Market Overview:
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 over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights. Personalized genomics is a branch of genetics that analyzes an individual’s genetic makeup to provide personalized and targeted medical treatments. The increasing prevalence of chronic diseases, advancements in genetic testing technologies, and growing adoption of personalized healthcare are driving the market growth. Personalized genomics offers several advantages, such as improved accuracy in diagnosis, targeted therapies, and better treatment outcomes. The market is witnessing significant demand for personalized genomics services from healthcare providers, genetic testing laboratories, and research institutions.
Market Key Trends:
One of the key trends in the personalized genomics market is the increasing adoption of direct-to-consumer genetic testing services. Direct-to-consumer genetic testing allows individuals to access their genetic information without involving healthcare practitioners. The availability of affordable genetic testing kits, coupled with the convenience of online platforms, has led to a surge in consumer interest. Companies like 23andMe, Ancestry, and MyHeritage provide genetic testing services directly to consumers, providing insights into ancestry, health risks, and other personalized genetic information. This trend is fueled by the growing consumer awareness about genetics and a desire to uncover their genetic heritage and potential health risks. However, concerns regarding data privacy, accuracy of findings, and the need for genetic counseling are challenges that need to be addressed to ensure the safe and ethical use of direct-to-consumer genetic testing services.
Segment Analysis:
The Personalized Genomics Market Demand can be segmented based on test type, application, and end-user. In terms of test type, the market is dominated by the direct-to-consumer (DTC) genetic testing segment. DTC genetic testing allows individuals to directly access and understand their genetic information without involving healthcare professionals. This segment is expected to dominate the market due to the increasing demand for at-home genetic testing kits and the rising popularity of genealogy and ancestry testing services.
Based on application, the market can be segmented into ancestry tracking, health and wellness, personalized medicine, and others. The ancestry tracking segment is anticipated to dominate the market as more people are interested in discovering their genetic heritage and tracing their family history. The health and wellness segment is also expected to witness significant growth, driven by the increasing focus on preventive healthcare and the use of genetic information to make lifestyle and dietary recommendations.
In terms of end-users, the market can be divided into direct-to-consumer (DTC) companies, healthcare providers, and research institutions. Currently, DTC companies dominate the personalized genomics market as they provide accessible and affordable genetic testing services directly to consumers. These companies, such as 23andMe, Ancestry, and MyHeritage, offer a wide range of genetic tests and personalized reports, making them popular among consumers.
Key Takeaways:
The global personalized genomics market is expected to witness high growth, exhibiting a CAGR of 17.2% during the forecast period from 2023 to 2030. This growth can be attributed to several factors, including the increasing awareness and interest in genetic testing, advancements in genomics technology, and the growing adoption of personalized medicine.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the personalized genomics market. The high prevalence of genetic disorders, the presence of major market players, and favorable reimbursement policies contribute to the growth of the market in this region. Additionally, the availability of advanced healthcare infrastructure and increased consumer awareness about genetic testing also drive market growth in North America.
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. These companies are actively involved in research and development activities to offer innovative genetic testing solutions and expand their market presence. The dominance of these key players can be attributed to their strong brand recognition, extensive product portfolios, and strategic partnerships and collaborations with healthcare providers and research institutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile