Personalized genomics refers to genetic testing services that analyze a person's DNA to provide health, trait, and ancestry information. These services offer customers health reports and personalized insights based on their genotypes. They have gained popularity as people increasingly seek information about their genetic predispositions and personalized healthcare options. The rising awareness about genetic contributions to diseases and treatment responses has boosted the demand for personalized genomics. Furthermore, the declining costs of genetic sequencing and genotyping are helping more consumers access these services.
The global Personalized Genomics Market is estimated to be valued at US$ 10.53 Mn in 2024 and is expected to exhibit a CAGR of 9.14 Billion over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The growing popularity of preventive healthcare presents significant opportunities for the personalized genomics market. Customers are increasingly adopting predictive, preemptive, and participatory approaches to healthcare to minimize disease risks and improve health outcomes. Personalized genomics services provide individuals with deeper insights into their genetic makeup and allow them to take targeted preventive measures based on their genetic predispositions. This empowering people to make informed choices to mitigate illness and proactively manage well-being has boosted the demand for personalized genomics. The market players are expected to further capitalize on this growing customer need for preventive healthcare through personalized genomics to accelerate market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital is required for genomic sequencing and data processing. However, some startups have raised funding to enter this space.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as consumers can choose between different personalized genomics companies. With more player entering the market, bargaining power of buyers is expected to increase further.
Bargaining power of suppliers: The key suppliers include raw material and equipment suppliers. Their bargaining power is moderate as there are many established suppliers in the genomics industry.
Threat of new substitutes: There are limited substitutes for personalized genomics currently as it provides health insights. However, asdigital health solutions advance, some substitutes may emerge.
Competitive rivalry: The competitive rivalry ishigh as majorplayers are focusing on product innovation and partnerships to gain market share.
SWOT Analysis
Strengths: Personalized genomics can provide individualized health insights and preventive care recommendations. It analyses DNA sequence comprehensively. The data is growing exponentially enabling more accurate results.
Weaknesses: Interpretation of genetic data is challenging and results may have uncertainties. Data privacy and security is a major concern. Testing is currently expensive limiting its access.
Opportunities: With advancements in sequencing technology, costs are declining making testing affordable. Many players are focusing on improving data analytics capabilities. The market is still at a growth stage presenting opportunities.
Threats: Regulations around data use need to be strengthened to address privacy threats. Limitations in current understanding of how genes impact health pose risks. New technological disruptions can threaten existing businessemodels.
Key Takeaways
The Global Payment Processing Solutions Market Growth is expected to witness high over the forecast period driven by declining sequencing costs and improving access.
North America currently dominates the market due to the presence of major players and rising awareness levels. However, Asia Pacific is expected to be the fastest growing region over the next few years supported by growing healthcare investments, increasing income levels and developing genomic industry in countries like China and Japan.
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.
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