The market is estimated to grow with a CAGR of 11. 0% from 2018-2025. The growth of the genomics market is primarily attributed to the growth in investments & funds for genomics and declining cost of sequencing procedures.
New York, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Genomics Market to 2025 - Regional Analysis and Forecasts by Technology, Product & Service, Application, End User, and Country" - https://www.reportlinker.com/p05774529/?utm_source=GNW
However, high cost of equipment used in genomics and limitations in genomics are likely to pose a negative impact on the market growth.
On the other hand, scopes for the consumer genomics is likely to have a positive impact on the growth of the North America genomics market in the coming years.
The cost of genome sequencing has been dropping radically, nearly a million-fold in the past six-seven years.In the recent years, next generation sequencing price have declined substantially.
For instance, first whole human genome sequencing cost over US$3.7 billion in 2000 and took more than a decade for the completion. However, the costs for the same in recent years has reduces to US$1,000 and the process requires less number of days. In 2000, cost for sequencing was US$ 3.7 billion, which dropped down to US$ 10 million in 2006 and declined to US$ 5,000 in 2012. The decline in the cost can be checked by the cost to sequence a genome diverging drastically around 2008, falling from approximately US$ 10 million to nearly US$ 1,000 at the present date.
The rapid reduction in costs have now helped in clinical research, but even greater speed and a lowered price point will likely be enticing to health startups for the help of consumers. The first sequencing of the whole human genome in 2003 cost approximately US$ 2.7 Bn, but DNA sequencing company, Illumina has launched the latest and advanced machine for the whole genome sequencing and it costs for less than US$ 100. The price for genome sequencing has been in continuous free fall since the establishment. In 2006, Illumina’s first machine which was used for the sequencing of a human genome for US$ 300,000, and in 2014 the company revealed the cost of the same sequencing for that has been reduced to US$ 1,000. Major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled in the cost and time reduction in the sequencing.
Owing to factors such as advances in the field of genomics, development in different methods and strategies for sequencing, there is a notable decline in the cost of sequencing.
In 2017, the sequencing segment held a largest market share of 38.1% of the genomics market, by technology. This segment is also expected to dominate the market in 2025 owing to higher acceptance of the sequencing procedures for the genomics. Furthermore, the microarray segment is anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
North America genomics market, based on product & service was segmented into instrument/systems, consumables and services. In 2017, the consumables segment held a largest market share of 46.5% of the genomics market. The segment is anticipated to grow at a CAGR of 10.9% during the forecast period. Moreover, the services segment is expected to grow at the fastest rate at 11.8% during the coming years.
By application, the diagnostics segment is anticipated to grow at a CAGR of 11.6% during the forecast period. The diagnostics helps benefit the human to avoid the inheritance of the diseases in their children and diagnostics provides clarity for more concise treatment. Moreover, the segment held the largest market share of 32.2% for the application segment in the genomics market and is likely to dominate the market in coming forecast period.
In 2017, the research centers segment held a largest market share of 42.3% of the genomics market, by end user. This segment is also expected to dominate the market in 2025. However, the hospitals & clinics segment is anticipated to witness the fastest growth rate of 11.5% during the forecast period, 2017 to 2025. This higher growth rate of the segment owing to the providing the references for further researches are likely to propel the growth of the research centers segment in the coming future.
Some of the major primary and secondary sources for genomics included in the report are, Association for Responsible Research and Innovation in Genomics (ARRIGE), Biotechnology Industry Research Assistance Council (BIRAC), Defense Advanced Research Projects Agency (DARPA), Department of Biotechnology (DBT), Food and Drug Administration (FDA) and among others.
Read the full report: https://www.reportlinker.com/p05774529/?utm_source=GNW
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