REPORT HIGHLIGHT
Personalized genomics market size was valued at USD 9,008.7 Million in 2022, expanding at a CAGR of 18.3% from 2023 to 2030.
The personalized genomics market is defined as the growing field of genomics and genetics that focuses on tailoring medical treatments, lifestyle recommendations, and interventions based on an individual's genetic makeup. Additionally, it involves the analysis of an individual's genetic information to offer personalized insights into their disease risk, health, and potential response to numerous therapies. The key drivers such as the focus on preventive medicine, declining costs of genomic sequencing, and rising demand for personalized therapies are increasing the market demand.
Personalized Genomics Market - Market Dynamics:
- Rising focus on early disease diagnosis and prevention will boost the market growth
- Across the world, there is a growing focus on early detection of disease and preventive healthcare. Genetic risk factors and predispositions to diseases such as cardiovascular diseases, cancer, and neurological disorders can be detected by genomic testing thereby; this makes it possible for earlier diagnosis and plan effective treatments. Additionally, individuals are empowered by personalized genomics to grasp their genetic risks so they can take preventive action through regular screening and lifestyle changes. Genetic testing helps to predict the risk of cancer such as colorectal or breast cancer. High-risk individuals can lower disease risk by changing their lifestyles appropriately, vigilant screening, and using preventative drugs. As a result, the potential of genomics in disease prevention and early diagnosis is contributing significantly to its adoption. However, high costs, limited reimbursement, and complex data interpretation are such factors likely to restrain the market growth.
Personalized Genomics Market - Key Insights:
- As per the analysis shared by our research analyst, the global personalized genomics market is estimated to grow annually at a CAGR of around 18.3% over the forecast period (2023-2030)
- The personalized genomics industry is projected to grow at a significant rate due to the rising demand for personalized medicine approaches.
- Based on test type segmentation, oncology was predicted to show maximum market share in the year 2022
- Based on technology segmentation, precision medicine was the leading type
- The demand for personalized genomics is driven due to the rising costs of healthcare across the globe along with inefficiencies of the one-size-fits-all approach to medicine.
Personalized Genomics Market- Segmentation Analysis:
- The global personalized genomics market is segmented on the basis of test type, technology, application, end user, and region.
- The market is divided into four categories based on test type: neurology or psychiatry, oncology, cardiovascular, infectious disease, and others. The oncology segment is likely to possess the largest market share during the forecast period due to the rising demand for personalized medicines in the treatment of cancer. Moreover, the cardiovascular segment is attributed to witness a lucrative growth rate owing to the growing prevalence of CVS disorders and increasing adoption of personalized medicines in its treatment.
- The market is divided into six categories based on application: lifestyle, wellness, diagnostics, reproductive health, precision medicine, sports nutrition & health, and others. The precision medicine segment is accounted to maintain its dominance during the forecast period. The segment includes tailoring medical treatment as well as healthcare decisions to individual patients based on their environmental factors, genetic makeup, and lifestyle. Additionally, it plays an essential role in precision medicine by offering explained genetic information about an individual's specific genetic profile.
Personalized Genomics Market- Geographical Insights
North America is projected to hold the largest market share for Personalized Genomics over the forecast period. This is attributed to the growing adoption of genomic technologies, the presence of leading genomics companies, and investments in precision medicine research in the region. Furthermore, the European market is likely to be the second-largest market owing to the increasing funding for genomic research and advancements in genomic medicine using big data.
Personalized Genomics Market- Competitive Landscape:
Increasing consumer interest in health and genetics, personalized healthcare, and advancements in technology are witnessing significant growth in the personalized genomics market. As more applications and insights emerge, it is expected to continue expanding. Moreover, the personalized genomics market continues to evolve quickly due to the advances in genetic sequencing technology, research, and data analysis. Ongoing collaborations and studies contribute to a detailed understanding of genetics and its properties in healthcare. Furthermore, to expand clinical applications significant investments are being channeled into genomic research from both private and public sectors. There is high R&D in areas such as hereditary disease testing population genomics, precision oncology, and pharmacogenomics. For instance, Helix and Helix announced a partnership to launch a population genomics program to drive precision medicine for all individuals in Nebraska known as the Genetic Insights Project. The research program will identify participants' risk for various cancers and other potentially life-threatening diseases with a single test, with the aim of not only assisting to improve the lives of individual patients but also identifying trends for everyone across the region.
Recent Developments:
For instance, in January 2022, Exact Sciences Corp. acquired Prevention Genetics, a genetic testing laboratory, to complement its advanced cancer diagnostics portfolio and support its entrance into hereditary cancer testing (HCT). Additionally, prevention genetics offers the expertise, clinical lab, and foundational technology necessary to accelerate the availability of HCT and assist more patients in knowing their germline risk of cancer and other diseases.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL PERSONALIZED GENOMICS MARKET KEY PLAYERS
- Qiagen
- Gene by Gene
- Thermo Fisher Scientific
- 23andMe
- Color Genomics
- Illumina
- Ancestry
- Mapmygenome
- Xcode
- Helix
- MyHeritage
- Pathway Genomics
- Quest Diagnostics
- Futura Genetics
- Laboratory Corporation of America
- Myriad Genetics
- Veritas Genetics
- Nebula Genomics
- Positive Biosciences
- Genomic Health
GLOBAL PERSONALIZED GENOMICS MARKET, BY TEST TYPE
- Neurology or Psychiatry
- Oncology
- Cardiovascular
- Infectious disease
- Others
GLOBAL PERSONALIZED GENOMICS MARKET, BY TECHNOLOGY
- Sequencing-based Tests
- PCR-based Tests
- Microarray-based Tests
- Others
GLOBAL PERSONALIZED GENOMICS MARKET, BY APPLICATION
- Lifestyle
- Wellness
- Diagnostics
- Reproductive Health
- Precision Medicine
- Sports Nutrition & Health
- Others
GLOBAL PERSONALIZED GENOMICS MARKET, BY END USER
- Diagnostic Laboratories
- Hospitals & Clinics
- Research Centers
- Pharmaceutical & Biotechnology Companies
- Others
GLOBAL PERSONALIZED GENOMICS MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA