Sudden outbreak of COVID-19 virus is driving the growth in Global Genomic Medicine Market in the forecast period, 2022-2026.
Moreover, the rapidly increasing number of chronic diseases is also driving the growth of the global genomic medicine market in the upcoming five years. Additionally, growing government support and increased number of genomic studies, steady decreased cost for the genomic research and analysis are also supporting the growth of the global genomic medicine market in the next five years. The global genomic medicine market is geared to show exponential growth due to genetic developments, and increased application of the same in various diseases. Applications in bioengineering and synthetic biology is also substantiating the growth of the market.
Genomic medicine or known as personal medicine are the pharmaceutical drugs that are specifically designed with the genomic information from the DNA, and protein profiling and their functionality meanwhile understanding their interaction with the human health. These medicines have the ability to provide the details of typical biological information of individual and thereby using the information to design the respective patient’s treatment processes and pharmaceutical drugs.
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The global genomic medicine market is segmented by application, end user, competitive landscape, and regional distribution. Based on end user, the market is further segmented into hospitals & clinics, academic & research institutes, and others. Hospitals & clinics are anticipated to hold the largest revenue shares of the market and dominate the market segment on the account of the rapidly increasing number of the patients suffering from chronic diseases and accessibility of the personalized medicine for the patients.
Additionally, increasing research funding by the government to support the research institutes is further aiding the growth of the global genomic medicine market in the next five years. Also, rapid use of genome analysis for the treatment and early diagnosis of diseases is potentially expected to substantiate the growth of the global genomic medicine market in the future five years. Therefore, significant future growth can be experienced by research institutes in the forecast years until 2026.
Based on application, the market is further fragmented into oncology, cardiology, endocrinology, rare genetic disorders, and others. Cardiology applications are anticipated to hold the significant shares of the market and aid the growth of the market on the account of rising instances of cardiovascular diseases. Moreover, the pandemic situation, increased the number of patients suffering from pulmonary diseases, cardiovascular issues, breathing problems etc. and thus driving the growth of the global genomic medicine market in the next five years.
Genome Medical, Inc., BioMed Central Ltd, Aevi Genomic Medicine, Inc., Congenica Ltd., Deep Genomics, Editas Medicine, Inc., Cleveland Clinic, are some of the market players holding the major shares of the global genomic medicine market. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through genomic medicine. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“North America is anticipated to hold the largest revenue shares in the future five years. The healthcare industry is rapidly evolving advanced methods for the development of the personalized medicine is further aiding the potential growth of the market. Countries like United States and Canada have dedicated research facility toward genomic studies and personalized pharmaceutical development. New market players must focus on the research and technological advancement of the genomic medicine such that rising consumer demands can be satisfied and this would aid their brand establishment in the upcoming five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Genomic Medicine Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Application (Oncology, Cardiology, Endocrinology, Rare Genetic Disorders, Others), By End User (Hospitals & Clinics, Academic & Research Institutes, Others), By Region”, has evaluated the future growth potential of global genomic medicine and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global genomic medicine market.
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