Transparency Market Research Report Added “Genomics Personalized Health Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2024” to its database.
Albany, NY -- (SBWIRE) -- 06/12/2017 -- Transparency Market Research (TMR) observes that the competitive rivalry is extremely high in the global genomics personalized health market. The growing demand for technologically advanced tests has brought in a lot of investment in the area of research and development. The leading players in the global market held a share of about 65% in the global genomics personalized health market in 2016. This cream of the crop included companies such as QIAGEN, F. Hoffman-La Roche Ltd., Illumina Inc., and Thermofisher Scientific.
According to the research report, the global genomics personalized health market is likely to be worth US$25,112.5 mn by the end of 2025 from US$7,243.0 mn in 2016. During the forecast years of 2017 and 2025, the global market is expected to register a CAGR of 14.9%. Out of the various technologies, the next-generation sequencing (NGS) platform segment is expected to dominate the global market as it offers improved efficiency. From a geographic point of view, North America is projected to dominate the global market over the forecast period. This regional market is slated to acquire a share of 41.6% by the end of 2025. The strong presence of key players in the region is expected to bolster growth.
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Increasing Demand for Biomarkers Benefits Global Genomics Personalized Health Market
The global genomics personalized health market is being driven by the increasing investments in research and development of biomarkers. These are used for identification of physiological state of an organism of a certain disease. The growth of the pharmaceutical industries, high incidence of chronic diseases, and prediction and assessment of treatment response has augmented the demand for genomics personalized health solutions. The global market is also being favored by the continuous innovation in technology with the booming molecular biology sector. Design and development of modern test methods that come with several advantages over conventional ones has bolstered the growth of the global market. Additionally, the variety of platforms offered by genomics personalized health market through various types of technologies has propelled market growth.
The increasing government investment n diagnostic health care across the globe has been identified as a key growth driver for the global market. The high prevalence of chronic diseases such as diabetes, cancer, and others has upped the demand for various types of diagnostics, which, in turn, has benefitted the market. Analysts note that the sudden rise in the prevalence of infectious diseases such as Ebola has offered players in the global genomics personalized health market ample of opportunities to introduce worthy solutions. Lastly, the booming geriatric population across the globe is expected to be in great need of personalized medications, thereby supporting the global market in a significant way.
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Lack of Supportive Reimbursement Policies to Act as an Impediment
On the flip side, the global genomics personalized health market is being restrained by a few factors. The complicated regulatory frameworks that cause delay in approval of newer methods is anticipated to be a major hindrance in the growth of the global market. Furthermore, the lack of supportive reimbursement policies are also expected to dissuade end users from opting for personalized health care. This trend will be emphasized in the emerging economies, where the overall healthcare sector is still in its development phase. Additionally, lack of awareness about diagnostic techniques and a wide range of diseases and disorders is also likely to hamper market growth over the forecast period.
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