Personalized genomics allows people to gain a deeper understanding of their DNA makeup and ancestry. It involves analyzing an individual's full genome or parts of it to gather genetic insights related to traits, tendencies, and health. This expanding market presents exciting opportunities for self-discovery that could also aid medical research and precision diagnostics over the long run.
The global Personalized Genomics Market involves services that analyze a person's complete set of DNA to provide information on ancestry, traits and predispositions for certain health conditions. It helps uncover unique characteristics and support lifestyle choices and medical care.
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.
Growth Accelerated by Rising Health Awareness
Market key trends: As preventive healthcare and proactive management of well-being gain prominence, demand for personalized genomics is witnessing strong growth. Customers are keen to gain a deeper understanding of the interplay between their genetic makeup and various health factors. The availability of direct-to-consumer genetic testing kits has further accelerated adoption. An increasing number of people are opting for such services to collect DNA samples from the comfort of their homes and receive tailored analysis reports on predicted traits. The trend is anticipated to drive significant expansion of this market in the coming years.
Segment Analysis
The global personalized genomics market is dominated by the diagnostic testing segment which accounted for the largest market share in 2023. The diagnostic testing sub-segment includes genetic testing services related to health, trait and ancestry. It has emerged as the most lucrative sub-segment owing to rising incidences of chronic diseases and growing focus on preventive healthcare. Early diagnosis plays a pivotal role in disease management and personalized genomics-based diagnostic testing aid timely diagnosis.
Key Takeaways
The Global Personalized Genomics Market Demand 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.
Regional analysis:
North America holds the major share of the personalized genomics market owing to high consumer awareness, rising healthcare expenditure and presence of leading market players in the region. The US dominates the North American market due to supportive regulatory environment and advanced healthcare infrastructure. Europe and Asia Pacific markets are expected to witness high CAGR during the forecast period. Faster adoption of advanced technologies and significant healthcare investment in developing countries like China and India will aid regional market growth.
Key players analysis:
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 dominate the direct-to-consumer testing segment while Illumina and Thermo Fisher Scientific lead the technology segment. Leading players are focusing on new product launches and partnerships to strengthen their market presence.
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