February 26, 2024
Personalized Genomics Market

Personalized Genomics Market is Expected to be Flourished by Discovery of Novel Disease-Causing Genetic Variants

Personalized genomics refers to genomic sequencing technologies that analyze an individual’s DNA to understand their risk of developing certain diseases or how their body responds to medications. Genomic sequencing can uncover single nucleotide variants and genetic mutations in an individual’s unique genome that contribute to disease risk, onset, and progression. This information enables healthcare providers to develop customized prevention, screening, and treatment plans tailored to each patient. For example, genomic sequencing and analysis have identified genetic mutations linked to increased susceptibility to cancers like breast, ovarian, and colorectal cancer. Those identified to carry high-risk genetic variants can undergo enhanced cancer screening and consider risk-reducing surgeries.

The global personalized genomics market is estimated to be valued at US$ 9.14 billion in 2024 and is expected to exhibit a CAGR of 0.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The discovery of novel disease-causing genetic variants is driving higher demand for personalized genomics. As genomic research uncovers new disease-associated single nucleotide polymorphisms and mutations, there is increasing potential for genomic sequencing and analysis to guide optimized prevention and treatment management. Additionally, growing awareness among consumers and physicians of how an individual’s genomic makeup influences health outcomes is propelling interest in personalized genomic testing to assess inherited disease predispositions and identify targeted treatments for various conditions based on genetic profiles. While advancements in precision medicine powered by genomics hold promise, fully realizing clinical utility and commercialization potential will require addressing regulatory and affordability challenges.

Segment Analysis
The personalized genomics market is dominated by the direct-to-consumer (DTC) segment. This segment accounts for over 60% of the market share as consumers are increasingly willing to purchase genetic testing kits that can be done from home without requiring a prescription. DTC kits provide basic information about ancestry, carrier status for genetic conditions and health risks. The clinical segment is the second largest segment and it involves genetic testing recommended by physicians for diagnostic purposes. This includes testing for various rare and inherited disorders.

PEST Analysis
Political: Governments in most countries are placing regulations around genetic testing and data privacy due to ethical concerns. They are also supporting research on precision medicine.
Economic: The falling costs of genome sequencing is driving high market growth. However, reimbursement challenges exist which hinders clinical adoption.
Social: Consumer interest in personalized healthcare is rising which is increasing adoption of DTC genetic tests for risk assessment and ancestry. However, some remain wary about privacy and insurance issues.
Technological: Continuous advancements are occurring in genome mapping, big data analytics and artificial intelligence which is helping analyze genetic datasets more accurately. Cloud-based platforms are also improving accessibility.

Key Takeaways
Global Personalized Genomics Market Demand is expected to witness high growth over the forecast period supported by factors such as declining sequencing costs, increasing consumer awareness and technological advancements.

Regional analysis: North America holds the largest market share currently supported by the presence of major players, favorable reimbursement structure and high consumer awareness in the region. Asia Pacific is expected to grow at the fastest pace due to rising healthcare expenditure, increasing focus on precision medicine and presence of large patient pools in countries like China and India.

Key players: Some of the prominent players operating in the personalized genomics market are 23andMe, Anthropic, Color Genomics, FDNA, Genos, Helix, Intellia Therapeutics, Illumina, Invitae, Nebula Genomics, Veritas Genetics. 23andMe and Anthropic have strong DTC offerings while Illumina focuses on sequencing equipment and solutions for clinical applications.

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