Genomics is the study of human genes and chromosomes. It focuses on structure, function, evolution, mapping, and editing of genomes. Genome is the genetic material of organism, which includes the Deoxyribonucleic acid (DNA). DNA consists the information needed to build the whole human body. Human genome consists of 23 pairs of chromosomes and 24000 genes. This study is divided into various types such as structural genomics, functional genomics, and comparative genomics.
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Global Genomics Market Drivers
Increasing new product launches is expected to drive the global genomics market growth. 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.
Furthermore, in May 2015, Rosetta Genomics Ltd. launched OncoGxOne. It is 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.
Global Genomics Market Restraints
Lack of qualified and trained professionals in genomics study is a major challenge for the global genomics market growth. 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.
Global Genomics Market Regional Analysis
Europe is expected to gain significant share in the global genomics market over the forecast period, owing to increasing launches of new products by key players. For instance, in April 2017, Illumina, Inc. announced launch of its new product VeriSeq NIPT Solution, it is a CE-IVD marked next-generation sequencing (NGS)-based approach to 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 non-invasive parenteral testing (NIPT).
Furthermore, Asia Pacific is also projected to witness significant growth in the global genomics market during the forecast period, owing to increasing collaboration activities by key players. For instance, in January 2018, 10X Genomics, Inc. collaborated with the Berry Genomics Co. Ltd. Under this collaboration, 10x Genomics, Inc. focuses on development of approaches for next generation non-invasive prenatal testing (NIPT) and developing and offering new services for Berry Genomics Co. Ltd.
Key players operating in the global genomics market include Thermo Fisher Scientific, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Illumina, Inc., Pacific Biosciences, Oxford Nanopore Technologies., 23andMe, Inc., Foundation Medicine, Inc. Hoffmann-La Roche Ltd., and Myriad Genetics, Inc.