Personalized Genomics Market Is Estimated To Witness High Growth Owing To Advancements In DNA Sequencing Technologies

Market Overview:
Personalized genomics refers to the analysis and interpretation of an individual's complete set of DNA or genome, which provides information about disease risk, drug responses, and lifestyle choices. Personalized genomics allows customized health management and targeted medical therapies based on an individual's unique genetic profile. It plays a key role in precision medicine by enabling early detection of diseases and targeted disease treatment approaches.

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:
One of the key trends fueling the growth of the personalized genomics market is the advancements in DNA sequencing technologies. Next-generation sequencing (NGS) technologies have enabled high-throughput, low-cost DNA sequencing which has increased the affordability and accessibility of whole genome sequencing. Technologies such as single-molecule real-time (SMRT) sequencing by Pacific Biosciences and nanopore sequencing by Oxford Nanopore Technologies allows real-time, long-read sequencing and has significantly improved genome analysis. Leading to more accurate assembly of genomes which yield deeper insights into disease risks and therapeutic responses of an individual. This has boosted the adoption of personalized genomics solutions for clinical diagnosis and treatment decision making.

Porter's Analysis
Threat of new entrants: New companies face high initial costs for genomic sequencing equipment and labs. Established brands have strong customer loyalty making it difficult for new entrants.

Bargaining power of buyers: Individual consumers have low bargaining power as personalized genomics products provide health benefits. However, large healthcare providers can negotiate on price and demand innovative services.

Bargaining power of suppliers: A few companies dominate the advanced genomic sequencing equipment market giving them strong bargaining power over personal genomics companies for equipment supply and servicing.

Threat of new substitutes: DNA testing through other means like family lineage/ancestry testing provide substitute options but lack health focused personalized insights of personal genomics.

Competitive rivalry: Intense rivalry exists between established brands on features, price, marketing and partnerships.

SWOT Analysis
Strengths: Personalized health reports and family history tools engage customers. Technology improvements enhance sequencing accuracy and lower costs.

Weaknesses: Tests still can't evaluate all genetic factors for common diseases. Limited clinical validity for some disease risk predictions concerns doctors and patients.

Opportunities: Partnerships with pharma companies for drug development. Expanding into new areas like nutrition, sports and fertility enhance market.

Threats: Strict regulations and privacy laws can hamper growth. Limited understanding prevents customers from fully utilizing results.

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 awareness about genetic testing and reducing genome sequencing costs. North America dominated more than 35% of the global market in 2023 due to extensive R&D and adoption of advanced technologies. Europe and Asia Pacific are expected to be the fastest growing regions owing to rising healthcare expenditure and increasing focus of key players on emerging countries like China and India.

Regional analysis - The North America personalized genomics market accounted for the largest revenue share of over 35% in 2023 owing to investments in R&D activities and increased adoption of advanced technologies by key players in the US. Europe is projected to witness the highest CAGR during the forecast period. This is attributed to increasing awareness related to personalized genomics, rising healthcare expenditure, and supportive government initiatives in the UK and Germany.

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. Major players are focusing on new product launches, collaborations, and mergers to strengthen their market position.

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