by Market Overview:
Personalized genomics involves studying an individual’s DNA and RNA in detail by next-generation sequencing (NGS) technologies to identify actionable genetic variants and other biomarkers that are relevant for disease risk assessment, diagnostic screening, and therapeutic treatment. It can provide insights into an individual’s predisposition to developing certain medical conditions, the potential toxicities or efficacy of certain drugs, nutrigenomics insights, ancestry information, and other health-related insights. Direct-to-consumer genetic testing kits offered by companies allow consumers to collect DNA samples at home and receive personalized reports online.
The personalized genomics market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 7.3 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing focus on precision medicine is expected to drive the market growth over the forecast period. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. Personalized genomics helps deliver on the promise of precision medicine by using a person’s genetic makeup to guide decisions made in regard to prevention, diagnosis, and treatment of diseases. Growing applications of personalized genomics technologies in oncology for targeted cancer therapies based on genetic profiles of tumors is also anticipated to fuel the market growth. Furthermore, increasing R&D investments by key players for development of advanced personalized genomics platforms is projected to present lucrative opportunities over the forecast period. However, data security and privacy concerns regarding genomic data are expected to hinder the market growth.
Segment Analysis
The global personalized genomics market can be segmented based on technology, application and end-user. Based on technology, the market is dominated by next-generation sequencing (NGS) segment owing to its ability to sequence entire human genomes and whole exome analysis at much lower costs compared to other technologies. Based on application, the health segment dominates the market due to increasing applications of personalized genomics in health risk assessment and pharmacogenomic testing.
PEST Analysis
Political: Favorable government policies and initiatives towards precision medicine and increasing healthcare expenditure are driving the market.
Economic: Rising disposable income, increasing awareness about genomics and reduced genomics services cost are fueling the market growth.
Social: Increasing genetic diseases prevalence, favorable reimbursement policies and growing acceptance of personalized medicine are boosting the market.
Technological: Advancement in NGS technologies, bioinformatics solutions and developing genome databases are propelling the market growth.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing prevalence of chronic diseases and rising investments for genomic research. North America is expected to dominate the market during the forecast period owing to significant technological advancements, rollout of favorable reimbursement policies and presence of key players in the region. Key players operating in the personalized genomics market are 23andMe, Ancestry, Mapmygenome, Helix, MyHeritage, Gene by Gene, Pathway Genomics, Veritas Genetics, Xcode, Color Genomics, Positive Biosciences, Futura Genetics, Myriad Genetics, Quest Diagnostics, Laboratory Corporation of America, Illumina, Thermo Fisher Scientific, Qiagen, Genomic Health. Key players are adopting various organic and inorganic growth strategies such as partnerships, new service launches, acquisitions and expansion to strengthen their foothold in the personalized genomics market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
