Genomics market to worth USD 27.6 billion by 2025
The global genomics market is expected to reach USD 27.6 billion by 2025, predicts Grand View Research. The past decades have witnessed significant changes in disease management processes due to simultaneous advancements in genomics and personalized medicine. There has been a gradual growth in the usage of genomic studies in clinical practices, which is reflected by the growing trend of targeted therapies. Results from genomic studies enable a better understanding of diseases and the underlying mechanisms for researchers, physicians, and consumers. This facilitates evidence-based decision-making, and hence, helps improve a personalized treatment regime. In addition, technological advancements in data analysis tools have motivated the healthcare community to create precision-based therapies from surplus, available DNA data.
The companies are involved in strategic alliances with global as well as local entities to boost their revenue generation and enhance their share in the market. For instance, in March 2017, Foundation Medicine collaborated with Bristol-Myers Squibb Company, as a result of which Bristol-Myers Squibb could deploy Foundation Medicine’s molecular information solutions and comprehensive genomic profiling for identification of predictive biomarkers, such as microsatellite instability (MSI) and tumor mutational burden (TMB), to accelerate its immunotherapy clinical trials. Such initiatives are aimed at increasing the adoption of genomic information in cancer management.