Potential Opportunity worth $50 Bn Opening Up in Genomics Space - Exclusive Research by MarketsandMarkets™
CHICAGO, Jan. 11, 2022 /PRNewswire/ -- As Genome Sequencing breaks the $1000 barrier and heads towards $500, aspiring to further reduce it to $100, its shifting D2C business model is creating $45 Bn of revenue opportunity, leading to a million terabytes of genome data by 2025.The genome sequencing market will reach $25 Bn by 2026 – intensified by COVID-19, and oncology and rare disease diagnostics coupled with pan genome studies. Adjacent markets of data storage, high performance computing (HPC), lab automation, and AI will see unlocking of a further $20 Bn.
According to MarketsandMarkets™ analysis,
- $50 Bn of potential opportunity is opening up in Genomics Industry as genome sequencing heads to $100 direct-to-consumer, which was one of the most talked-about trends in 2021.
- The global genomic studies and projects comprising advanced genetic sequencing is expected to drive better clinical decision-making in the coming years, presenting lucrative growth opportunities to NGS companies.
- Additionally, the life sciences market is witnessing an increased adoption of AI, personalized healthcare, gene editing, etc., which is likely to disrupt the demand for genomics, in turn impacting the growth of the market.
- The increasing demand for sequencing and bioinformatics in diagnostics is predicted to disrupt the demand for IVD over the next few years.
Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –
- Adoption levels of automation in NGS is low. Currently it ranges between 30-40% globally, however, in developed countries it is approaching 50%. As automation reduces TAT, helps in minimization of errors and provides reproducible results, it is largely used in clinical testing applications
- Bioinformatics tools are largely used in clinical settings vs research as former demands data analysis for clinical decision making
- Increasing focus on personalized medicine and favorable reimbursement scenario in clinical testing drives the adoption of NGS in hospitals and clinics
- Adjacent markets such as Data Analysis, Storage and Management and High-Performance Computing (HPC) provide immense growth opportunities owing to generation of huge data demanding quicker analysis
Some of the growth problems encountered by genomics companies are:
- Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients' businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize hospitals & clinics over research centers & academic centers or Pharmaceutical & Biotechnology companies?
- What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new product features should be added to the existing products?
- Where to play:
- Which applications and disease areas should we focus on? Should it be oncology, rare diseases, reproductive disorders or any other?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
- Building a compelling Right-to-Win (RTW):
- For M&A, which are the right targets for us? Should we target bioinformatics companies or consumables companies? Should we enter new markets directly or through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
Key uncertainties/perspectives which industry leaders seek answers to:
- For NGS/Genomics companies:
- What sequencing services will be relevant and redundant in the next 5 years?
- Can genetic sequencing become affordable for routine testing, or will it continue being used for specific diseases?
- What is the level of sensitivity that will be required for advanced genetic sequencing?
- How can companies optimize the manufacturing processes to be more agile and efficient to achieve a more seamless workflow?
- What regulatory policies can help strategize and achieve volumetric scale-up?
- What can be done to train more people into performing and analyzing advanced sequencing techniques on crops and microorganisms?
- For Companies in Adjacent markets:
- What are the regulations surrounding data privacy and security?
- Which machine learning approaches can be used to address data limitations so that AI models do not lead to misleading insights or faulty predictions?
- How are companies handling machine bias?
- When can a 100% AI integration into genomics be expected?
- What will be the impact of automation on genomics market?
Therefore, MarketsandMarkets™ has announced a first-of-its-kind Genome Sequencing Strategy-as-a-Service that will help both NGS companies and adjacent business organizations deal with specific strategic decision problems. The research and analysis is focused on high-growth, niche markets, such as AI in genomics, spatial genomics & transcriptomics, liquid biopsy, single-cell analysis, and related markets, providing a comprehensive understanding of the entire genomics ecosystem through the World's First Market Intelligence Cloud, 'KnowledgeStore'. It helps find blind spots in clients' revenue decisions because of interconnections and unknowns that impacting clients and their client's clients.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
SOURCE MarketsandMarkets
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