Personalized Genomics Market is Estimated to Witness High Growth Owing to Rapid Advancements in Genome Sequencing Technologies
Personalized genomics refers to genetic testing services that analyze a person's entire genome or parts of their genome to understand their health risks, ancestry composition or other traits. These services allow consumers to gain important biological insights from direct-to-consumer genetic tests. Products in this space include DNA collection kits, raw DNA data reports, personalized health reports and ancestry information.
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 Dynamics:
One of the key drivers for the high growth of the personalized genomics market is the rapid advancements in genome sequencing technologies over the past decade. Next generation sequencing platforms have made whole genome sequencing more affordable and accessible. Technological breakthroughs such as long read sequencing allow for better structural variation detection. Increased computing power also enables easier analysis and interpretation of large genomic datasets. Additionally, declining costs of sequencing a whole human genome from over $3 million in 2007 to under $600 now is fueling widespread adoption of personalized genomic services. The commercialization of direct-to-consumer genetic tests also allows more people to access their genomic insights. Furthermore, growing awareness about the health benefits of genetic screening is widening the customer base for personalized genomics globally.
SWOT Analysis
Strength: The personalized genomics market has seen significant advancements in sequencing technologies and genome analysis over the years. Genome sequencing costs have declined significantly, making the tests more affordable. There is growing awareness about the importance of personalized healthcare and genetics which is driving demand.
Weakness: However, the regulatory landscape for these tests is still evolving. Ethical and privacy issues surrounding genetic data are a concern. There are also questions around the clinical utility and limitations of some direct-to-consumer genetic tests available without physician involvement.
Opportunity: Developing nations and emerging economies represent a major market opportunity as their healthcare systems expand and individuals can afford these tests. New applications around diet, ancestry, drug response and more based on genetic insights can further propel demand. Direct collaborations with healthcare providers bring new customers.
Threats: Established players face competition from new entrants offering novel approaches. Strict regulations in some countries also pose market access challenges. Potential security breaches of sensitive genetic data stored by companies could erode customer trust over time.
Key Takeaways
The global personalized genomics market is expected to witness high growth over the forecast period of 2023 to 2030. Global Personalized Genomics Market Size is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 0.0% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates due to advanced healthcare systems and high acceptance rates. However, Asia Pacific is poised to be the fastest growing market led by countries like China, India and Japan with their large populations and improving medical infrastructures.
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 genetic testing space while Illumina, Thermo Fisher, Qiagen and others provide instruments, kits, services and platforms for research applications and clinical use.
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