Genomics Market Size, Share, 2020, Global Trends, Quality Research, Investments by Major Market Players, Application, Product & Services, Genetic Testing, Significant Growth and Forecast to 2026
The study of human genes and chromosomes is called genomics. The study involves assessment of the structure, function, evolution, mapping, and editing of genomes. A genome consists of deoxyribonucleic acid (DNA), which acts as a store house of data that is required in development of the human body. 23 pairs of chromosomes and 24000 genes make up a human genome. Structural genomics, functional genomics, and comparative genomics are the branches of genomics.
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Increasing Product Development to Augment Growth of the Global Genomics Market
Key players in the market are focused on approval and launch of new products, which is expected to boost growth of the global genomics market. For instance, in January 2019, Contextual Genomics launched two molecular hotspot assays (Liquid Biopsy Test and updated Solid Tumor Panel) for the detection of genomic mutations in blood and solid tumors. Similarly, in May 2015, Rosetta Genomics Ltd. launched OncoGxOne, a Next Generation Sequencing (NGS) test that profiles tumors for targeted therapy selection and chemotherapeutic tolerance. Moreover, in September 2018, Zenome launched the first decentralized genomic internet software, which is expected to increase possibilities of safe storage of large amount of genetic data. The main advantage of decentralized genomic internet software is that the degree of security is much higher.
Lack of Trained Professionals to Hinder the Global Genomics Market Growth
Lack of trained and qualified professionals in genomics study is a major factor hampering growth of the global genomics market. For instance, in January 2019, according to express healthcare report, genomics study needs highly qualified and trained professionals to optimize lab workflows and run it efficiently.
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The market in Europe is expected to witness significant growth over the forecast period
Key players in Europe are focused on approval and launch of new products, which is expected to boost growth of the market in the region. For instance, in April 2017, Illumina, Inc. announced launch of its new product VeriSeq NIPT Solution, a CE-IVD marked next-generation sequencing (NGS)-based approach for non-invasive prenatal testing (NIPT).This approach includes the CE-IVD marked library preparation and analysis software. This software enables fast, highly accurate, cost-effective, and NIPT.
THE market in Asia Pacific is expected to witness significant growth in the global genomics market during the forecast period. Key players in the market are focused on adopting collaboration strategies in order to expand their product portfolio. For instance, in January 2018, 10X Genomics, Inc. collaborated with Berry Genomics Co. Ltd. Under this collaboration, 10x Genomics, Inc. focuses on development of approaches for next generation NIPT and developing and offering new services for Berry Genomics Co. Ltd.
Key players operating in the global genomics market include Oxford Nanopore Technologies., 23andMe, Inc., Foundation Medicine, Inc. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Illumina, Inc., Pacific Biosciences, Agilent Technologies, Bio-Rad Laboratories, Inc., and Myriad Genetics, Inc.
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Global Genomics Market Taxonomy
By Product Type
- Software and Services
- Next Gene Sequencing
- Nucleic Acid Extraction and Purification
- Drug Discovery and Development
- Precision Medicine
- Agriculture & Animal Research
- Academic and Research Institute
- Pharmaceutical and Biotech Companies
- Hospital and Clinics
- North America
- Asia Pacific
- Latin America
- Middle East
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