Genomics Market size in US to record USD 5.28 billion growth from 2023-2027, Growing adoption of single cell-based genomics analysis is one of the key market trends, Technavio

NEW YORK, April 24, 2024 /PRNewswire/ -- The genomics market size in US is estimated to grow by USD 5.28 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 10.45% during the forecast period. 

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Key Trends Fueling Growth:

• Increasing adoption of single-cell-based genomics analysis: 
  • 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.

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Major Challenge

• Shortage of skilled genetics professionals: 
  • 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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Analyst Review

The Genomics Market in the US is experiencing significant growth, driven by advancements in Next-Generation Sequencing (NGS) technologies from companies like Pacific Biosciences, Nanopore Technologies, Guardant, and Freenom. These innovations have revolutionized the diagnosis and treatment of various diseases, including viral diseases, genetic disorders, and cancer.

The Consumables segment and PCR segment are key contributors to the market's expansion. Ethical issues surrounding genomic data privacy and consent are being addressed by trained professionals. The Diagnostics segment benefits from NGS applications in microbiology and genetics, which are funded by organizations like the National Human Genome Research Institute (NHGRI). Allogene Therapeutics is leading the way in gene therapy, further expanding the market's potential. Quantitative units of genomic data continue to increase, fueling the demand for more advanced technologies and applications in food and other industries.

Market Overview

The Genomics Market in the US is experiencing significant growth due to the increasing adoption of genomics technologies in various sectors. The market is driven by the advancements in Next-Generation Sequencing (NGS) technologies, which have made genomic analysis more accessible and affordable.

The use of genomics in personalized medicine, agriculture, and research is expanding rapidly. The market is also fueled by the growing demand for diagnostic and therapeutic applications, as well as the increasing focus on precision medicine. The market is expected to continue its growth trajectory, with major players such as Illumina, Thermo Fisher Scientific, and Qiagen leading the way.

The use of genomics in gene therapy, gene editing, and synthetic biology is also expected to provide new opportunities for market growth. The market is segmented by application, technology, and end user. The major applications include diagnostics, research, and therapeutics. The major technologies include NGS, Microarray, and PCR. The major end users include hospitals, research institutions, and biotechnology companies. The market is expected to reach a value of USDXXX billion by 2027.

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• 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

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio