February 25, 2024

Personalized Genomics Market Is Projected To Driven By Technological Advancements

Personalized genomics involves the use of DNA sequencing technologies and genomic analysis techniques to decode an individual’s complete set of DNA, also known as genome or DNA sequence, and interpret how genetic variations affect health and disease. Genomic testing helps identify disease risks and provide information to guide preventative actions. The global Personalized Genomics market is comprised of various genomic test products and services that analyze DNA to determine inherited risks for certain diseases and provide tailored plans for diet, exercise, and medication among other health-related recommendations.

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:

 

Technological advancements in genomic sequencing and interpretation are driving the growth of the personalized genomics market. Next-generation sequencing technologies have made genome sequencing faster, cheaper and more accessible. Technologies like whole genome sequencing can now decode an entire human genome within a day for around $1000, lowering the barriers to clinical adoption of genomic testing. Artificial intelligence and machine learning techniques are also being utilized to improve the interpretation of vast amounts of genomic data. With continued technological progress, personalized genomic testing is expected to become more affordable and easily accessible to mainstream consumers over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new players entering the personalized genomics market is moderate. High start up costs for sequencing technology and need for skilled labour pose a barrier.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and undifferentiated products. Buyers can easily switch between providers based on price and service quality.

Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of differentiated sequencing technologies and reagents from few global players.

Threat of new substitutes: Threat from new substitutes is high with continuous improvements in sequencing technologies and falling prices. New players are developing direct-to-consumer genetic testing kits.

Competitive rivalry: The global personalized genomics market is highly competitive due to presence of key global players. Companies compete based on service portfolio, technology, quality, and pricing.

Key Takeaways

The Global Personalized Genomics Market Demand is expected to witness high growth over the forecast period owing to increasing consumer awareness and falling test prices. 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.

Regional analysis –

 

North America dominates the global personalized genomics market and is expected to continue its dominance over the forecast period. Increasing genetic testing rates for nutrigenomics and adoption of genetic testing by functional medical specialists in the US is driving the North America market.

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. Key players are focusing on developing new technologies like microfluidics and lab-on-chip devices for genomic analysis and increasing accessibility of tests through affordable price points and direct-to-consumer offerings.

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