Genomics Market Analysis US - Size and Forecast 2024-2028

US Genomics Market Size 2024-2028

The US genomics market size is forecast to increase by USD 6.97 billion at a CAGR of 12.1% between 2023 and 2028.

• The genomics market in the US is experiencing significant growth, driven by key factors such as the reduction in the cost of genetic sequencing and the increasing adoption of single cell-based genomics analysis. These advancements have opened up new opportunities for research and diagnostics in various fields, including personalized medicine and agriculture. Ethical issues surrounding genetic data security and privacy are being addressed through advanced data storage solutions, cloud computing, and stringent regulations. However, the market also faces challenges, including the shortage of skilled genetics professionals, which may hinder market growth. The implementation of regulatory frameworks and the need for standardization in genomics data analysis are other challenges that need to be addressed to ensure the accuracy and reliability of genomic data. Overall, the US genomics market is poised for robust growth, driven by technological advancements and increasing demand for personalized healthcare solutions.

What will be the size of the market during the forecast period?

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• The genomics market in the US is experiencing significant growth due to the increasing demand for advanced diagnostic tools and therapies in the healthcare sector. This market encompasses various applications, including viral diseases, genetic disorders, and cancer research. Next-generation sequencing (NGS) technology plays a pivotal role in genomics, enabling the analysis of quantitative units of genetic material to identify genetic variations and mutations. The NGS market is segmented into consumables, PCR, and diagnostics. The consumables segment dominates the market due to the high demand for reagents and kits used in NGS applications. The diagnostics segment is expected to witness robust growth due to the increasing adoption of NGS-based diagnostic tools for the detection and diagnosis of diseases.
• The use of NGS in microbiology and genetics is revolutionizing the field, leading to the discovery of new insights into viral diseases and genetic disorders. However, ethical issues surrounding the use of genetic information and privacy concerns pose challenges to the market. The role of trained professionals in the genomics market is crucial for the accurate interpretation of sequencing data and the development of effective therapeutic interventions. The use of NGS in food applications is also gaining traction due to its ability to identify genetic markers for food safety and quality. Pacific Biosciences, Nanopore Technologies, Guardant Health, and Freenome are some of the companies investing heavily in the genomics market.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

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

By Application Insights

• The diagnostics segment is estimated to witness significant growth during the forecast period.

The diagnostics segment of the US genomics market plays a significant role in the healthcare industry by utilizing genomic information for disease identification, risk assessment, and personalized treatment. This segment incorporates various techniques and technologies to analyze an individual's genetic makeup, identifying potential genetic disorders or disease risks. Genomics is essential in guiding healthcare providers to offer targeted and effective treatment plans. Additionally, genomics-based diagnostics can facilitate early disease detection, leading to timely intervention and enhanced patient outcomes. The application of genomics in diagnostics is transforming healthcare, offering precise and personalized solutions for patients.

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The Diagnostics segment was valued at USD 2.60 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of the US Genomics Market?

Reduction in the cost of genetic sequencing is the key driver of the market.

• The genomics market in the US has experienced substantial growth since the completion of the Human Genome Project in 2003, which significantly reduced the cost of sequencing. This cost reduction has led to an increase in genomics research and developments, positively impacting market growth. New technologies such as Next-Generation Sequencing (NGS), DNA microarray, and CRISPR have revolutionized genomics sequencing and editing procedures, enabling targeted and high-throughput sequencing, as well as multiplexing. These advancements have increased the adoption of gene sequencing analysis in commercial applications, including clinical and research settings, where rapid and large-scale gene processing capabilities are essential. Viral diseases, genetic disorders, and cancer are major areas of focus in genomics research.
• NGS is used extensively in the diagnosis and treatment of these conditions, leading to significant scientific breakthroughs. Genomics products, such as gene therapy and personalized medicine, are attractive opportunities for biopharmaceutical companies and end users, including hospitals and clinics, research centers, and raw material suppliers. The use of whole-genome sequencing (WGS) and precision medicine is gaining momentum in the US, with Illumina and Janssen leading the way. PacBio, Pacific Biosciences, and Nanopore Technologies are also significant players in the market, offering advanced genomic sequencing solutions. The diagnostics segment, including genomic tests, is a significant contributor to the market's growth, with Freenom, Guardant, and Allogene Therapeutics leading the way.

What are the market trends shaping the US Genomics Market?

Growing adoption of single cell-based genomics analysis is the upcoming trend in the market.

• The Genomics Market in the US is witnessing significant growth due to the increasing focus on understanding viral diseases, genetic disorders, and cancer at a molecular level. Next-generation sequencing (NGS) technology is a key driver in this market, enabling precise measurements and improved understanding of complex genetic information. Trained professionals in life sciences and biopharmaceutical companies, hospitals and clinics, research centers, and raw material suppliers are the primary end users of genomics products. The Consumables and reagents segment, including PCR and NGS, holds a significant market share due to the high demand for precise and accurate results.
• Single-cell genomics analysis is an attractive opportunity in the market, allowing for the examination of sequence information from individual cells. Advancements in genomics technologies, such as sample enrichment, molecular indexing, and NGS, facilitate efficient extraction and isolation of genetic materials from a single cell. Genomic projects, including whole-genome sequencing and precision medicine, are revolutionizing the healthcare industry by providing personalized treatment plans and scientific breakthroughs. Gene therapy, such as the development of a LRRK2 inhibitor for Parkinson's disease, is another area of focus for biopharmaceutical companies. Despite the attractive opportunities, the high investment cost and requirement for skilled professionals pose challenges to market growth.

What challenges does the US Genomics Market face during the growth?

The shortage of skilled genetics professionals is a key challenge affecting the market growth.

• The Genomics Market in the US is characterized by the application of advanced technologies, such as Next-Generation Sequencing (NGS), in the analysis of viral diseases, genetic disorders, and cancer. Ethical issues surrounding genetic data security and privacy are significant considerations in this market. The market offers attractive opportunities for life sciences visionaries, PGCoE, biopharmaceutical companies, and end users, including hospitals and clinics, research centers, and raw material suppliers. Genomics products, including consumables and reagents, PCR segments, and diagnostics, are driving the growth of the market. Scientific breakthroughs in gene therapy, such as the development of LRRK2 inhibitors for Parkinson's disease, are fueling innovation in the field.
• Key players in the market include Illumina, Janssen, Pacific Bioscience, and Nanopore Technologies. The high investment cost of genomics projects and the need for skilled professionals pose challenges to market growth. Whole-genome sequencing (WGS) and precision medicine are gaining traction, with Guardant, Freenom, Allogene Therapeutics, and other companies leading the way. Genomic tests, which require the analysis of DNA nucleotides, are essential for personalized medicine and disease diagnosis. Data storage and cloud computing solutions are critical for managing the vast amounts of genomic data generated. The use of NGS technology in agriculture and food applications, known as agrigenomics, is also an emerging trend.

Exclusive US Genomics Market Customer Landscape

The market forecasting 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 market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• 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.
• Perkin Elmer Inc.
• Personalis Inc.
• QIAGEN N.V.
• Thermo Fisher Scientific Inc.
• Twist Bioscience Corp.

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.

Research Analyst Overview

The Genomics Market in the US is a burgeoning sector that continues to evolve, driven by the increasing demand for advanced genetic analysis and personalized medicine. This market encompasses a wide array of applications, including the study of viral diseases, genetic disorders, and cancer, among others. The Genomics Market in the US is characterized by its rapid technological advancements, driven by Next-Generation Sequencing (NGS) technologies. These advancements have led to significant scientific breakthroughs in various fields, such as gene therapy and precision medicine. For instance, the development of LRRK2 inhibitors for Parkinson's disease treatment has shown promising results. Despite these attractive opportunities, the Genomics Market in the US faces several challenges. Ethical issues surrounding the use of genetic data and the need for trained professionals to interpret complex genomic data are some of the key concerns. Moreover, the high investment cost associated with genomic projects and the need for advanced data storage and computing solutions pose significant challenges. The Genomics Market in the US is segmented into several categories, including genomics products, consumables and reagents, diagnostics, and raw material suppliers. The consumables segment holds a significant market share due to the high demand for PCR-based assays and other genomic tests.

Furthermore, the diagnostics segment is also expected to grow rapidly due to the increasing adoption of genomic tests for disease diagnosis and monitoring. The US market for Genomics is further divided into various end-users, including biopharmaceutical companies, research centers, hospitals and clinics, and academic institutions. Biopharmaceutical companies are the largest consumers of genomics products and services, driven by their focus on developing personalized medicine and new therapeutics. The US Genomics Market is also witnessing significant innovation in areas such as agrigenomics and food applications. These applications are expected to provide attractive opportunities for market growth, particularly in the areas of crop improvement and food safety. Moreover, the US market for Genomics is witnessing significant collaboration between various stakeholders, including academic institutions, research centers, and industry players. For instance, the National Human Genome Research Institute (NHGRI) has funded several genome-sequencing projects to advance our understanding of the human genome..

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across US
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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