Key Players in The $852 Million Genomics Market At Investing in New Product Launches
LONDON, April 13, 2020 /PRNewswire/ -- Companies in the global genomics are investing in new product launches to increase their revenue and expand their consumer base, and also for gaining a competitive edge over their rivals. For instance, in 2018, NanoString Technologies, Inc., a USA-based biotech company specialized in developing cancer diagnostics tools, launched a CAR-T characterization panel, which is a new gene expression panel for the molecular characterization of CAR-T cells in research, development, and manufacturing. The panel was developed in partnership with eight leading CAR-T therapy centers; it helps in ease of workflow and aims to advance the field of CAR-T therapy.
Some key players in the genomics market include 10X Genomics, Qiagen NV, Fluidigm Corporation, Johnson & Johnson Private Limited, Zephyrus Biosciences Inc., Illumina, Inc., Affymetrix, Angle PLC, Denovo Sciences Inc., Diagnologix llc, DNA Electronics Ltd, Enumeral, Epic Sciences, Kellbenx Inc., Resolution Bio Science Inc., Wafergen Bio-systems Inc., Yikon Genomics Co. Ltd, Thermo Fisher Scientific Inc., CellBio, Beckman Coulter, Becton Dickinson, Bio-Rad, Carl Zeiss Microscopy, Cell Microsystems, Cellsee Diagnostics, CellSorter, Cytena, CytoTrack, Dolomite Bio, Agilent Technologies Inc., and Fluxion Biosciences.
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Exact Sciences Corp. Acquires Genomic Health Inc.
Other players in the market are investing in mergers and acquisitions as part of their growth strategies. Exact Sciences Corp. is a USA-based molecular diagnostics company specialized in colon cancer screening, screening test research, and development, and non-invasive cancer screening for early detection and prevention of colorectal cancer. In November 2019, Exact Sciences Corp. acquired Genomic Health Inc. for $2.8 billion in cash. The acquisition is expected to help Exact Sciences Corp. to broaden its offering of cancer tests and expand its footprint in more than 90 countries. Genomic Health Inc. is a USA-based life science company that specializes in the development of genomic-based clinical diagnostic tests for cancer.
Increased Government Funding Will Drive The Genomics Market Growth
The global genomics market was worth $851.96 million in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 14.71% and reach $1475.11 million by 2023. Rising government funds for research on genomics drives the growth of the single-cell genomics market. The government funding focuses on efforts to resolve the complexity of the human genome, define the genomic basis of human health and disease, and ensure that genomics is used safely to enhance patient care and benefit society through government, public and private institutions. For instance, in 2018, in the U.S, The All of Us Research Program, a part of the National Institutes of Health, gave funds of $28.6 million for establishing three genome centers in the USA. These centers will start generating genomic data from the biosamples contributed by the participants of the program.
The technology limitation in single-cell genomics hinders the growth of the single-cell genomics market. Due to cost and technical constraints, the use of genetic sequencing to better target and treat rare and chronic diseases was largely out of reach for most health care organizations. Therefore, this could restrain the market's growth.
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Genomics Market Overview And Segments
The genomics market consists of sales of single-cell genomics and related goods. The study of genomes is called genomics. Single-cell genomics is an innovative method of classifying individual cells from a tissue sample, capable of defining unique traits and identifying rare cell types. Genomics is used in different fields of study such as intragenomic phenomenon including pleiotropy, epistasis, heterosis, and other interactions between loci and alleles within the genome.
The genomics market is segmented by product type into instrument (including systems, service contract and software), and reagents (including reagents and consumables). It is also segmented by process into cell isolation, sample preparation, and genomic analysis. By end user it is segmented into academic institutes, biopharmaceutical companies, and clinical research institutes.
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