Boston, MA -- (SBWIRE) -- 03/05/2014 -- The global genomics market was valued at $11.11 billion in 2013, and is expected to grow at a CAGR of over 12.0% from 2013 to 2018. The penetration of new markets through the expansion of genomics applications, and advancements in existing technologies plays an important role in attracting new market participants to invest in this market. Next Generation Sequencing (NGS) in personalized medicine and molecular diagnostics is considered as a high growth area for the global genomics market. This new technology provides an affordable and accurate screening solution for genetic mutations. Moreover, the increasing volume of novel genetic tests for personalized medicine and biomarker discovery ensures the continued growth of this market.
Tier I and Tier II companies were found to be dominant in the instrument and consumables segments of the genomics market. The genomics market is becoming increasingly consolidated. Among all market players, Roche Diagnostics, Life Technologies, and QIAGEN together accounted for over 47.0% of the revenues earned by the global genomics market in 2013. This concentration of market shares with Tier I market players is expected to challenge market growth. However, technological advancements, and increasing investments are expected to continue to drive the growth of the global genomics market.
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