by Personalized genomics refers to genome sequencing and analysis used to tailor medical treatments, disease screening, or dietary, behavioral and lifestyle recommendations to an individual’s genetic profile. It involves genome sequencing and genetic analysis of individuals to understand disease risk, traits, and personalized treatment options. Key applications include direct-to-consumer testing, where consumers can obtain their individual genomics data and reports without a physician’s order, and clinical testing, where patients obtain genomic testing and reports through their physicians to help inform medical treatment. Direct-to-consumer genomic testing allows consumers to gain knowledge about ancestral origins, personal genetic traits, and health risks with little clinical utility. However, consumer interest has grown rapidly in direct-to-consumer genomics due to technological advancements making tests more affordable and accessible.
The global Personalized Genomics Market is estimated to be valued at Us$ 9.14 Bn in 2023 and is expected to exhibit a CAGR Of 0.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing consumer interest in direct-to-consumer genomic testing, as highlighted in the heading, has emerged as a key driver of growth in the personalized genomics market. Customers are increasingly curious about their genetic make-up and what it can reveal about hereditary disease risks, traits and ancestry. Additionally, technological advancements continue to make genome sequencing more powerful, comprehensive and affordable. This has enabled the rise of DTC tests which can be purchased online and conducted easily at home, without requiring a physician visit. Another major driver has been the reduction in genomic sequencing costs over time due to rapid improvements in sequencing technology. While whole genome sequencing once cost tens of thousands of dollars, targeted sequencing of relevant genes can now be done for under $100. This has made genomic analysis far more accessible to customers and applicable within clinical settings.
Segment Analysis
The global personalized genomics market can be segmented by technology, application, end-user, and region.
Based on technology, the market is segmented into sequencing, microarray, polymerase chain reaction, and others. The sequencing segment dominates the market and is expected to continue its dominance over the forecast period as well. Advancements in next-generation sequencing technologies have enabled large-scale whole-genome sequencing at affordable costs.
PEST Analysis
Political: Governments around the world have implemented regulations to ensure privacy and security of personal genomic data. However, lack of universal standards and guidelines continues to be a challenge.
Economic: Declining genome sequencing costs and increasing healthcare expenditure is expected to drive market growth. However, high capital requirements for genome sequencing equipment can restrain the market.
Social: Increasing awareness about personalized medicine and availability of direct-to-consumer testing kits is positively impacting market growth. However, social and ethical issues related to use of personal genomic data remains a concern.
Technological: Advancements in sequencing technologies, decline in genome sequencing costs, and integration of AI/ML are expected to offer new opportunities. Cloud-based storage and analysis of genomic data has also helped address privacy and security challenges.
Key Takeaways
The Global Personalized Genomics Market Demand is expected to witness high growth over the forecast period. The global Personalized Genomics Market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 0.0% over the forecast period 2023 to 2030.
North America is expected to remain the largest as well as the fastest growing regional market owing to the strong presence of key players, rising healthcare expenditure, and growing adoption of precision medicine in the region.
The key players operating in the personalized genomics market are 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, and Qiagen. 23andMe and Ancestry dominate the direct-to-consumer genomics testing segment. 23andMe also partnered with Thermo Fisher and Genentech to advance research in oncology.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
