Genomics and Proteomics Market to be Driven by Increasing Investment in Healthcare Industry
The global genomics and proteomics reagent and analytical instruments market has seen the emergence of new regional players, many of whom have successfully expanded beyond their original markets, reports Transparency Market Research (TMR) in a new study. Due to the high level of competitive rivalry within the market, the companies operating in this field are impelled to adopt highly competitive pricing and marketing strategies. The top three market players accounted for approximately 52.4% in the global genomics and proteomics market in 2012. The leading market player is Agilent followed by Thermofisher, and Life Technologies.
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As the genomics and proteomics market is highly fragmented, the players in the market are focusing on intense pricing strategies such as heavy discounts. Due to low loyalty, companies venturing in the genomics and proteomics market have fewer prospects of long term business opportunities. This can be only secured by having long term association with clients and meeting their requirements, says TMR.
Drug Discovery and Disease Identification to Boost Demand for Genomics and Proteomics Technologies
With the increasing awareness regarding drug discovery and disease management, the demand for genomics and proteomics technologies is also rising. The growth in the genome working mechanism has influenced researchers to take up researches in the field of rare genetic and central nervous system disease. The escalating demand for genomics and proteomics from HIV, cancer, and diabetes diagnostics is also expected boost the growth of the market. The increasing need for personalized medicine and companion diagnostics is also one the significant factor aiding the growth of the genomics and proteomics market. The growing awareness about prenatal and presymptomatic testing is also one of the major drivers for the adoption of genomics and proteomics techniques.
The increasing investments by developing countries such as India, China, and Brazil in healthcare and medical research for drug discovery are also likely to drive the growth of the global genomics and proteomics technology market.
High Cost of Technology to Hamper Implementation of Genomics and Proteomics Technologies in Developing Countries
The initial set up cost of genomics and proteomics technology is extremely expensive, making it difficult for developing countries to set them up. The required capital investment for setting up a modern laboratory is certain to reach several hundred millions of dollars. High end technological systems comprising next-gen sequencers, and mass spectrometers are considered to be out of reach for facilities in developing countries. Thus, the high cost of technology and expensive initial investment is anticipated to hinder the demand for genomics and proteomics technology in developing countries.
Collaboration among Global and Regional Companies to Help in Business Expansion
According to a TMR analyst, “The collaboration of global and regional research facilities is likely to provide vendors of genomics and proteomics technologies with substantial growth prospects. As there are sufficient epidemiological samples available from developing countries for carrying out diagnostic models and further enhancing data sets for disease testing, the collaborations between research facilities will help in the creation of commercial solutions for diseases, thus enhancing market growth.”
With favorable factors in dominance, the global genomics and proteomics market is expected rise at 12.1% CAGR between 2013 and 2019. The global genomics and proteomics market was valued at US$36.76 bn in 2015 and is projected to reach US$52.35 bn by the end of 2019. North America is expected to maintain its lead in the global market in terms of innovation in genomics and proteomics technology.
The review has been based on the findings of a TMR report titled, “Genomics and Proteomics Reagents, Research Kits and Analytical Instruments Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
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