Personalized genomics aims to understand how our genes influence health and deliver accurate information to promote proactive healthcare. This innovative field relies on rapid DNA sequencing technologies that have greatly reduced the time and cost required to decode a person’s full genome. The global personalized genomics market is driven by advancing genome sequencing technologies that continue to improve resolution while shrinking costs.
Personalized genomics explores an individual’s DNA to analyze disease risks, drug responses, and ancestry. Such insights enable targeted prevention and treatment approaches tailored to a person’s unique genetic profile. By correlating genetic variants with health traits, personalized genomics can stratify disease risk and identify lifestyle modifications or medical interventions most suited for wellness management. The market comprises genetic testing kits and services that analyze DNA samples to interpret health risks and offer actionable health reports.
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:
Next-generation sequencing has enabled rapid whole genome analysis at unprecedented resolution and affordable costs. Techniques like nanopore sequencing process DNA strands directly through protein pores and can decode an entire human genome within hours. Such technological advancements are fueling demand for personalized genomics by facilitating large-scale population studies. Declining prices of genome sequencing now bring genetic insights within reach of mainstream healthcare. While genetic testing was previously limited to a few genes or conditions, it is evolving into a comprehensive health screening approach with potential to revolutionize preventive and precision medicine over the coming decade.
Porter’s Analysis
Threat of new entrants: Low barriers to entry like minimal capital required for technology and skilled workforce. However, established brands have strong customer loyalty and databases.
Bargaining power of buyers: Individual consumers have moderate power due to availability of substitutes and options from different companies. However, bulk orders from pharmaceutical companies increase their bargaining power.
Bargaining power of suppliers: Few global diagnostic technology providers like Illumina control significant market share, increasing supplier bargaining power.
Threat of new substitutes: Emerging technologies in DNA sequencing, Big Data analysis pose threats. Substitutes include at-home health tests and analytical tools without genetic testing.
Competitive rivalry: Intense competition between top brands to enhance databases and analytics. Companies racing to improve accuracy, lower costs through scale and technology.
Key Takeaways
Global Personalized Genomics Market Size is expected to witness high growth. 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.
The North American region currently dominates the market due to high consumer awareness, easy availability of kits, and high disposable incomes. The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing healthcare expenditures, rising incidence of chronic diseases, and growth in medical tourism are driving the market in countries like China 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, and Genomic Health. Players are focused on expanding their geographic footprint and enhancing their analytical capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it