July 22, 2024
Personalized Genomics Market

Personalized Genomics Market Is Estimated To Witness High Growth Owing To Growing Demand for Personalized Medicine

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 17.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Personalized genomics refers to the analysis and interpretation of an individual’s genetic makeup to provide personalized healthcare solutions. This market involves the use of advanced technologies and genetic testing to determine an individual’s susceptibility to certain diseases, guide treatment decisions, and predict response to specific medications. The advantages of personalized genomics include improved disease management, better treatment outcomes, and reduced healthcare costs. With the increasing focus on precision medicine and the growing understanding of the role of genetics in healthcare, the demand for personalized genomics is expected to rise significantly in the coming years.

Market Key Trends:
One key trend driving the growth of the Personalized Genomics Market Demand is the increasing adoption of direct-to-consumer genetic testing. Companies such as 23andMe, Ancestry, and MyHeritage are offering genetic testing kits that allow individuals to explore various aspects of their genetic ancestry, health traits, and predispositions to certain diseases. These tests provide consumers with information about their genetic makeup and potential health risks, empowering them to make informed decisions about their healthcare. The accessibility and affordability of direct-to-consumer genetic testing kits are contributing to the widespread adoption of personalized genomics, leading to market growth.

Another key trend in the personalized genomics market is the growing availability of genomic data analysis platforms. Companies like Helix, Gene by Gene, and Illumina are offering platforms that analyze and interpret genomic data to provide personalized insights and recommendations. These platforms use advanced algorithms and artificial intelligence to analyze large datasets and generate actionable information.

PEST Analysis:

Political: The personalized genomics market is influenced by political factors such as government regulations and policies related to genetic testing and privacy. Government regulations may impact the accessibility and affordability of personalized genomics services. For example, restrictions and regulations on direct-to-consumer genetic testing may affect the growth of companies like 23andMe and Ancestry.

Economic: The economic factors affecting the personalized genomics market include the overall economic growth, disposable income of the population, and insurance coverage for genetic testing. The increasing spending power of individuals and the growing healthcare expenditure have contributed to the market’s growth. Additionally, the availability of insurance coverage for genetic testing has made it more accessible to a wider population.

Social: The social factors influencing the market include increasing awareness and acceptance of personalized genomics, changing lifestyles, and the desire for personalized healthcare. There is a growing interest among individuals to understand their genetic makeup and its impact on their health. This has led to a rise in demand for personalized genomics tests offered by companies like MyHeritage and Mapmygenome.

Technological: The technological advancements in genomics, such as next-generation sequencing and bioinformatics, have greatly influenced the personalized genomics market. These advancements have enabled more accurate and detailed genetic testing, making it possible to identify individuals’ predisposition to certain diseases and develop personalized treatments. Companies like Illumina and Thermo Fisher Scientific play a crucial role in developing and providing these technological solutions.

Key Takeaways:

The global personalized genomics market is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 17.2% during the forecast period 2023-2030. This growth can be attributed to the increasing adoption of personalized genomics services and advancements in technology.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the personalized genomics market. The region’s strong healthcare infrastructure, favorable reimbursement policies, and higher awareness among the population contribute to its growth. The United States, in particular, is a key market because of the presence of major players like 23andMe, Veritas Genetics, and Myriad Genetics.

Key players operating in the personalized genomics market include 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. These companies offer a wide range of personalized genomics services, including genetic testing, ancestry analysis, and disease risk assessment.

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