According to MarkNtel Advisors, the Global Genomic Data Analysis & Interpretation Market is projected to witness around 11.10% CAGR during the forecast period, i.e., 2022-27. The market growth attributes primarily to burgeoning cancer cases worldwide, a significant propulsion in population genomic programs, and rapidly reducing costs of sequencing across different countries.
Moreover, mounting advancements & research initiatives in genomics & bioinformatics undertaken by both emerging & developed nations are also leading to the high demand for reliable software solutions for genomic data analysis and, in turn, driving the market, further states the research report, Global Genomic Data Analysis & Interpretation Market Analysis, 2022.”
Demand for Genomic Data Analysis & Interpretation to Witness Fastest Growth for Oncology Treatment
The mounting global prevalence of cancer is surging the demand for next-generation diagnostic tests to facilitate early diagnosis & enable efficient prognosis of various forms of cancer. It is the prime reason behind the fastest demand growth for genomic data analysis & interpretation to treat Oncology diseases.
According to the World Health Organization (WHO), cancer is a significant cause of death globally and accounted for approximately 10 million deaths in 2020. Hence, the rapid rise in the studies & treatment of oncology diseases is likely to drive the global market in the coming years.
North America to Dominate the Global Genomic Data Analysis & Interpretation Market through 2027
North America is witnessing massive funding by both governments & market players in various research & development activities on genomics & bioinformatics. The increasing cancer cases in the region and globally reducing costs of sequencing are generating immense awareness among people about precision medication.
Moreover, the extensive presence of prominent industry leaders like ThermoFisher Scientific in the US is also anticipated to boost the regional market in the coming years since the company offers a diverse portfolio of genomic analysis solutions for Next-Generation Sequencing (NGS), Real-Time PCR, Sanger Sequencing, & Microarrays.
The company aims to provide solutions focused on oncology, infectious diseases, reproductive health, inherited diseases, and other clinical research tests. Hence, all of it is increasing genomic data generation and positively influencing the global market, reveals MarkNtel Advisors in their research report, "Global Genomic Data Analysis & Interpretation Market Analysis, 2022."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Genomic Data Analysis & Interpretation Market are Agilent Technologies Inc., ThermoFisher Scientific, Asuragen Inc., BGI Genomics Co., Ltd, 10X Genomics Inc., Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd, DNASTAR, Golden Helix Inc., Illumina Inc., Oxford Nanopore Technologies Inc., Pacific Biosciences of California Inc., Partek Inc., QIAGEN NV, and SoftGenetics LLC.
Key Questions Answered in the Study