HYDERABAD, India, June 27, 2019 /PRNewswire/ -- The genomics market is forecast to reach $30 billion by 2024, growing at a CAGR of 10.05%. The growth of the market can be attributed to the benefits that genomics offers in terms of providing more accurate, effective, and secure solutions to disease management, such as for cancer. Progressive gene editing procedures such as CRISPR-Cas9 may offer new approaches for modification of genes to treat erratic genetic diseases. In terms of applications, genomics has a diversified range. CRISPR-Cas9 is a genome-altering tool that is booming in the science world. It is faster, more affordable, and more precise than earlier techniques of altering DNA, and has a broad scope of potential applications, owing to which the genomics market is expected to experience growth in coming years.
The development of disruptive medical fields such as personalized medicine and gene therapy have also resulted in growth of the genomics market. As per a report by the International Diabetes federation, around 425 million adults were living with diabetes in 2017, which is expected to reach 629 million by 2045. The increasing number of patients who suffer from diabetes is creating immense opportunities for treating diseases through gene therapy and personalized medicine, both of which utilize genomics.
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Agriculture is one of the most promising areas in which genomics can help. Genomics is used to improve and design crops with enhanced resistance, thus preventing diseases, pests, droughts, frost, floods, and others. As per the Food and Agriculture Organization (FAO), the number of undernourished people in the world has been on the rise since 2014 and reached 821 million in 2017, and is expected to rise more by 2021 which will boost the use of genomics.
With the incidences of cancer on the rise, regular genomics can help in dealing with it. Cytogenetic is the branch of genetics concerned with cells and chromosomes, and the use of genomics in cytogenetic can enhance its applications. Growing incidences of diseases such as cancer, which is estimated to increase from 18.1 million in 2018 to 29.5 million by 2040, as per estimates from GLOBOCAN; and environmental effects such as rising air pollution are some of the significant drivers and boost the market to reach a mark of $30 billion by 2024.
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By product, the DNA Sequencer System dominated the genomics market in terms of revenue in 2018. Its popularity can be attributed to the fact that it allows scientists to sequence genes and genomes, and allows them to look for mutations which cause diseases. Contract research organizations (CRO) such as Genewiz, Inc., which is a key player in DNA Sequencing and Gene Synthesis, are providing a wide range of services for the entire DNA sequencing process.
Drivers such as huge success rate of NGS which is being used for sequencing of complete genomes, discovery of genes related with hereditary human disorders and the elucidation of complex disease on a molecular basis, are propelling growth of the genomics market. By service, the genomics market is dominated by laboratory services such as next generation sequencing, which accounted for a significant share in 2018. Growing R&D initiatives in the field of genomics are a major driving factor for the growth of the market. Robust technologies such as CRISPR is also contributing to growth of the genomics market.
Growth of the genomics market can be mainly attributed to the increasing genomic information pool gained from extensive studies, which has allowed doctors, biologists and patients to further explore genetic predispositions to certain illnesses. The clinical use of this knowledge pool is foreseen to play a significant part in shaping the healthcare industry and providing more precise, efficient, and safer alternatives to illness management which is impelling the market as many inherited diseases, such as Cystic Fibrosis, are increasing. According to the World Health Organization (WHO), incidence of the genetic disorder Cystic Fibrosis (CF) which affects the respiratory, digestive and reproductive systems, in the U.S. is reported to be one in every 3500 births. This is creating huge opportunities for key players in the genomics market to offer their services to companies building solutions for disease management and contributing to growth of the genomics market.
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