics approach 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. Additionally, an increase in full reimbursement for this market by the certain governmental bodies, increasing incidence rate of fetal disorder such cancer, diabetes and others contribute to the increase in their demand globally. Increasing usage of novel genomics techniques and tools, evaluation of their benefit to patient outcome and focusing on steps to implement it and rising genome profiling technologies are expected to grow the genomics market at the rapid speed. The overall genomics market is expected to grow at a CAGR of 10.0% during the forecast period.
Product Insights
Key genomic products include consumables, instruments and services. Consumables emerged as market leader holding the largest share of the market at 59.0% in 2013. It is expected to grow at the fastest CAGR of over 11.0% during the forecast period due to growing commercial usage of genomic testing for varied applications clubbed with mounting applications and reduction in cost of consumer products.
Application Insights
Key application markets for genomics include diagnostics, personalizes medicine, drug discovery, academic research and others. Application of this in diagnostics market accounted for the largest overall revenue share at 35.7% in 2013. This is due to growing application usage of molecular diagnostic tests for disease treatment and management, increasing awareness amongst medical practitioners regarding the benefits of genetics based diagnostics and accuracy. The expected highest CAGR of personalized medicine market during the forecast period is assumed to be due to factors such as early disease prognosis, cost effective treatments, drug safety, patient compliance, and treatment optimization. The SCGPM is striving for advancement of genomic technology for making both genetic and molecular profiling as routine tools for monitoring, disease risk prediction and treatment of diseases. North America emerged as a leader of overall personalized medicine market in 2013 due to in technology advancement and developments in the areas of genetics. Asia Pacific market of personalized medicine in 2013 is expected to grow at the highest CAGR due to development of different new technologies by research organizations leading to the improvement of the existing healthcare infrastructure and widely distributed network of clinical laboratories in India and China.
Related Category Market Report @ https://www.hexaresearch.com/research-report/molecular-diagnostics-industry
Technology Insights
Key technologies studied in this study include DNA sequencing, PCR, nucleic acid extraction and purification and DNA microarray. PCR emerged as largest market share holder segment in 2013 owing to increasing R&D activities in proteomics and genomics, technology advancement and government policies interventions regarding R&D funding. Nucleic acid extraction and purification technology market is expected to flourish at the highest CAGR of over 10.0% during the forecast period due to increasing approach for new diagnostic tools and techniques, evaluation of patient benefit outcome and focusing on steps to increase implementation of genome profiling technologies.
Regional Insights
Europe, North America, Asia Pacific and RoW are the key regions analyzed in this report. Europe emerged as overall market leader of genomics market in 2013 owing to increasing incidence rate of genetic and cardiovascular disorders clubbed with increasing proteomics and genomics investments is expected to be driver for the market. However, regional growth is expected to be restrained owing to the presence of uneven reimbursement policies and economic crisis. The Asia Pacific market is expected to flourish at the highest CAGR of over 12.0% in 2014 to 2020 due to growing awareness and genomics techniques adoption in emerging economies such as India and China for prognosis and treatment of varied genetic disorders such as diabetes, cancer and others. Additionally, enhancing healthcare infrastructure, rising disposable incomes of patients and increasing healthcare expenditures are also growth drivers for this market.
Browse our Upcoming Market Report @ https://www.hexaresearch.com/upcoming-research/dna-diagnostics-market
About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
For more information, please visit http://www.hexaresearch.com/research-report/genomics-industry/
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