Market Overview:
The personalized genomics market involves using a person’s genetic information to provide tailored treatments and health recommendations. Genomic tests analyze single nucleotide polymorphisms and other variations across a person’s entire genome or a specific subset of their DNA. This helps in determining an individual’s risk for certain diseases or drug responses. Some key applications of personalized genomics include screening for cancer risk, pharmacogenomics, ancestry tracing, and lifestyle and nutrition recommendations. The growing applications of genomics in various areas of clinical diagnostics and preventive healthcare are expected to boost the demand for personalized genomics solutions over the forecast period.
The personalized genomics market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 7.3 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving growth in the personalized genomics market is the declining cost of genomic sequencing. Massively parallel DNA sequencing technologies have made whole genome sequencing much more affordable in recent years. This has enabled the wider adoption of personalized genomics approaches in clinical and direct-to-consumer settings. Additionally, the improving accessibility of population-scale genomic and health datasets is enabling more powerful genome-wide association studies. This is helping researchers identify numerous genetic loci linked to common diseases and traits. The availability of larger genetic association studies is anticipated to boost the discovery of novel genomic biomarkers and advance the development of personalized medicine approaches based on genetic insights.
Porter’s Analysis
Threat of new entrants: New companies entering the personalized genomics market need to make significant investments in technology, infrastructure and skilled workforce. This creates high entry barriers.
Bargaining power of buyers: Individual customers have relatively low bargaining power compared to the large personalized genomics companies. However, retail chains and insurance companies can negotiate prices.
Bargaining power of suppliers: A few companies dominate the crucial genomic sequencing technologies, giving them significant bargaining power over personalized genomics companies dependent on their platforms.
Threat of new substitutes: While direct-to-consumer genetic testing is growing rapidly, there are no perfect substitutes for the type of in-depth personalized genetic analysis offered by leading companies in this market.
Competitive rivalry: The personalized genomics market is consolidated with a few large players. Intense competition exists in terms of technological capabilities, pricing and customer experience.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing awareness about genetic testing and precision medicine.
Regional analysis: North America currently dominates the personalized genomics market, accounting for over 40% revenue share in 2023. Presence of major players, favorable reimbursement policies, and rapid adoption of advanced technologies drive the market in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare expenditure and growing focus on preventive healthcare in countries like China and India.
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. 23andMe and Ancestry are currently the leaders in the direct-to-consumer genomics testing segment. Illumina and Thermo Fisher Scientific are the major suppliers of genetic sequencing platforms to laboratories and biotechnology companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
