by The personalized genomics market deals with genetic testing procedures to understand an individual’s genetic composition. Such tests aid in determining predispositions to certain diseases, drug responses, ancestry composition and other traits. Genetic testing helps assess health risks and take preventive actions.
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 key trends:
Direct-to-consumer genetic testing kits have been gaining popularity over the last few years. These kits allow customers to order tests online or at a retail store and receive DNA sample collection kits at home without requiring a physician’s order. Customers can send their saliva samples directly to the company’s laboratory for analysis and receive personalized genetic reports online. 23andMe, Ancestry and other companies offer such direct-to-consumer testing services for traits, ancestry composition and health risks. Rising adoption of these inexpensive and convenient testing options is expected to propel growth of the overall personalized genomics market during the forecast period.
SWOT Analysis
Strength: The personalized genomics market enables genomic sequencing and screening for increased precision in diagnosis and treatment. It provides insights into hereditary health risks, disease risk factors, and genetic predispositions which can help improve health outcomes.
Weakness: Genetic sequencing technology is still evolving and not all genetic associations or interactions are well understood. There are also privacy and security concerns regarding genetic data. Interpretation of genomic data requires specialized expertise and knowledge.
Opportunity: Development of advanced machine learning and artificial intelligence is helping to better interpret and understand genomic data. There is also opportunity to expand personalized genomic services to new areas such as nutrition, ancestry tracing, lifestyle factors, and family planning.
Threats: Rigorous regulatory approval is required for genetic tests and services which can delay market access. Rising healthcare costs are putting pressure on insurance coverage and reimbursement for personalized genomic services. New competitors are entering the market with direct-to-consumer options.
Key Takeaways
Global Personalized Genomics Market Size is expected to witness high growth over the forecast period driven by factors such as declining sequencing costs, growing application areas, and rising demand for precision medicine approaches. 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.
Regional analysis: North America currently dominates the personalized genomics market due to favorable regulatory environment, strong funding for research, and early adoption among healthcare providers and consumers in the region. Asia Pacific is expected to be the fastest growing market supported by increasing healthcare expenditure, large patient pools, and government initiatives in countries such as China, India, and Japan to promote precision medicine.
Key players: 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. These players are focusing on strategies such as partnerships, new product launches, and expanding their direct-to-consumer offerings to strengthen their positions in the high-growth personalized genomics market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
