Genomics Market in US Size to grow by USD 5284.67 million between 2023-2027
According to a research report “ Genomics Market in US” by Application (Diagnostic, Drug discovery, Others) End-user (Hospitals and clinics, Academic and research institutes, Pharmaceutical and biotechnology companies, Others) Solution (Products, Services) Geography (North America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 5284.67 million, at a CAGR of 10.45% during the forecast period. The Human Genome Project's completion in 2003 marked a pivotal moment in genomics, significantly reducing the cost of sequencing. This cost reduction has fueled a surge in genomics R&D, positively impacting the US genomics market's growth. Technological advancements, such as Next-Generation Sequencing (NGS), DNA microarray, and CRISPR, have revolutionized genomics, enabling targeted, high-throughput sequencing and multiplexing. These advancements have increased the adoption of gene sequencing analysis in commercial applications, including clinical and research sectors, where rapid, large-scale gene processing and cost savings are crucial.
Browse market data tables, figures, and in-depth TOC on “Genomics Market in US” by Application (Diagnostic, Drug discovery, Others) End-user (Hospitals and clinics, Academic and research institutes, Pharmaceutical and biotechnology companies, Others) Solution (Products, Services) Geography (North America) Global Forecast to 2027. Download Free Sample
By Application, the Diagnostic segment is projected to dominate the market size in 2024
Hospitals and clinics play a pivotal role in the integration of genomics into the US healthcare landscape. As key providers of comprehensive healthcare services, they serve as primary settings for genetic testing, analysis, and interpretation. By utilizing genomics, these facilities enhance disease diagnosis, develop personalized treatment plans, assess disease risk, and improve patient outcomes. Additionally, hospitals and clinics collaborate with academic institutions and industry partners to drive genomics research and innovation. This collaboration leads to the exploration of novel applications and technologies, further advancing the field and enhancing patient care.
By End-user, Hospitals and clinics segment is expected to hold the largest market size for the year 2024
The diagnostic segment of the US genomics market holds significant importance in the healthcare industry, leveraging genomic information for disease identification, direction, and treatment. This segment incorporates a range of techniques and technologies, enabling the analysis of an individual's genetic makeup to detect potential genetic disorders, assess disease risk, and guide personalized treatment plans. In the diagnostic application segment, genomics plays a pivotal role by identifying genetic variations or mutations indicative of specific diseases or conditions. This empowers healthcare providers to deliver customized and targeted therapeutic interventions, enhancing patient care and outcomes. Furthermore, genomics-driven diagnostics facilitate early disease detection, enabling timely intervention and improved patient prognosis.
North America is forecasted to hold the largest market size by region in 2024
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The Genomics Market in US growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Genomics Market in the US is experiencing significant growth, driven by advancements in technologies like Nanopore Technologies, Pacific Biosciences, and Freenom, which are revolutionizing the field of Microbiology and genetics. Companies like Allogene Therapeutics are leveraging these technologies to develop innovative solutions for Cancer, Genetic Disorders, and Viral Diseases. The Genomics Market is segmented into Diagnostics, PCR, and Consumables segments based on Quantitative Units. NGS (Next-Generation Sequencing) is a key technology driving the Diagnostics segment, enabling early and accurate detection of diseases. The PCR segment is expected to dominate due to its widespread use in research and clinical applications. Food applications are also a growing area for the Genomics Market, with Freenom leading the way in developing solutions for food safety and authenticity testing. However, assumptions about the market's growth should be made with caution, as the market's size and growth rate depend on various factors, including the availability of trained professionals and ethical issues surrounding the use of genetic information. The NHGRI-funded genome-sequencing initiatives and the increasing focus on personalized medicine are expected to further fuel the growth of the Genomics Market in the US. Guardant Health, for instance, is using genomics to develop liquid biopsy tests for early cancer detection. Overall, the Genomics Market in the US is poised for significant growth in the coming years.
Market Research Overview
The Genomics Market in the US is experiencing significant growth, driven by advancements in Whole-Genome Sequencing (WGS) technologies and the increasing demand for genomics products in various industries. The market requires skilled professionals to operate complex technologies from companies like Nanopore Technologies, Pacific Biosciences, and Illumina. The high investment cost of WGS and the diagnostics segment, which includes companies like Freenom, Guardant, and Janssen, are major challenges. The NHGRI-funded genome-sequencing projects and research centers are key contributors to the market's growth. The diagnostics, consumables and reagents segment is expected to dominate the market due to the increasing demand for genomic tests in microbiology and genetics. Raw material suppliers, such as DNA nucleotides, are also essential players in the market. Attractive opportunities exist in food applications, AgriGenomics, and personalized medicine. Precision medicine, gene therapy, and cancer research are significant areas of focus for biopharmaceutical companies. Ethical issues surrounding genetic data security and privacy are concerns that need to be addressed. The market's growth is fueled by scientific breakthroughs in areas like Parkinson's disease, where companies like Allogene Therapeutics are developing LRRK2 inhibitors. Cloud computing and data storage solutions are essential for managing the vast amounts of raw data generated by genomics projects. The market's future looks promising with assumptions of continuous innovation and advancements in genomics technologies.
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