by Personalized genomics is an emerging field that analyzes a person’s DNA to provide tailored insights into their risk of developing certain health conditions, identify appropriate treatment options based on their genetic makeup, as well as discover ancestry details. Tools such as genetic testing kits offer direct-to-consumer screening of hundreds of thousands of genetic variants at affordable costs. This has enabled consumers to gain a more comprehensive view of their genetic predispositions that influence health, traits and ancestry. Popular global players in this space include 23andMe, Ancestry and Mapmygenome.
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 0.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing awareness about preventive healthcare is driving the personalized genomics market. One of the key drivers highlighted in the heading is that personalized genomics is expected to be flourished by increasing awareness about preventive healthcare. Genetic testing empowers individuals to take proactive steps to prevent or delay the onset of serious medical conditions based on their genetic risk profiles. It encourages behavioral and lifestyle changes that can significantly impact long-term health outcomes. Furthermore, advancing technologies are making personalized genomics more affordable and accessible. Drop inDNA sequencingcosts as well as versatility of assays have enabled analyzing whole genomes within a day. This has boosted research activities focused on interpreting vast amounts of genomic data and identifying medically relevant variants. Growing collaboration between private labs and hospitals is also expanding the reach of personalized medicine. However, potential risks regarding privacy and confidentiality of genetic data continue to remain a concern.
Segment Analysis
The global personalized genomics market can be segmented based on technology, application and end user. By technology, the market is dominated by next generation sequencing segment owing to continuous technological advancements in NGS tools and platforms that have enabled sequencing of whole human genomes more rapidly and at lower costs. By application, the hereditary cancer screening segment holds the largest market share as NGS-based panels and whole-genome sequencing are widely used for detecting genetic risks of cancer. By end user, the diagnostic centers & laboratories segment generates maximum revenue due to increasing popularity of direct-to-consumer testing among individuals and availability of advanced infrastructure in diagnostic labs for conducting genomic tests.
PEST Analysis
Political: Regulations regarding genetic testing and data sharing influence the market growth. Favorable regulations encouraging personalized medicine adoption boost the market.
Economic: Rising healthcare spending on predictive, preventive and personalized care due to growing economic burden of diseases drives market revenue.
Social: Increasing awareness about genetic diseases and personalized care, growing acceptance of DTC testing promotes market growth.
Technological: Continuous technological advancements in sequencing platforms, bioinformatics solutions delivering accurate personalized reports to consumers fuel the market.
Key Takeaways
Global Personalized Genomics Market Size is expected to witness high growth due to growing usage of genomic data for developing targeted treatments. 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 0.0% over the forecast period 2023 to 2030.
Regional analysis
North America leads currently with the U.S. holding majority market share. This is attributed to supportive regulatory environment for genetic testing, technological advancements by key players and increasing adoption of genomic medicine. The Asia Pacific region offers lucrative opportunities for growth. China dominates the APAC market backed by large population size, increasing genetic testing awareness, and government initiatives promoting precision medicine.
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
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
