February 29, 2024
Personalized Genomics Market

Personalized Genomics Market Is Estimated To Witness High Growth Owing To Increasing 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 of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Personalized Genomics Market refers to the practice of using individual genetic information to tailor healthcare and medical treatments to a person’s specific genetic makeup. This market offers numerous advantages, such as personalized medicine, precise treatment plans, targeted therapies, and early disease detection based on genetic markers. The need for personalized genomics products is associated with the increasing demand for personalized medicine, as it allows healthcare professionals to provide tailored treatments that are optimized for each individual patient.

Market Key Trends:
One of the key trends driving the Personalized Genomics Market is the growing adoption of direct-to-consumer genetic testing services. These services, offered by companies such as 23andMe, Ancestry, and MyHeritage, allow individuals to access their genetic information directly and gain insights into their ancestry, genetic traits, and potential health risks. This trend has gained popularity due to increased consumer interest in understanding their genetic background and taking proactive steps towards managing their health.

Furthermore, advancements in technology and decreasing costs of genetic sequencing have enabled the widespread use of personalized genomics in healthcare. Companies like Illumina, Thermo Fisher Scientific, and Qiagen provide innovative genetic sequencing platforms, making it easier and more affordable for healthcare providers to incorporate personalized genomics into their practice. This trend is expected to drive market growth as more healthcare professionals adopt personalized genomics for disease prevention, diagnosis, and treatment.

PEST Analysis:

Political: The Global Personalized Genomics Market is influenced by government policies and regulations pertaining to genetic testing and data privacy. Governments across the globe have implemented strict regulations regarding the collection, storage, and use of personal genetic information. For example, in the United States, the Genetic Information Nondiscrimination Act (GINA) prohibits discrimination based on genetic information by health insurance providers and employers.

Economic: The personalized genomics market is expected to experience high growth due to favorable economic conditions. Increasing healthcare expenditure, rising disposable incomes, and growing awareness about personalized medicine are driving the market growth. Additionally, technological advancements and decreasing costs of genetic testing are making personalized genomics more accessible to the general population.

Social: The social factors influencing the personalized genomics market include changing demographics, increasing emphasis on preventive healthcare, and rising consumer demand for personalized healthcare solutions. The growing interest in understanding genetic predispositions and personalized treatment options is fueling the adoption of personalized genomics.

Technological: The advancements in DNA sequencing technologies and bioinformatics tools have revolutionized the field of personalized genomics. Next-generation sequencing (NGS) platforms have enabled faster and more cost-effective analysis of individual genomes, contributing to the growth of the market. Additionally, the integration of artificial intelligence (AI) and machine learning algorithms in genomics research has further enhanced the accuracy and efficiency of personalized genomics.

Key Takeaways:

The global personalized genomics market is expected to witness high growth, exhibiting a CAGR of 17.2% over the forecast period (2023-2030). This growth can be attributed to several factors, including increasing awareness about personalized medicine, rising healthcare expenditure, and technological advancements in DNA sequencing technologies.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the personalized genomics market. This is primarily due to the presence of key market players, favorable government initiatives, and a high adoption rate of personalized medicine in the region.

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 key players are actively engaged in research and development activities, collaborations, and strategic partnerships to strengthen their market presence and expand their product offerings.

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