2014-04-02 11:25:02 - Genomics Market by Products: Global Forecast to 2018 - a new market research report on companiesandmarkets.com
The global genomics market was valued at $11.11 billion in 2013, and is expected to grow at a CAGR of over 12.0% from 2013 to 2018. The penetration of new markets through the expansion of genomics applications, and advancements in existing technologies plays an important role in attracting new market participants to invest in this market. Next Generation Sequencing (NGS) in personalized medicine and molecular diagnostics is considered as a high growth area for the global genomics market. This new technology provides an affordable and accurate screening solution for genetic mutations. Moreover, the increasing volume of novel genetic tests for personalized medicine and biomarker discovery ensures the continued growth of this market.Increasing capital investment by public and private capitalists in
genetic researches, as well as innovations in bioinformatics tools for advanced application in drug discovery and academic research are considered the key drivers for the global Genomics Market.The future of Genomics lies in the personalized medicine industry. Government initiatives and considerable investments are expected to drive genetic research on personalized medicines that utilize base pairs of the human genome sequence.As of now, the application of personalized medicine is primarily focused on drug discovery for oncology, vaccine production, as well as infectious disease-therapeutic areas. The usage and application areas for genomic research in personalized medicine are expected to increase significantly in coming years.Over the last decade, Tier I and Tier II companies were found to be dominant in the instruments and consumables product segments of the Genomics Market. Moreover, increasing market consolidation through consecutive restructuring activities by leading players has proved to be a challenge for new entrants.Market penetration in the Genomics services sub-segment would be a suitable strategy for start-ups. Increasing dependency of small and medium scale research institutes on outsourced services is expected to drive the market significantly.Partnering with Tier I and Tier II manufacturers reduces the initial capital investment, and allows small scale service providers to leverage established brand names for market penetration.Tier I and Tier II companies were found to be dominant in the instrument and consumables segments of the genomics market. The genomics market is becoming increasingly consolidated. Among all market players, Roche Diagnostics, Life Technologies, and QIAGEN together accounted for over 47.0% of the revenues earned by the global genomics market in 2013. This concentration of market shares with Tier I market players is expected to challenge market growth. However, technological advancements, and increasing investments are expected to continue to drive the growth of the global genomics market.Leading market players in this market include Roche Diagnostic (Switzerland), Life Technologies, Corp. (U.S.), QIAGEN (Netherlands), Illumina, Inc. (U.S.), and Bio-Rad Laboratories, Inc. (U.S.).
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