May 22, 2024
Personalized GenomicsĀ Market

Personalized Genomics Market Propelled By Increasing Consumer Demand For Personalized Healthcare Solutions

The personalized genomics market involves genomic testing that is targeted towards an individual’s genetics and genome sequencing data. Personalized genomics helps better understand an individual’s genetic predispositions to hereditary conditions and enables personalized plans for monitoring, prevention, and treatment. Products in this market provide genetic testing kits for understanding genetic health risks, ancestry composition, and traits. The Global Personalized Genomics Market Size is estimated to be valued at US$ 10.53 Bn in 2024 and is expected to exhibit a CAGR of 17.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing consumer demand for personalized healthcare solutions is a key trend driving growth in the personalized genomics market. Rapid advancements in direct-to-consumer genetic testing have made consumers more aware of their genetic risks for diseases and how their genes affect traits. This has boosted demand for genetic testing kits that provide deeper insights into risks for conditions like cancer, heart disease. Consumers also seek information on ancestry DNA composition and traits like cleft lip through personalized genomics. The ability to gain more control over preventive healthcare decisions based on genetic insights is estimated to further propel the personalized genomics market over the forecast period.

SWOT Analysis

Strength: Personalized genomics helps provide better targeted treatment and an individualized prognosis. This approach aims to deliver the right drug or therapy to the right patient at the right time.
Weakness: Concerns exist regarding privacy and security of personal genetic data. Additional research is still needed to fully understand how genetics influence health.
Opportunity: As sequencing costs decrease, personalized genomics can be applied more broadly to discover new drug targets and biomarkers. This approach may accelerate drug development and new therapies.
Threats: Strict regulations and reimbursement challenges may limit market adoption. Ethical issues can arise regarding how genetic insights are used and shared.

Key Takeaways

The global personalized genomics market is expected to witness high growth.

Regional analysis: The North America region currently dominates the personalized genomics market due to favorable government initiatives and rising demand for personalized medicine. However, Asia Pacific is expected to witness the highest growth during the forecast period with expanding healthcare infrastructure and growing medical tourism industry in countries like China, India and Japan.

Key players operating in the personalized genomics market are 23andMe, Ancestry, 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. 23andMe and Ancestry are leaders in direct-to-consumer genetic testing. Whereas companies like Illumina and Thermo Fisher Scientific provide laboratory testing equipment and services to biopharmaceutical and clinical diagnostic companies.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it