by Market Overview:
Personalized genomics involves genetic testing that analyzes a person’s DNA to determine individual risk factors for diseases, reveal genealogical origins or ancestry, and provide information that may help assess risk factors and guide lifestyle decisions. Personalized genomics can predict risk factors, drug responses, and other important health traits.
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 key trends:
Growing direct-to-consumer genetic testing is one of the major trends witnessed in the global personalized genomics market. Direct-to-consumer genetic testing allows individuals to obtain their genetic testing results without necessarily involving a health provider. Companies like 23andMe and Ancestry offer at-home saliva collection kits that screen for genetic variants linked to health conditions, traits, and ancestry information. Increased accessibility and affordability of genetic tests along with availability of Web-based direct access is boosting the adoption of direct-to-consumer testing. As per data, the direct-to-consumer testing market is expected to grow from $116 million in 2016 to $341 million by 2022 globally.
SWOT Analysis
Strength: Personalized genomics provides customized health recommendations based on an individual’s DNA profile. This allows early detection of diseases and personalized treatment plans.
Weakness: Interpreting genomic data is complex and requires extensive knowledge. Not all genomic relationships and interactions are well understood. False positives from genomic tests can cause unnecessary anxiety or invasive follow-ups.
Opportunity: Rising incidence of chronic diseases is driving demand for preventive healthcare solutions. Technological advancements are making genome sequencing faster and cheaper. Governments support genetic research to lower healthcare costs in the long run.
Threats: Privacy and security of sensitive personal genomic data are major concerns. Overpromising results from genomic tests can reduce reliability. Commercial applications of genomic technologies are tightly regulated to ensure safety and efficacy. Strict laws govern use of genetic data for purposes like ancestry or employment screening.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing awareness about genomic applications in disease prevention and management.
Regional analysis: North America dominates the global personalized genomics market currently. Availability of advanced genomic technologies, large healthcare budgets for research, and growing incidence of chronic diseases drive the North American market. Asia Pacific is expected to be the fastest growing market owing to rising healthcare expenditure, increasing focus on preventive healthcare, and growing collaborations between international players and local labs.
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, and Nebula Genomics. Key players are focusing on expanding their product portfolios and service reach through collaborations with hospitals, research institutions, and biobanks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
