June 22, 2024
Personalized Genomics Market

Personalized Genomics Market Is Driven By Increasing Focus On Preventive Healthcare

The personalized genomics market involves genetic testing services that can provide comprehensive reports on an individual’s genetic makeup and risks for developing certain health conditions. These genomic sequencing tests analyze a person’s complete set of DNA to help determine their odds of developing diseases later in life like cancer, heart disease, and Alzheimer’s. With such predictive genetic information, people can take preventive measures like making lifestyle changes or utilizing more frequent screening and medical surveillance. The Global Personalized Genomics Market Size is estimated to be valued at US$ 10.53 Bn in 2024 and is expected to exhibit a CAGR of 17.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the main trends driving growth in the personalized genomics market is the reduction in sequencing costs over time due to technological advancements. As sequencing techniques have improved, the overall genomics analysis process has become significantly less expensive, allowing more consumers and healthcare providers to access and utilize these predictive tests. Another key trend is the increased focus on preventive healthcare approaches. With genetic testing results, individuals and doctors can better target preventive strategies based on one’s unique biological risks. This shift toward prevention aims to improve health outcomes and quality of life while also reducing healthcare expenditures long-term through early intervention and disease avoidance.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the personalized genomics market is moderate as the industry requires huge investments in R&D and development of databases.

Bargaining power of buyers: The bargaining power of buyers in the personalized genomics market is high as there are many providers offering personalized genomic services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of various equipment, reagents, assays and kits have diversified customer base.

Threat of new substitutes: Threat of substitutes is low as there are limited substitutes for personalized genomic testing.

Competitive rivalry: The competitive rivalry in the personalized genomics market is high due to presence of many global and regional players competing on the basis of price, innovation and service offerings.

Key Takeaways

The global personalized genomics market is expected to witness high growth.

North America is expected to dominate the personalized genomics market during the forecast period. In North America, the U.S. is expected to hold the largest market share due to high consumer awareness levels, advanced healthcare infrastructure and presence of major market players in the region.

Asia Pacific is expected to witness the fastest growth during the forecast period owing to increasing healthcare expenditure, rising awareness levels regarding personalized genomics and growing penetration of major market players in countries like China, Japan and India.

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, Qiagen, Genomic Health and Nebula Genomics. Major players are focusing on new product launches, partnerships, acquisitions and strengthening their distribution networks to strengthen their market position.

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