Genomic Medicine Market Rugged Expansion Foreseen by 2026
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Genomic Medicine Market: Drivers & Restraints
Backed by government investments in precision medicine initiatives such as a multimillion dollar investment by President Obama in January 2015 which aims to improve how to treat and prevent a disease by laying emphasis on its genetic makeup is expected to boost the market growth. Clinical validity and utility of genomic medicine tests is a major issue witnessed in the global market. Also, lack of awareness among healthcare professionals, sluggish adoption of genome medicine, fluctuating regulatory landscape are the factors which could hamper growth of the global genomic medicine market.
Genomic medicine is gaining momentum with expanding applications ranging from risk assessment and diagnosis in healthy individuals to genome-based treatment for patients with complicated disorders. Oncology is a major application of genomics medicine during cancer screening process as diagnostics for genetic and genomic markers. Oncology segment is expected to account for a major share in the global genomic medicine market. Genomic medicine is increasingly being used not only for research purpose but also in clinical applications. In clinical applications, genomic medicine will potentially enhance patient care.
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Genomic Medicine Market: Region wise Overview
Geographically, global Genomic Medicine market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA). Owing to the presence of large number of academic as well as research institutions in the U.S. which are working on genomic medicine to discover next-generation genomic medicines, North America region is projected to lead the global genomic market in terms of value during the forecast period. Also, the presence of several universities offering educational programs coupled with opportunities in scientific research of genomic medicine in the North America and Europe is expected to have positive impact on the regional markets. The genomic medicine concept still in its nascent stage is yet to receive an impetus from the emerging market which are anticipated to hold smaller shares in the global market.
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Genomic Medicine Market: Key Players
The key research institutes in global genomic medicine market are BioMed Central Ltd., Cleveland Clinic, The University of Texas MD Anderson Cancer Center, The Manchester Centre for Genomic Medicine, Center for Genomic Medicine to name a few. The focus of the top players will be on the identification of effective drug candidates particularly in cancer treatment based on the molecular structure of tumors.
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