The Genomics Market size in North America is predicted to be USD 6.61 billion in 2023 and is estimated to grow at a CAGR of 9.7%, reaching USD 10.50 billion by 2028.
Genomics, the science of studying genomes and their interaction with various stimuli, has focused on extensive research and development activities in a few years. The field has witnessed a significant rise in technologies that promise a better understanding of genomes and their interaction with the environment and tools that use research results to understand the role played by genomes in the growth and survival of all organisms. It finds its application in various fields such as genomic medicine, biotechnology, anthropology, and other social sciences.
One of the major drivers of the North American market is the availability of significant funds and many companies researching molecular biology. Genomics is being extensively used in pharmaceutical industries to develop new classes of drugs. In addition, there was a rise in the demand for genetically modified plants and animals, due to which there has been a surge in the market. With genomics being used in various industries, market growth is expected to boost during the forecast period.
However, the high cost of genomic instruments will likely restrain the market's growth during the forecast period.
This research report on the North American Genomics Market has been segmented & sub-segmented into the following categories:
Based on the product, the consumables segment is expected to account for the largest North American genomics market share during the forecast period. This is attributed to repeated consumables usage for genomic experiments and increasing research programs by academic institutes and non-profit organizations.
Nucleic Acid Extraction
Drug Discovery & Development
Agriculture & Animal Research
By End User:
Hospitals & Clinics
Based on end-user, the research centers, academic institutes, and government institutes segment accounted for the largest share of the market. This largest share is attributed to the increasing research initiatives and projects in genomics worldwide.
The United States
Rest of North America
The North American genomics market is expected to dominate the global market during the forecast period and accounted for 36.7% in 2020. The availability of advanced technology in the healthcare sector, developed infrastructure, and favorable reimbursement policies drives market growth. In addition, a surge in FDA regulatory approvals and changing reimbursement and usage rules are expected to accelerate the adoption of genetic testing in this region. Moreover, the U.S. and Canada dominate the Genomics market in the region.
During the forecast period, the United States genomics market is forecasted to play a leading role in the North American genomics market and witnessed a significant share in the recent past. Increasing investment and funding by the government in research and development activities of genomics is projected to propel market growth. Color Genomics, Inc. completed the delivery of clinical genomics in regular care under its U.S. program in January 2020 in cooperation with NorthShore University Health System. In addition, Sanford's genomics initiative, Imagenetics, has also received assistance from the firm to enhance clinical decision-making.
On the other hand, the Canadian genomics market is anticipated to witness a considerable share and contribute to the North American regional market growth. The increasing use of personalized medicine, a growing number of start-ups, and the rising number of collaborations and partnerships drive market growth.
KEY MARKET PLAYERS:
A few notable players profiled in the North American Genomics market in this report are Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid.
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