Declining Prices of Genome Sequencing is expected to bolster the Biotechnology market from 2018 to 2025
In the recent years, biotechnology market has progressed significantly. The increasing advancements in the genome sequencing, leads to considerable reductions in the cost. The underlying costs related to different strategies and innovative methods for genome sequencing helps to influence the scale and scope of genomic researches to the expansion. On the other hand, risks associated with genetic data is expected to act as major challenges hindering the market growth in the forecast period.
The declining genomic sequencing prices is the major factor that helping in impelling the scope of genomic researches. There are significant studies that have been given their insights related to genome-sequencing costs. For instance, National Human Genome Research Institute (NHGRI) has tracked costs at its funded ‘Genome Sequencing Centers’ for many years. However, the costs for the same in recent years has reduces to US$1,000 and the process requires less number of days. In 2000, cost for sequencing was US$ 3.7 billion, which dropped down to US$ 10 million in 2006 and declined to US$ 5,000 in 2012. This is in turn anticipated to increase the demand of the research activities.
The advancement in the field of the healthcare industry is driving the prominent players in biotechnology market for more research and developments for the biotechnology market. The key players in the market such as Thermo Fisher Scientific, Inc. that offers products in wide range including analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, and diagnostics solutions. The company has a diverse portfolio of biotechnology products that covers a wide range of areas including protein biology reagents, molecular biology reagents, instruments, antibodies, and cell imaging as well as analytical tools and instruments. The products are manufactured for and supplied to various end users such as pharmaceutical and biotech; academic and government; industrial and applied; as well as healthcare and diagnostics. Moreover, the company serves their customers through brand names like, Invitrogen, Thermo Scientific, Fisher Scientific, Applied Bio systems, and Unity Lab Services.
Some of the key players operating the global biotechnology market include Thermo Fisher Scientific Inc., Merck KGaA, PerkinElmer, Inc., Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Danaher, QIAGEN, BD, Bio-Rad Laboratories, Inc., Illumina, Inc. and among others.
