The global personalized genomics market is witnessing rapid growth driven by increasing demand for early disease diagnosis and precision medicine. Personalized genomics involves analyzing an individual’s DNA sequence to understand disease risk, disease progression and drug metabolism at an individual level. Products associated with personalized genomics include genetic testing panels analyzing single nucleotide polymorphisms for conditions such as cancer, diabetes and cardiovascular diseases. Such panels provide information on lifestyle changes and targeted therapies. Genome sequencing helps physicians create tailored treatment and prevention plans according to an individual’s genetic makeup. This revolutionizes healthcare by enabling early disease detection and focus on preventive care rather than costly interventions at later stages.
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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the personalized genomics market is increasing demand for non-invasive prenatal testing. Technologies used for such testing analyze cell-free DNA from maternal blood to screen for fetal chromosomal abnormalities such as Down syndrome with high accuracy and without risks associated with invasive procedures such as amniocentesis or chorionic villus sampling. Rapid adoption of such non-invasive prenatal testing especially in developed economies is contributing significantly to market revenues. Further, growing interest in pharmacogenomics to understand individual drug responses is another trend augmenting market growth. With advances in sequencing technologies, researchers are unraveling genetic variations influencing drug metabolism and efficacy. This is empowering physicians to optimize medication and dosage for each patient.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the personalized genomics market is moderate. This is because starting a genomics business requires significant capital investment in infrastructure and R&D.
Bargaining power of buyers: The bargaining power of buyers in the personalized genomics market is high. Buyers have a variety of service providers to choose from, which allows them to negotiate on price and quality of services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. This is because suppliers of essential tools and technologies for genomic sequencing and data analysis are limited in number.
Threat of new substitutes: The threat of new substitutes is low. There are no direct substitutes for personalized genomics services which analyze an individual’s complete DNA sequence.
Competitive rivalry: The competitive rivalry in the personalized genomics market is high due to the presence of several established players providing similar services. Companies compete based on technology, quality, and pricing.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 13% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period, mainly due to the presence of major players and increasing genomic research activities in the region. North America is expected to account for around 35% of the overall personalized genomics market share by 2030. This is attributed to the increasing adoption of personalized genomics technologies for clinical diagnosis and rising number of genomics-based research initiatives in the US and Canada.
Key players
Key players operating in the personalized genomics market are Harris Corporation, KeyW Corporation, Septier Communication, Digital Receiver Technology (DRT), Rayzone Group, Rohde & Schwarz, L3Harris Technologies, CellAntenna Corporation, PKI Electronic Intelligence, Shoghi Communications Ltd., Ability Computer & Software, Advanced Tactical Systems (ATS), ESD America, NovoQuad Inc., GSMK CryptoPhone.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it