Individualized and precision medicine relies on genomic data to more accurately detect, prevent, and treat diseases. Personalized genomics allows analysis of an individual's DNA to interpret the genetic variations and predict the risk and impact of diseases. It provides insights into disease predispositions, drug responses, and lifestyle choices.
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:
Increasing adoption of personalized medicine is one of the key trends driving growth of the personalized genomics market. Personalized genomics helps enable more precise disease diagnoses and select optimum treatments tailored to an individual's genetic makeup. Growing awareness about its advantages in disease management and drug development is encouraging more individuals to undergo personalized genomics tests. As understanding of genetics expands, personalized medicine using genomic data is expected to become an integral part of standard clinical care going forward.
Segment Analysis
The global personalized genomics market is dominated by the diagnostics segment. This segment held more than 55% share of the total market in 2023. The diagnostics segment involves testing of the human genome to detect potential health risks, disease predispositions, and pharmacogenetic testing. Growing awareness about the benefits of personalized medicine and increasing preference for personalized care is driving demand for diagnostic tests.
Key Takeaways
The global personalized genomics market is expected to witness high growth over the forecast period of 2023 to 2030. The 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.
North America currently dominates the global personalized genomics market. The region accounts for over 35% share of the total market revenue. High awareness levels, advanced healthcare infrastructure, and favorable government support for precision medicines are some factors driving the market in North America. Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rising healthcare expenditure, increasing focus on preventive care, and growing middle-class population in developing countries such as China and India are some factors supporting market growth in Asia Pacific.
Key players
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 accounted for over 30% of the total market share in 2023. 23andMe is a leader in direct-to-consumer genetic testing and offers a variety of tests related to ancestry, trait reports, and health predispositions. Ancestry is a leading player in ancestry testing with a large database of customers. The company continues to expand its health-related offerings.
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