Market Overview:
Personalized genomics refers to technologies that analyze a person's DNA, RNA, proteins, and other molecular markers for diagnostic, prognostic and therapeutic purposes. It provides precise information on an individual's genetic make-up and biological pathways relevant to disease. This helps in disease diagnostics, drug development and treatment decisions.
The personalized genomics market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 7.3 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing adoption of direct-to-consumer genetic testing: Direct-to-consumer genetic testing is offering genetic testing directly to individuals, without involving a healthcare provider. It provides testing for ancestry, disease risks and other characteristics through mail-in DNA collection kits or saliva collection. This has boosted the adoption of personalized genomics. Lower costs and rapid advancements in next-generation sequencing technologies: Next-generation sequencing technologies has enabled large-scale, high-throughput and low-cost DNA sequencing. This has reduced the cost of whole genome sequencing from several million dollars in 2007 to around $1,000 in 2018 and is expected to decrease further over the forecast period. Such reduced costs are fueling the adoption of personalized genomics services.
Segment Analysis
The global personalized genomics market is fragmented into two key segments including NGS services and DNA sequencing. The NGS services segment currently dominates the market due to increasing preferences of consumers towards genetic screening and analysis. NGS services provide detailed analysis of individuals' genomic information and help in developing customized treatment and dietary plans.
Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing prevalence of chronic diseases and rising awareness regarding personalized medicines.
Regional analysis: North America is expected to dominate the global personalized genomics market owing to rising healthcare expenditure and increasing adoption of advanced genomic technologies in the region. Asia Pacific is anticipated to exhibit fastest growth over the forthcoming years attributed to growing elderly population, improving healthcare facilities and rising disposable incomes in countries like China and India.
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. 23andMe and Ancestry currently dominates the direct-to-consumer genetic testing segment.
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After losing all the impression of their achievements, great companies often fade away.
When the whole world was shifting towardsdigital photography in late 80s, Kodak refused to join the bandwagon, and continued with their existing products even after inventing the digital camera technology.
However, after 2010, Nokia's market value declined by about 90 percent and in 2011 Nokia was acquired by Microsoft.
why Nokia, which was considered as the undisputed king of mobile devices was thrown out of the market?The main reason is the introduction of iPhone in 2007.
At the time of iPhone's launch, half of all the devices sold in the planet were Nokia's.
Nokia's management thought they will continue to rule the market with dated Symbian OS and average phones.They never thought Apple would come-up with a superior hardware and software and the executives were afraid to acknowledge the fact even after knowing that it would take several years to develop a better OS that could compete with iOS.
