The Personalized Genomics Market Is Estimated To Witness High Growth Owing To Increasing Demand For Direct-To-Consumer G

Market Overview:
Personalized genomics refers to genetic testing services targeting consumer interest in their own genome. It involves direct-to-consumer genetic testing where individuals can order genetic tests online or through healthcare providers to gain information about risks for certain health conditions, carrier status for inherited conditions, medication responses, traits and more. These tests analyze single nucleotide polymorphisms (SNPs) across the entire human genome.

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 Dynamics:
The market is witnessing significant growth owing to increasing demand for direct-to-consumer genetic testing services from consumers for ancestry mapping and disease risk identification without involvement of healthcare providers. For instance, 23andMe became the first company to receive FDA clearance for direct-to-consumer genetic health risk tests in 2018. Another key driver is ongoing research projects focusing on genome mapping and identification of diseases susceptible mutations. For example, the UK Biobank project has collected whole genome sequence and health data of 500,000+ participants to improve understanding of how genetic and lifestyle factors affect human health. Lastly, decreasing cost of DNA sequencing is encouraging adoption of personalized genomics testing services across healthcare and biopharma industries.

SWOT Analysis
Strength:
- Personalized genomics empowers individuals to take control of their health by providing genetic insights. Understanding genetic risk factors can help people make informed lifestyle choices.
- Rapid advancement in next-generation sequencing technologies has made genetic testing more affordable and accessible. Genetic testing costs have declined significantly which has boosted the market growth.
- Increasing partnerships between diagnostic companies and retail providers are bringing genetic testing directly to consumers.

Weakness:
- Interpretation of genomic data is complex and requires expertise. There is a lack of trained professionals who can properly interpret raw genetic data and counsel patients.
- Privacy and security of personal genomic data is a major concern. Unauthorized access to genetic profiles can lead to issues like genetic discrimination.

Opportunity:
- Rising awareness about personalized medicine and increasing focus on preventive healthcare is driving demand for personalized genomics. People are more willing to understand their DNA to mitigate health risks.
- Growing applications of genomics in non-medical fields like ancestry tracing, nutrigenomics, and athletic performance enhancement is opening new growth avenues.

Threats:
- Ethical and legal concerns around the use of genomic data especially in spheres like genetic enhancement, reproductive choices can restrict market growth.
- Lack of reimbursement and high cost still remain major barriers for wider adoption of genomic sequencing in clinical practice.

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 focus on preventive healthcare and demand for customized treatment plans.

Regional analysis: North America dominated the global market in 2023, accounting for around 45% of the total market share. Rise in genomics-based research activities, presence of leading players, and rapid adoption of direct-to-consumer genetic tests are driving the market in the region. Asia Pacific is projected to emerge as the fastest growing region, growing at a CAGR of around 9% till 2030 on back of increasing healthcare spending, expanding diagnostic industry and rising awareness.

Key players: 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, Nebula Genomics. These players are focusing on collaborations, new product launches, and geographical expansions to garner higher market share.