Technological Advances of Personalized Genomics Market
The global personalized genomics market is estimated to be valued at US$ 10.53 Mn in 2024 and is expected to exhibit a CAGR of 9.14 Billion over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Personalized genomics provides individuals with in-depth information about their genetic makeup and associated health risks. This helps people make informed lifestyle choices to prevent diseases. Genome sequencing technologies are maturing rapidly and becoming more affordable. The cost of whole genome sequencing is expected to fall below $100 within this decade.
Weakness: Interpretation of genomic data is a major challenge due to its complexity. Most individuals lack the scientific expertise to understand the implications of their genomic information. There are also concerns around data privacy and potential misuse of personal genetic data. Regulatory oversight needs to be strengthened in some regions.
Opportunity: As sequencing costs decline further, personalized genomics will disrupt existing healthcare models and enable preventive care. New applications in pharmacogenomics, ancestry tracing, nutrition and fitness are expanding the market. Several startups are working on integrating genomic data with electronic health records and lifestyle apps. The adoption in developing countries is expected to pick up pace over the coming years.
Threats: There are concerns that direct-to-consumer genetic testing may yield large volumes of uncertain or spurious medical findings. This could create unwarranted anxiety in some consumers. Emerging technologies like wearables, microbiome analysis and liquid biopsies are also vying for consumer attention and healthcare dollars. Protectionist policies and stringent regulations in some countries pose market access challenges.
Key Takeaways
The Global Personalized Genomics Market Demand is expected to witness high growth over the forecast period driven by declining costs of genomic sequencing.
Regional analysis: North America dominated the personalized genomics market in 2024 with over 35% revenue share. However, Asia Pacific is projected to rise at a CAGR of over 15% during the forecast period owing to massive untapped market potential and technological advancement in countries like China and India. Increased awareness about genetic disorders and prenatal testing will drive higher uptake of personalized genomics services in these emerging Asian economies.
Key players: Key players operating in the personalized genomics market include 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. Major players are investing heavily in R&D to develop advanced genome sequencing technologies, analytics solutions and expanding their geographic footprint through strategic partnerships.
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