Government initiatives to drive the global genomics market in the coming yearsPublished On: February 9, 2016
The sequencing of the human genome represented the largest single undertaking in the history of biological science and stands as a signature scientific achievement. The Human Genome Project (HGP), an international public project led by the United States, and a complementary private program has a significant impact on the growth of the genomics industry across the globe. Various countries across the globe have recently invested in genomics research activities. The investments have proven very effective at growing genomics industry. For instance, according to the National Human Genome Research Institute, federal investment in genomic research generated an economic impact of $796 billion, which is impressive considering that Human Genome Project (HGP) spending between 1990 and 2003 amounted to $3.8 billion. It means the U.S. investment in the international Human Genome Project witnessed a very high return on investment of $141 to every $1 invested.
Furthermore, The 100,000 Genome Project is launched by the U.K. government in 2012 with the aim of sequencing 100,000 human genomes with the help of NHS patients with rare disease, their families, and patients with cancer. This project has received more than USD 280 million investments which will propel the development in the UK genomics industry.
Moreover, The U.S. Precision Medicine Initiative is announced by President Obama in 2015 with the aim of investing $215 million. According to the National Institutes of Health, the President called for $215 million in fiscal year 2016 to support the Initiative, which includes several components with efforts from across the federal government. Of this total proposed budget, $130 million was allocated to NIH to build a national, large-scale research participant group, called a cohort, and $70 million was allocated to the National Cancer Institute to lead efforts in cancer genomics as part of PMI for Oncology.
The Saudi Human Genome project is launched in 2013 and funded by Saudi Arabian National Science Agency. This project will be of three year duration with the aim of investing more than $80 million in the project and create a national network of 7 genome sequencing centers. This project will read ~20,000 Saudi genomes representing normal and disease conditions.
Furthermore, industrial policy and national and international projects have been a key driver of scientific activity in the genomics field. All these initiatives will contribute significantly to the number of genomes sequenced and anticipated to drive the genomics industry growth in the next few years. According to the latest market research report published by Meticulous Research™, the global genomics market is expected to grow at a CAGR of 15.1% from 2015 to 2020 to reach $19,938.6 million by 2020.
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