Los Angeles-based market-analysis company DeciBio predicts that the global genomics life science research tools market will grow some 6 percent over the next 5 years, reaching $8.9 billion by 2016, reported GenomeWeb Daily News. Part of this rise will be supported by the grown of the next-generation sequencing market, which DeciBio estimated to increase by 16 percent annually, reaching $2.25 billion by 2016, according to a new report published last week (April 12).
Genomics "is expected to be the fastest growing segment in the life science research tools space," Stéphane Budel, a partner in DeciBio, told GenomeWeb.
The report noted how technological advancements had driven down the price of genome sequencing from $3 billion a decade ago to just $3,000 today. In the future, such technologies will be applied more and more in a clinical setting, looking for disease-causing mutations in cancer biopsies, for example.