Rising incidences of chronic diseases and lifestyle disorders such as cancer, diabetes, cardiovascular, and neurological disorders require solutions that can eradicate the issue at a genetic or molecular level. This has fueled the rise of genomic and therefore, the market for genomic assays over the past few years. Besides, recent studies show that the fast-spreading COVID-19 pandemic has increased the demand for consumables like primers and probe kits globally. As a result, 2020 will see high adoption of such consumables, thereby driving the demand for consumables in genomic assays market globally. Despite the positive outlook, data storage has been a constant challenge for genomic sequencing as storage data often runs into gigabytes. Besides, the need for uniform standard operating procedures for platforms are increasing challenges for companies operating in the genomic assays market. As such, companies in the global genomic assays market will need to assess the global genomic assays (consumables) market and identify the key market dynamics, including the growth drivers and key technology trends, and the size and growth potential of different segments.
Genomic Assays (Consumables) Market: The US is the largest market for genomic assays, followed by Europe. The European market is led by countries such as UK, France, Germany, Switzerland and Italy with their biotechnology hotspots being the center of attraction for genomic sequencing. Asia is still in the development phase with China being the largest market for genomic assays in the region
The market for genomic assays is expected to grow at 16.5% CAGR during 2019–2024 as a result of increased sequencing activities owing to the COVID-19 pandemic. Are you prepared to meet the demand upheavals in the market? If not, RFP to learn how our business continuity solutions can help tackle this challenge.
Business Challenges Faced:
A company in the US genomic assays market approached the experts at Infiniti Research to assess the global genomic assays (consumables) market and identify the key market dynamics, including the growth drivers and key technology trends, and the size and growth potential of different segments. Also, the client wanted to analyze the profitable opportunities in the multiplex genetic testing space as they were witnessing a greater adoption rate compared to single-gene assays. Besides, the client realized that many companies were looking forward to investing in the genomic assays market owing to the rising adoption of genomic technologies in the medical world. To sustain their market share and drive profitability, they wanted to invest into lucrative opportunities in the market and keep pace with the industry, competitive, and macroeconomic trends in the US genomic assays market.
Other challenges faced by the company in the keep genomic assays market were:
Storage and analysis of large datasets for genomic: With the increasing usage of genomic for healthcare purposes, huge amounts of data was being generated. As a result, the storage, distribution, and analysis of these large datasets was becoming challenging for the client. Additionally, they were increasing the cost of operations.
Acquiring high-quality single-cell sequencing data: As the client solely relied on single-gene assays, they faced difficulties in acquiring high-quality single-cell sequencing data. The client, therefore, wanted to shift to multiplex sequencing.
Cost of building a platform: As the genomic platform needs extensive IT capabilities and should be capable of synchronizing with the available equipment in a laboratory, the cost of building a new platform was very high.
Need for uniform standard operating procedures for platforms: As different genomic platforms cater to specific genomic needs, migrating from one platform to another and information sharing between platform were becoming challenging for the client.
Our team of analysts and industry experts can help companies in the genomic assays market to keep pace with market changes and industry developments. Contact us here.
Our Integrated Approach
To help the client tackle their business objectives and achieve business objectives, we recommended market intelligence solution. Our market intelligence engagement involved a three-phased process.
- The initial phase involved secondary research and desk research, where our experts gathered market insights from various information providers such as annual reports, media platforms, news aggregators, analyst reports, company presentations, public databases, and paid databases.
- In the second phase, experts were identified and recruited based on a set of parameters to procure insights on the market, competitive, and end-user levels. Also, we interviewed business leaders in the market that cater to different application areas to gather their views on top end-user segments and estimate the share of end-user industries in the market.
- In the final phase of data analysis and reporting, we aggregated data from open sources and industry interviews and conducted data analysis to understand market demand and key developments. Also, we prepared a custom market intelligence report for the client.
By collaborating with Infiniti Research, the client was able to assess the global genomic assays (consumables) market and identify the key market dynamics, including the growth drivers and key technology trends, and the size and growth potential of different segments. Besides, the client adopted next-generation sequencing (NGS) method due to its capacity for multiplex sequencing. This helped them to reduce the cost of sequencing and operate with much higher efficiency compared to single-gene assays. Also, the client was able to achieve a faster turnaround time for sequencing high volumes of sample and expand the number of targets for finding novel drugs.
The experts at Infiniti Research also helped the client to track new innovation and adoption trends at a global level, understand their potential impact on the business, and identify technology areas that provide the best commercial opportunity.
Besides, with Infiniti’s market intelligence solution, the genomic assays market client was able to:
- Implement high-end technological solutions for storage, distribution, and analysis of the large datasets
- Leverage multiplex genetic testing to acquire high-quality single-cell sequencing data
- Implement a uniform standard operating procedure for platforms and enhance information sharing between platforms
Want to know more about our market intelligence solutions and their benefits for your business? Request more info here.