As per TMR, the global genomics personalized health market is likely
to rise at a cracking pace of 14.9% CAGR between 2017 and 2025, for
the market to become worth US$25,112.5 mn by the end of 2025. The
market stood at a valuation of US$7,243.0 mn in 2016.
The global genomics personalized health market is majorly driven by
the increasing investments for research and development of
biomarkers. Biomarkers have significance for identifying the
physiological state of an organism suffering from a certain disease.
The increasing prevalence of chronic diseases such as cancer and
diabetes has led to an increased demand for disease diagnostics,
which is indirectly benefitting the genomics personalized health
market. For instance, the unexpected increase in Ebola incidence has
benefitted players in the global genomics personalized health market
to introduce an effective course of treatment.
Apart from this, the growth of the pharmaceutical sector and
prediction and assessment of response to treatment are leading to a
surged demand for genomics personalized health solutions. Burgeoning
development in the molecular biology sector coupled with
technological innovations are also acting in favor of the global
genomics personalized health market. Lastly, the growing geriatric
population worldwide that will present a considerable demand for
personalized medication is expected to aid the growth of genomics
personalized health market in the upcoming years.
The key segments of the market based on technology are NGS platforms,
microarray, RT-PCR, genetic analyzers, and others. Of them, NGS
platform held a significant share of more than 32.0% share of the
market in 2016. Diagnostic centers and academic and research
institutes are the leading end-use segments with the segments
collectively accounting for a share of almost 88.0% in 2016.
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Amongst the key regional segments, North America genomics
personalized health market held the leading share in 2016, trailed by
Europe. The region is expected to acquire the leading 41.6% share of
the market by the end of 2025. In the coming years, however, Asia
Pacific is expected to surpass in terms of growth rate over the
forecast period mainly because of increasing demand for innovative
technology.
On the other hand, amongst a few factors restraining the growth of
this market, a complicated regulatory framework that causes a delay
in the approval of newer methods is emerging to be a major roadblock
to this market. Furthermore, lack of favorable reimbursement policies
is expected to prevent end users from opting for personalized
medication. The trend will be more pervsive in emerging economies
where the healthcare sector is still in developmental phase.
The global market for genomics personalized health is largely
occupied by some of the leading vendors, observes a new report by
Transparency Market Research (TMR). The topnotch players that include
QIAGEN, Thermofisher Scientific, F. Hoffman-La Roche Ltd., and
Illumina Inc. held close to 65% of the market in 2016. The market,
however, displays intense competition among market participants in a
bid to garner larger market share. Key market players are pouring in
money into research and development to cater to the rising demand for
technologically advanced tests.
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