April 12, 2024
Personalized Genomics Market

Personalized Genomics is Expected to be Flourished by Self-diagnosis and Prevention of Diseases

Personalized genomics is an approach to medicine that uses a person’s genetic makeup to guide decisions made in regard to their prevention and care. It utilizes next-generation DNA sequencing technologies to sequence the entire genome or parts of it to analyze an individual’s predisposition to certain diseases or drug responses. Applications include cancer screening, pharmacogenomics, ancestry testing, and reproductive health. For example, BRCA gene testing can determine one’s risk of breast and ovarian cancers, while carrier screening examines whether couples carry recessive traits that could impact their future children.

The global personalized genomics market is estimated to be valued at US$ 9.14 billion 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 Dynamics
One of the major drivers fueling the growth of the personalized genomics market is rising adoption of direct-to-consumer genetic testing. DTC genetic testing allows individuals to access their genetic information directly without having to go through a healthcare provider. Various companies now offer home testing kits that allow users to collect DNA samples in the privacy of their own home and receive genetic risk analysis reports online. This has made genetic testing affordable and convenient for mainstream users who are interested in learning about their genetic predispositions. As awareness about genetics and its role in health and disease increases, the demand for such self-diagnosis and screening is expected to rise significantly over the forecast period.

Another key driver is increased focus on disease prevention through genetic screening and counseling. Healthcare systems worldwide are moving from a curative to preventive model to lower costs and improve patient outcomes. Genetic screening helps identify persons at high risk of developing certain heritable disorders so they can undergo intensive surveillance programs, choose preventive surgery, or make lifestyle changes that can help delay or prevent the onset of diseases. This is expected to drive greater uptake of personalized genomics solutions in the coming years.

Segment Analysis
The global personalized genomics market is segmented into sequencing service, data analysis and interpretation tools and genetic counseling and education service. Sequencing service dominates the market and holds around 45% market share owing to rising application of whole genome sequencing and targeted gene panel sequencing tests for personalized medicine and patient profiling. The demand for sequencing service is high due to advantages like profiling disease risk, ancestry assessment and personalized treatment guidance.

PEST Analysis
Political: Governments are formulating regulations to address genomic data privacy and prevent unethical use. Protection of genomic data is crucial for adoption of personalized genomics.

Economic: Rising healthcare expenditure and growth in genomics driven pharmaceutical industry is fueling market growth. However, high cost of genomic testing can restrain market to some extent.

Social: Increasing awareness about genetic disorders and potential of personalized medicine is a key growth driver. Customized treatment guidance resonates well with current healthcare trends.

Technological: Continuous decline in sequencing costs and advanced analytics is expanding market potential. Biobanks play crucial role in driving research applications of personalized genomics.

Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth at a CAGR of 13% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 9.14 Bn by 2023 from US$ 6.32 Bn in 2022.

Regional analysis
North America dominates global personalized genomics market and is expected to maintain its lead position during the forecast period. Favorable regulatory environment and large biobanks drive North America market. Asia Pacific region is emerging as the fastest growing market owing to rising healthcare expenditure, increasing regulatory approvals and gradual adoption of precision medicine approach.

Key players
Key players operating in the personalized genomics market are Harris Corporation, KeyW Corporation, Septier Communication, Digital Receiver Technology (DRT), Rayzone Group, Rohde & Schwarz, L3Harris Technologies, CellAntenna Corporation, PKI Electronic Intelligence, Shoghi Communications Ltd., Ability Computer & Software, Advanced Tactical Systems (ATS), ESD America, NovoQuad Inc., GSMK CryptoPhone. Harris Corporation and L3Harris Technologies hold major market share due to their extensive product portfolio for military communication.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it