Personalized Genomics Market is Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases and Increasing Consumer Interest in Personalized Healthcare


The Personalized Genomics Market is estimated to be valued at US$ 9.14 billion in 2023 and is expected to exhibit a CAGR of 17.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Personalized Genomics Market refers to the analysis and interpretation of an individual’s genetic information to customize healthcare and treatment plans. This includes analyzing an individual’s genetic variations, mutations, and susceptibilities to diseases to provide personalized healthcare interventions and therapies. Personalized genomics offers numerous applications and use cases in various fields such as cancer diagnostics, drug discovery, genetic testing, and preventive medicine.

Market Dynamics:
The Global Personalized Genomics Market dynamics driving the growth of the personalized genomics market include the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes, which require personalized treatment approaches. Additionally, increasing consumer interest in understanding their genetic makeup and the potential benefits of personalized healthcare is also fueling market growth. Consumers are showing interest in genetic testing and personalized medicine to optimize their health and well-being. The advancements in sequencing technologies, reduction in sequencing costs, and increasing investments in genomics research are also contributing to market growth. Furthermore, the regulatory support for personalized medicine and the incorporation of genomics data into healthcare settings are expected to drive market growth in the forecast period.

Segment Analysis:

The personalized genomics market can be segmented based on application, end user, and region. In terms of application, the dominant segment is the direct-to-consumer market, which allows individuals to access genetic testing and personalized genomics services directly. This segment is expected to continue dominating the market due to the increasing consumer demand for personalized healthcare and the convenience of accessing genetic information without the need for a healthcare provider.

PEST Analysis:

Political: The personalized genomics market is influenced by policies and regulations related to genetic testing and privacy of genetic information. Governments may implement regulations to ensure data protection and ethical use of genetic data.

Economic: The market growth is driven by the increasing affordability of genetic testing services and rising disposable income of individuals. The availability of flexible payment options and insurance coverage for genetic testing also contribute to the market growth.

Social: The growing awareness about personalized healthcare and the benefits of genetic testing among the population is driving the demand for personalized genomics services. The trend of preventive healthcare and proactive disease management is also influencing market growth.

Technological: Advances in genomic sequencing technologies and bioinformatics tools are driving the growth of personalized genomics market. New technologies enable faster and more accurate analysis of genetic data, leading to improved personalized medicine and treatment strategies.

Key Takeaways:

The global personalized genomics market is expected to witness high growth, exhibiting a CAGR of 17.2% over the forecast period. This growth is primarily attributed to the increasing demand for personalized healthcare and proactive disease management. The direct-to-consumer segment is expected to dominate the market due to its convenience and accessibility for individuals.

In terms of regional analysis, North America is the fastest growing and dominating region in the personalized genomics market. This can be attributed to the presence of key players, such as 23andMe and Illumina, in this region. The high adoption rate of genetic testing and the availability of advanced healthcare infrastructure also contribute to the region’s market dominance.

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. These key players offer a wide range of genetic testing services and contribute to the market growth through research and development activities.

 

Read More: https://www.rapidwebwire.com/personalized-genomics-market-demand-and-trends/

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