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The US- genomics market size is estimated to grow by USD 5,284.67 million at a CAGR of 10.45% between 2022 and 2027.
Advances in genomics and the completion of the Human Genome Project (HGP) in 2003 have led to a significant reduction in the cost of sequencing. The reduced cost has increased the propensity of genomics R & Ds, which is positively impacting the growth of the US - genomics market. These technologies have been used in commercial applications such as clinical and research applications where rapid and large gene processing capabilities are needed, coupled with low-cost advantages, to encourage the adoption of gene sequencing analysis. Advanced genomics sequencing technologies such as NGS have led to a major reduction in the cost of performing sequential studies. By enabling a variety of sequence interactions, they also provide very robust detection and sensitivity. Reduction in cost has surged genetic research and commercial use of gene sequencing technologies for genomics characterization and analysis.
Technavio has segmented the market into Application, End-user, Solution and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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Diagnostic
The market share growth by the diagnostic segment will be significant during the forecast period. The diagnostic segment of the US genomics market plays a crucial role in healthcare by using genomic information for disease direction, diagnosis, and treatment. The segments cover a number of techniques and technologies that allow an individual's genetic makeup to be analyzed in order to determine whether he or she has some sort of genetic disorder, assess disease risk, and guide personalized treatment decisions.
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The diagnostic segment was valued at USD 2,369.94 million in 2017. Advancements in genomic technologies, such as next-generation sequencing and microarray-based testing, have revolutionized the field of diagnostics. These technologies make it possible to analyze huge quantities of DNA data rapidly and cheaply, which means a more precise diagnosis and tailored treatment plans. The growth of the segment is attributed to factors such as the increasing demand for gene therapy, personalized medicine, drug development, and the increasing incidence of cancer worldwide.
Hospitals and clinics serve as the primary settings for genetic testing, analysis, and interpretation. Genomics is used by these facilities to diagnose diseases, develop individual treatment plans, assessment of disease diagnosis, development of personalized treatment plans, and health risk assessments in patients. To effectively leverage genomics, hospitals and clinics need to invest in infrastructure and expertise, including specialized laboratories, bioinformatics capabilities, and trained personnel. Thus, the increasing demand for personalized medicines, advancements in genomic technologies, improved cost-effectiveness of genomic testing, the rising prevalence of genetic disorders, and the growing awareness and acceptance of genomics in the medical community will drive the growth of the US genomics market size through the hospitals and clinics segment during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Agilent Technologies Inc. - The company offers genomics solutions for applications such as cancer genomics, inherited disease, fragment analysis, and microarray solutions.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges.
The increasing adoption of single-cell-based genomics analysis is a key trend in the US genomics market growth. The single-cell genomics analysis involves the extraction and isolation of genetic material at a single-cell level or from a homogenized cell sample. Single-cell genomics analysis is being used extensively in cancer research applications.
However, sequencing the DNA of an individual cell provides information on the genetic mutation that is carried by a small population of cells. This provides insight into variability in cell-to-cell. The increasing adoption of single-cell genomics analysis in cancer research is expected to drive the demand for advanced genomics products such as microfluidic instruments, dPCR, and single-cell sequencers, which will contribute to the growth of the US genomics market during the forecast period.
The shortage of skilled genetics professionals is a major challenge in the US genomics market. The performance of delicate and complicated procedures such as gene editing, multigene manipulation, sequence typing, and amplification is involved in genome studies. The use of genomics solutions in highly regulated applications such as drug development and disease diagnosis necessitates the maintenance of accuracy and precision, which increases their reliance on the skills and expertise of genetics professionals.
However, In the US, it has become a major problem to find these technically and professionally educated gene scientists because of their lack of availability. Markets and end-users are finding it challenging to source trained genetic professionals, geneticists, and genetic counselors who can ramp up their routine operations related to genomics-based screening and diagnosis, drug development, research, and counseling. The shortage of trained experts in the US genomics market has become one of the major challenges that will negatively impact the growth of the market in focus during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
US Genomics Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The US genomics market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
US Genomics Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.45% |
Market growth 2023-2027 |
USD 5,284.67 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.85 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agilent Technologies Inc., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., Caris Life Sciences, CENTOGENE NV, Color Health Inc., Danaher Corp., Eurofins Scientific SE, F. Hoffmann La Roche Ltd., Illumina Inc., Invitae Corp., LetsGetChecked, Myriad Genetics Inc., Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc., PerkinElmer Inc., Personalis Inc., QIAGEN NV, Thermo Fisher Scientific Inc., and Twist Bioscience Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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