by Personalized genomics provides genetic testing services that analyze a person’s DNA to predict risks for certain health conditions, drug responses, and other traits. With advancing technologies, testing has become more affordable and accessible in recent years, allowing individuals to gain useful health insights from their genetic blueprint.
The global Personalized Genomics Market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Artificial intelligence (AI) is playing an increasingly important role in personalized genomics. AI algorithms can analyze massive amounts of genetic and medical data to identify patterns and predict health outcomes. For example, AI is helping match patients to clinical trials based on their genomic profile. It is also expediting drug discovery by helping pharmaceutical companies develop novel precision medicines targeted to specific genetic mutations or biomarkers. As AI technologies advance further, they are expected to make genomic testing and analysis more accurate and widespread, driving greater adoption of personalized genomics over the coming years. However, concerns around data privacy and potential bias in algorithms needs to be appropriately addressed.
SWOT Analysis
Strength: This market offers customers an opportunity to gain insights into their genetic makeup and potential health risks,which can help them make informed lifestyle choices.
Weakness: The high cost of whole genome sequencing makes the technology inaccessible to many. Additionally, data privacy and security are major concerns for patients.
Opportunity: Rising awareness about precision medicine and growing focus on preventive healthcare present opportunities for market growth. The decreasing cost of DNA sequencing also improves accessibility.
Threats: Strict regulations around data use and privacy pose challenges. Ethical concerns surrounding genetic testing are also risks.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth. The global Personalized Genomics Market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis comprises: North America currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to increasing demand for personalized medicine and presence of key market players in the region.
Key players operating in the personalized genomics market are Harris Corporation, KeyW Corporation, Septier Communication, L3Harris Technologies, CellAntenna Corporation, PKI Electronic Intelligence, Shoghi Communications Ltd., Ability Computer & Software, Advanced Tactical Systems (ATS), ESD America, NovoQuad Inc., GSMK CryptoPhone.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile itÂ
