The latest commercial market forecast for genomics pitches the global market value higher than ever before, predicting a value of an eye-watering $19 billion by 2018.
The report (available for purchase only) from MarketsandMarkets puts the global revenues for the genomics market at $11.11 billion for 2013.
Estimates reported last year put the value of the next-generation sequencing (NGS) market at $2.7 – 7.6 billion by 2018 (see previous news); genomics is a broader category than NGS alone, which accounts for part of the discrepancy, but the overall picture is certainly one of big business. US-based sequencing company Illumina, currently partnering with Sony to launch in Japan, has recently estimated the future value of their own target markets at $20 billion.
The new report cites technological developments including nanopore-based DNA sequencing and customised microarrays, innovation in bioinformatics tools for drug discovery and research and increasing financial investment in genetic research across the board as key drivers for the market.
For the future, it particularly highlights personalised medicine, anticipating rapid growth in genomics research to underpin the development of new targeted treatments for cancer and infectious disease, as well as new disease areas. The personalised medicine market is widely tipped for rapid growth as it expands from the US to the UK and Europe, Japan, India and China.