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| Personalized Genomics Market |
The global 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:
Personalized genomics involves the use of genetic information to tailor medical
treatments according to an individual's unique genetic profile. This allows for
more targeted and effective healthcare interventions, resulting in improved
patient outcomes. The need for personalized genomics products is driven by the
increasing demand for personalized medicine, as it offers the potential to
revolutionize healthcare by providing precise and individualized treatments.
Personalized genomics products offer various advantages, including early
disease prediction, improved diagnosis, and targeted therapies.
Market Key Trends:
One key trend observed in the personalized genomics market is the growing
popularity of direct-to-consumer genetic testing services. Companies such as
23andMe, Ancestry, and MyHeritage offer genetic testing kits that allow
individuals to gain insights into their ancestry and genetic predispositions to
certain diseases. This trend is driven by the increasing consumer interest in
learning about their genetic heritage and their health risks.
Direct-to-consumer genetic testing services provide convenience and
accessibility, enabling individuals to access genetic information without the
need for a healthcare professional. Additionally, advancements in technology
have made genetic testing more affordable and accessible, further fueling the
market growth of direct-to-consumer genetic testing services.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global
Personalized Genomics Market is relatively low. This is primarily due
to the high entry barriers such as the need for significant capital investment,
complex regulations, and the requirement of advanced technology and expertise.
Additionally, established players in the market have already built strong brand
recognition and customer loyalty, making it difficult for new entrants to
penetrate.
Bargaining power of buyers: The bargaining power of buyers in the personalized
genomics market is moderate. While buyers have the option to choose from a
range of service providers, the personalized nature of genomics services
creates some level of differentiation, reducing the power of buyers to
negotiate prices significantly. However, as competition increases in the
market, buyers may have more options and increased negotiation power.
Bargaining power of suppliers: The bargaining power of suppliers in the
personalized genomics market is relatively low. This is because there are
numerous suppliers of sequencing technologies, laboratory equipment, and
reagents, creating a competitive environment that limits the power of
individual suppliers. Moreover, buyers in the market have the flexibility to
switch suppliers if needed, putting further pressure on suppliers to provide
competitive prices and services.
Threat of new substitutes: The threat of new substitutes in the personalized
genomics market is minimal. Personalized genomics services provide unique
insights into individuals' genetic information, enabling personalized medicine,
disease risk assessment, and ancestry analysis. It is challenging to replicate
the specificity and accuracy of these services with alternative substitutes,
making personalized genomics a niche and irreplaceable market.
Competitive rivalry: The competitive rivalry in the personalized genomics
market is intense. There are several key players operating in the market,
including 23andMe, Ancestry, Mapmygenome, and other prominent companies. These
players constantly strive to differentiate their services through technological
advancements, partnerships, and effective marketing strategies. The increasing
competition drives innovation and enhances the overall quality of services in
the market.
Key Takeaways
The global personalized genomics market is expected to witness high growth,
exhibiting a CAGR of 17.2% over the
forecast period from 2023 to 2030. This growth can be attributed to the
increasing adoption of personalized medicine, advancements in genomics
technologies, and the growing awareness among individuals about the benefits of
understanding their genetic makeup.
In terms of regional analysis, North America is anticipated to be the
fastest-growing and dominating region in the personalized genomics market. The
region's growth can be attributed to factors such as favorable government
initiatives, significant investments in research and development, and the
presence of key market players. Additionally, the region has a strong
healthcare infrastructure and a high level of awareness among the population
about personalized genomics.
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 companies have a strong market presence, extensive product
portfolios, and strategic collaborations, which contribute to their dominance
in the personalized genomics market.
Read More: https://www.ukwebwire.com/personalized-genomics-market-is-estimated-to-witness-high-growth/