Personalized genomics refers to genetic testing services that analyze a person’s DNA to provide health, ancestry, and trait information tailored to that individual. Genomics labs offer testing kits directly to consumers online, allowing people to collect DNA samples from the comfort of their own homes via saliva collection. The tests analyze hundreds of thousands or millions of genetic markers to provide health risk assessments, ethnicity estimates, and reports on physical traits like eye color. Personalized genomics is advantageous because it empowers people with personalized health insights that can encourage preventive care and lifestyle changes. As the costs of DNA sequencing continue to plummet, genomics services are becoming more affordable and accessible to the general public.
The global Personalized Genomics Market is estimated to be valued at US$ 9.14 Billion in 2024 and is expected to exhibit a CAGR of 0.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the personalized genomics market is the rapid advancements and increased availability of direct-to-consumer genetic testing kits. Companies like AncestryDNA and 23andMe have made genetic testing widely accessible by allowing consumers to order sample collection kits online and receive reports without needing to visit a healthcare provider. As direct-to-consumer testing becomes normalized, more people are incorporating genetics into their understanding of health, ancestry, and traits. This increasing consumer demand and awareness is supporting the expansion of personalized genomics technologies and services.
Porter’s Analysis
Threat of new entrants: Low. The personalized genomics market requires high capital investments and specialized knowledge and resources which act as entry barriers for new players.
Bargaining power of buyers: Moderate. Buyers have multiple options but individualized genome sequencing has limited substitutes currently.
Bargaining power of suppliers: Moderate. Few global players offering comprehensive solutions increases their bargaining power.
Threat of new substitutes: Low. Personalized genome sequencing has limited substitutes currently for preventive healthcare using an individual’s genetic makeup.
Competitive rivalry: High. The market is dominated by few global players investing in R&D to develop advanced technologies.
Key Takeaways
Global Personalized Genomics Market Demand is expected to witness high growth.
Regional analysis: The North America region currently dominates the market due to availability of advanced genome sequencing infrastructure and funding for R&D activities in the US and Canada. Asia Pacific is expected to be the fastest growing market with increasing healthcare awareness.
Key players operating in the personalized genomics market are 23andMe, Ancestry, Color, Gene By Gene, Ltd. (UK) and Xcode Life. Major players are focused on strategic collaborations and new product launches with advanced technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it