Rising government funding to support research projects, increasing incidence of cancer, and expanding applications of NGS in cancer research are fuelling the demand of the Genomics market.
The global Genomics market was valued at USD 19.9 billion in 2020, and it is expected to reach USD 54.9 billion by 2027, with a CAGR of 15.5%, during the forecast period.
Genomics refers to the distinctive field of biology which majorly focuses on structure, function, evolution, mapping, and editing of genomes. The genome is a complete set of a DNA in an organism’s body which certainly involves all its genes. The study of genomics aims at collectively categorizing and quantifying all organisms’ genes.
Key determinants driving the growth of this market comprise rising incidence of cancer and growing applications of NGS in the cancer research letter, extending public funding to support gene projects, the entry of new players and start-ups in the gene market and its application areas. The scientific community has attempted to reduce severity and genetic susceptibility to SARS-CoV-2 infection by combining research efforts with the help of existing genetic databases. Polyatomic approaches and genome-wide association studies (GWAS) were used to uncover biological networks and underlying common variations in host-host interactions pathogens. Likewise, genome-derived data, such as ABO blood groups, polygenic risk scores (PRS), and HLA haplogroups, can be used to interpret complications, likelihood resistance and susceptibility of COVID-19. In addition, bio banks that link electronic health records (EHRs) to genomic data can be used to study the impact of genomic factors on the clinical course of infected patients by SARS-CoV-2. In the near future years, prenatal genetic screening programs are expected to expand at a significant rate. Certainly, these programs will help pregnant women identify chromosomal abnormalities in their babies. Additionally, it is expected that within the next 10 years, each new-born’s genome will be sequenced and stored in an electronic medical record. Assessing the future commercial potential of genetics in new born screening programs, emerging companies such as Counsyl and Natera have launched various genetic tests to maintain their competitive edge in the market. However, factors such as the high cost of genomic equipment, lack of trained professionals, and lack of space to secure large amounts of sequence data can pose challenges to the genomics market growth.
Developments in the personalized medicine market are expected to offer a wide range of opportunities for players active in the genomics market. Many pharmaceutical companies are investing in personalized drug research. Personalized medicine enables healthcare professionals to identify the exact needs of their patients, and then prescribe medications accordingly. This method guarantees better results of care. In addition, advances in gene therapy are expected to have the potential to replace traditional drugs and surgery by allowing doctors to treat the disease by inserting a gene into the patient's cells.
In February 2018, MGI is a member of BGI group which is a global leader in genomics industry had signed an agreement with prime distributors in Colombia, Brazil, Mexico, Argentina, Ecuador, and Peru to expand its business in DNA sequencing and laboratory automation products available in Latin Americ