DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "GCC Genomics Services Market, Technology, Application, End-user, Region, Competition Forecast & Opportunities, 2028F" report has been added to ResearchAndMarkets.com's offering.
The GCC Genomics Services Market is poised to witness impressive growth during the forecast period spanning from 2024 to 2028. The report identifies several major factors contributing to this growth, including the rising prevalence of chronic diseases and cancer, increased research and development activities in genomics, and government initiatives promoting genome-based healthcare advancements.
According to the Global Cancer Observatory, Saudi Arabia alone reported approximately 27,885 new cancer cases in 2020, with colorectal cancer cases reaching 4,007. The lack of public awareness about early cancer diagnosis and treatment further fuels the demand for genomics services in the GCC region.
One of the key driving forces behind the expansion of the genomics services market is the decreasing cost of sequencing technologies. Over the years, the cost of sequencing the human genome has significantly reduced from over $1 billion in 2003 to less than $1,000 today. This cost reduction has made genomic sequencing more accessible to researchers and healthcare providers, leading to a surge in demand for GCC Genomics Services Market.
Genomics, as a field of science, focuses on understanding genes, their structure, function, evolution, and mapping within an organism's genome. Genomic tests are pivotal in assessing disease susceptibility, drug responses, and human biology. This entails a wide array of activities, including DNA analysis, sequencing for drug discovery, and recombinant DNA research.
Moreover, the growth of the genomics market can be attributed to extensive research and development endeavors by biopharmaceutical companies in drug discovery. Genomic data plays an increasingly vital role in drug discovery and development, and the decreasing cost of sequencing technologies further fuels this growth. Collaborations, expansions, acquisitions, and significant investments in genomics research by market players are also contributing to the expansion of GCC Genomics Services Market.
Rising Prevalence of Chronic Diseases:
The growing prevalence of chronic diseases, including cardiovascular diseases, surgeries, trauma, and injuries, is a significant driver of the GCC Genomics Services Market. Chronic diseases, such as cancer, are a major driver of demand for genomics services. For instance, in Saudi Arabia, cancer accounted for 19% of deaths from non-communicable diseases in 2016, with breast, thyroid, and colon cancers being among the most prevalent types. Similarly, the UAE reported around 4,807 new cancer cases in 2020, with breast and colorectal cancer cases being prominent. These trends are expected to drive market growth in the forecast period from 2024 to 2028.
Growing Importance of Genomic Data in Drug Discovery & Development:
Genomic data is playing an increasingly crucial role in drug discovery and development. Advances in sequencing technology enable the identification of genetic mutations causing diseases, making them potential targets for new drugs. Consequently, pharmaceutical companies and research institutions are increasingly demanding genomics services for drug discovery and development. Genomics companies offer services such as genomic sequencing, bioinformatics, and data analysis to support these endeavors, further driving the growth of the genomics services market.
Government Initiatives Related to Healthcare System:
Government initiatives and funding are propelling the adoption of genome-based clinical diagnosis and treatment. Such initiatives promote the analysis of genome sequences for various research purposes, including breakthrough drug development, drug delivery methods, sequencing methods, screening methods, and population genetics studies. In Saudi Arabia, for example, the government allocated 5.69% of its GDP to healthcare in 2019. These initiatives are creating a favorable environment for genomics companies to provide sequencing, analysis, interpretation, bioinformatics, and data analysis services, contributing to the growth of the genomics services market.
Technology Advancement for Personalized Medicine:
Recent advancements and cost reductions in sequencing technologies have made next-generation sequencing (NGS) increasingly popular. NGS is preferred over DNA Microarray Technology for genomic applications, offering higher resolution and a more comprehensive view of the genome. Personalized medicine, tailoring medical treatment to individual genetic characteristics, relies heavily on genomic data. As personalized medicine gains momentum, the demand for genomics services continues to rise, with genomics companies providing sequencing, analysis, and interpretation services to healthcare providers and patients.
The report highlights extensive research and development activities in the GCC region utilizing NGS sequencing for human health treatment, further bolstering the growth of the GCC Genomics Services Market.
The GCC Genomics Services Market is segmented by technology, application, end-user, company, and region. By technology, it can be categorized into Sequencing, PCR, Nucleic Acid Extraction and Purification, Microarray, and Others. Application segments include Drug Discovery & Development, Diagnostics, Agriculture & Animal Research, and Others. The market can be further classified by end-users into Hospitals & Clinics, Academic & Research Institutions, Biotechnology & Pharmaceutical Companies, and Others.
Key market players in the GCC Genomics Services Market include:
For more information about this report visit https://www.researchandmarkets.com/r/vyhpgd
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