Genomics Personalized Health Market is Rising to a Valuation of US$25,112.5 mn by 2024
, 13 June 2018
-- 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 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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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 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.
Swelling Demand for Biomarkers to Detect Physiological Impact of Diseases Boost Uptake
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.
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Lack of Favorable Reimbursement Policies Challenges Growth
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 pervasive in emerging economies where the healthcare sector is still in developmental phase.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Submitted by Sandy Researcher, Transparency Market Research on Wednesday, 13 June 2018 at 8:26 PM
Category: Health Care & Medical
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