Latest News - Genomics Market in US: Diagnostics are expected to lead the Application segment during 2024-2028

The Genomics Market in US is being driven by Reduction in cost of genetic sequencing

The Genomics Market in US is expected to grow at a CAGR of 12.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6966.8 million. In the realm of genomics, single-cell analysis represents a cutting-edge approach that entails the extraction and isolation of genetic material from individual cells or homogenized samples. This technique provides researchers with unprecedented insights into the unique genetic makeup of each cell, despite the heterogeneous nature of the sample. Leveraging advanced technologies such as sample enrichment, molecular indexing, Next-Generation Sequencing (NGS), and digital Polymerase Chain Reaction (dPCR), scientists can now efficiently extract and analyze genetic material at a single-cell level. This results in precise measurements, high-resolution identification of cellular differences, and a more profound comprehension of cellular functioning. The application of these technologies has revolutionized the genomics industry in the US, offering new opportunities for research and development in various sectors, including healthcare, agriculture, and biotechnology. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Diagnostics
  • Drug discovery
  • Others
• End-user
  • Hospitals and clinics
  • Academic and research institutes
  • Pharmaceutical and biotechnology companies
  • Others
• Solution
  • Products
  • Services
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Reduction in cost of genetic sequencing
• Increasing demand for creating and upgrading genome databases
• Growing demand for personalized medicine

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled genetics professionals
• Reimbursement challenges in genomic testing
• Varying regulations in genomics research and testing

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Market Scope in Genomics Market in US Research Report

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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

According to Technavio, the genomics market in the US is a significant segment of the global life science tools and services market. This market encompasses organizations involved in the research and development (R&D) of various product categories, including capital equipment, instruments, accessories, and consumables. These products are utilized for R&D on pharmaceuticals, biotechnology products, and laboratory diagnosis of diseases. Additionally, the market includes life sciences-related services such as contract research, contract manufacturing, and contract sales. The global healthcare market size is determined by Technavio based on the consolidated revenue generated by manufacturers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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