”, the market is driven by different end user applications such as medicine, Biotechnology, and Anthropology.
Americas dominates the Genomics Market
Americas will dominate the Genomics Market during the forecast period. This growth is due to investments in the life sciences projects and boom in the pharmaceuticals manufacturing, both at the domestic and global level. The American region is expected to reach $3625.71 million by 2023 at a CAGR of 7.74%. In Europe, Germany and UK are the leading regions in the market due to increasing investments in healthcare and pharmaceutical sectors. The European countries are now choosing advanced products such as genetic engineered drugs, precision medicine, and others. In the Asia Pacific, China and Japan are the dominant regions, whereas the improvement in healthcare infrastructure in India and South East Indian nations is expected to spur the Genomics Market in the future.
Selected Analysis done in the full Report:
The Anthropology segment reached a revenue of $183.2 million in 2014. It is expected to generate revenue of $284.6 million by 2023 growing at a CAGR of 4.59% during the forecast period. Anthropology is one of the most important end user an application in Genomics .It is also known as molecular anthropology. It studies the primate phylogeny and human evolution through the genetic information decoded by the proteins and polynucleotides. Molecular Anthropology covers important aspects of the human evolution such as restoration of the history of human population, and characterization of DNA in extinct humans. Using DNA sequences, scientists can trace the familiarity of the relationships between populations. It can also determine the evolution of humans and other primates, including the associated species like chimps and gorillas.
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Excerpts on Market Growth Factors:
The pharmaceutical industry is moving towards the concept of personalized medicine whichinvolves identifying the genomic sequence to provide correct drugs along with the right dosage. The involvement of human genes in drug development has changed the paradigm of the pharmaceutical industry. This factor drives the growth of Genomics.
Various government initiatives for promoting genomics favors the growth of the Genomics Market. For example, Stratified Medicine Scotland Innovation Centre developed in 2014, maps genetic mutations to battle chronic diseases and improve the treatment process.
The price of DNA sequencing has been reduced. The entire human genome sequence can be mapped in $1,000 dollars, which was close to $3000 million dollars in the last decade. This has been possible due to the grant scheme which is run by the U.S. government. This scheme provides grants to scientists and researchers which has led to the growth of the market as new companies enter this market.
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Key players of the Genomics Market:
Roche Diagnostics, Life Technologies and Illumina dominate the Genomics Market. There are two business divisions in Roche Diagnostics namely pharmaceuticals and diagnostics. In pharmaceuticals, there are products for Oncology, infectious diseases, immunology and other areas. In Diagnostics division, there are products for molecular diagnostics, tissue diagnostics, and diabetes. Sequencing and array based solutions are offered by Illumina for genetic analysis. Products for sequencing, arrays, and consumables are manufactured by Illumina. Life Technologies is a Biotechnology company that provides services that help researchers to speed up scientific exploration.
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