Global Genomics Industry
The global genomics industry is forecast to record in excess of 18% yearly growth for the ten-year period ending 2017, according to research from Industry Experts.
The world bioinformatics market is expected to exceed $7.5 billion by 2017, up from under $2.5 billion in 2011. Bioinformatics formed the basis of a database containing biological information, which detailed matters of design and the development of complex interfaces. Bioinformatics allows researchers to access and alter data that has already been created and stored, and also to submit new data.
Key Market Segments
- The global biomarker industry had an estimated worth in excess of $13 billion in 2011, reports Markets and Markets. Market growth is expected to exceed 14% to bring market worth to almost $26 billion in 2016. Biomarker discovery technology represents a leading segment in this market, followed by the application market. Cardiology continues to record the highest rate of yearly growth, and is predicted to exceed 16% for the five-year period ending 2016. Biomarkers can be categorized according to criteria such as application or use in drug development decision-making. The pharmaceutical industry is using biomarkers at an increasing rate due to their role in overcoming certain obstacles such as the soaring price of drug development and a falling success rate for drugs in clinical trials. Biomarkers are also being increasingly used in companion diagnostics and personalized medicine.
- North America dominates the global biomarker market, followed by the EU. Asia represents the regional market recording the highest rate of growth. Market expansion in Asia is largely due to the rapid adoption of high throughput technologies in the realm of biomarker discovery, and the region’s rapidly growing IT industry.
- The global proteomics industry is involved in discerning the role of pathomechanisms in disease. JainPharma Biotech forecasts proteomic technologies will become an increasingly central element in medicine as well as in molecular diagnostics and drug discovery. 2D gel electrophoresis and mass spectrometry represent the most-used technologies, and are used for protein separation and protein analysis, respectively. Proteomic technologies are being used along with genomic approaches in drug discovery.
- The global genetic testing market continues to record strong growth, and is forecast to maintain a yearly growth rate of close to 20% to reach $10 billion in 2015, according to research from Renub Research. Market growth is fuelled by an aging population, increasing cases of both genetic and chronic diseases, and rising molecular diagnostics demand. Pharmacogenomics represent the most profitable segment within the genetic testing market. Growth in the cancer genetic testing market segment represents close to a quarter of the overall market in 2010, and is forecast to become the leading market segment by 2015.
- The global genealogy products and services market is being driven by customer curiosity regarding their roots. Global Industry Analysts underlines the importance of the internet as a research tool for individuals seeking to discover more about their genealogy. Many forms of information relevant to genealogical are available on the internet, including databases and historic records. Internet tools have also adapted to cater to more diverse demands, such as tools to construct profiles and family trees. Individuals are paying between $1,000 and close to $20,000 each year to trace their roots.
- Rising awareness about and interest in genealogy has led to an ever-expanding array of products and services. Individuals are eager to avail of the internet and genealogical websites to research their family history.
- The world biobanking market is expected to record a yearly growth rate of almost 8% to reach almost $24 billion in 2015, according to research made available by Knowing Future. North America dominates the market with over 30% share in the overall market. However, both China and India are recording higher growth rates than that of the US.
The global genomics industry, like those of metabolomics and proteomics, will continue to benefit from the result accuracy and detection potential afforded by next-generation omics-based diagnostic technologies. Business Insights underlines the importance of cost constraints, which will lessen moving forward as the value factor rises.
Reliability and accuracy remain key benefits, with the industry under pressure to ensure consistent results through standard techniques and equipment. Early detection of disease using non-invasive diagnostic techniques will become increasingly important.
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