Genomics refers to the analysis of genetic materials, chromosomes and their functions. This kind of analysis is done to check, identify or control diseases via vaccinations or drug treatments. The worldwide genomics market is segmented on the basis of technologies, products, applications and geographical regions. It was predicted to be worth about USD 11 billion in 2013.
The market is estimated to expand from 2013 to 2018 (forecast phase) at more than 12 percent CAGR. Growing funding by the government and technological innovations are anticipated to drive demand for the genomics market. The market is predicted at about USD 22 billion by 2020. Genomics plays a major role in investigating contagious diseases. It does so by making use of molecular indicative tests that provide successful and quick results.
Increase in infections acquired from hospitals and other infectious diseases drives demand for the genomics market through the forecast phase. Some other components that further the market are reducing prices of genomic practices and growing need for analyzing genomes in plant and animal feedstock. Increased patient consciousness levels also increase the demand of this market.
Moreover, available prospects for further expansion of markets in developing nations and growing health consciousness are estimated to enhance the market conditions in the future. Growing rivalry in pharmaceuticals to come up with new drugs and escalating demand for genetically modified crops also expand the genomics market further.
Technologies wise, the market is divided into DNA sequencing, PCR, DNA microarray and nucleic acid extraction and purification. The worldwide genomics market is fragmented on the basis of products into consumables, instruments and services. On the basis of applications, the market is segmented into academic research, agriculture, personalized medicines, diagnostics and drug discovery and development.
The genomics market is also divided on the basis of four regions. These are Asia Pacific, North America, Europe and rest of the world.
Posted on Feb 3, 2015 | Category Healthcare