by Personalized genomics is an emerging field that involves decoding of genomic data from an individual to understand predispositions for certain health conditions and enable healthier lifestyle choices. Genetic testing kits analyze one’s genetic makeup to provide health, trait, and ancestry insights. Direct-to-consumer genetic testing companies offer at-home testing kits via mail that allow users to collect DNA samples non-invasively and receive reports online. Such kits analyze single nucleotide polymorphisms linked to disease risks, drug response, and traits.
The global personalized genomics market is estimated to be valued at US$ 10.53 Mn in 2024 and is expected to exhibit a CAGR of 9.14 Billion over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing adoption of direct-to-consumer genetic testing kits is a key driver propelling growth of the personalized genomics market. Rising health awareness and focus on preventive healthcare has increased demand for genetic screening to understand disease predispositions. DTC kits offer privacy and enable access to genomic data and reports from the comfort of one’s home, thereby boosting their popularity. Moreover, advancement of gene sequencing technologies has made genomic analysis affordable and widespread. Continuous technological innovations are further expected to make DTC testing more comprehensive and drive higher market growth over the forecast period.
Segment Analysis
The global personalized genomics market is dominated by the healthcare and biotechnology sub segment. The healthcare and biotechnology sub segment currently holds around 60% of the total market share due to increasing applications of genomics in various healthcare fields such as pharmacogenomics and cancer diagnostics. Genetic testing is widely being adopted to detect various health conditions which is driving growth of this sub segment.
PEST Analysis
Political: Various governments are supporting personalized genomics research through funding and by launching initiatives. For example, in the US the National Human Genome Research Institute funds various genomics projects.
Economic: The declining cost of genome sequencing is fueling adoption among consumers. Falling test prices have made genomics more affordable for widespread use.
Social: Growing health awareness and increasing focus on preventive healthcare is spurring interest in personalized genomics. People are more willing to undergo genetic testing to understand health risks.
Technological: Emerging technologies like next generation sequencing, genome editing tools, and bioinformatics are majorly boosting the capabilities and applications of personalized genomics. New innovations are enabling testing of entire human genomes rapidly.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth between 2024-2030 driven by rising elderly population worldwide.
The North America region currently dominates the market and is expected to retain its position through 2030 owing to favorable regulatory environment and presence of leading players in the US.
Key players operating in the personalized genomics market are 23andMe, Ancestry, Mapmygenome. 23andMe leads the direct-to-consumer genomics testing segment with offerings that provide health, traits and ancestry reports to customers around the world. Ancestry also has a strong market share in the ancestry testing segment. Mapmygenome has a significant presence in India and offers comprehensive genomic testing and reports.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
