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| Personalized Genomics Market Demand |
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:
The Personalized Genomics Market offers genetic testing services that provide
individuals with personalized information about their genetic makeup. These
services enable individuals to understand their genetic predispositions,
identify potential health risks, and make informed decisions regarding their
healthcare. Personalized genomics offers numerous advantages, including
personalized medicine, disease prevention, and tailored treatment plans. With
advancements in technology and decreasing costs of genetic testing, the market
is witnessing significant growth. The increasing prevalence of chronic diseases
and rising awareness among individuals about the benefits of personalized
genomics are driving market growth.
Market Key Trends:
One key trend in the Personalized Genomics Market is the growing demand for
personalized medicine. Personalized genomics enables healthcare professionals
to customize treatment plans based on an individual's genetic information. This
approach improves healthcare outcomes by matching interventions to
patient-specific characteristics. The use of personalized medicine reduces the
risk of adverse drug reactions, enhances treatment response rates, and improves
patient satisfaction. As a result, there is a growing acceptance and adoption
of personalized medicine, driving the demand for personalized genomics
services.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Personalized
Genomics Market Demand is relatively low. This is due to high barriers
to entry, including the need for significant investments in research and
development, as well as the requirement of regulatory approvals. Additionally,
established players in the market benefit from economies of scale, brand
recognition, and strong distribution networks, which further deter new
entrants.
Bargaining power of buyers: The bargaining power of buyers in the personalized
genomics market is moderate. While buyers have access to a wide range of
personalized genomics products and services, they may also face switching costs
if they choose to switch providers. However, with an increasing number of
players in the market, buyers have more options and bargaining power to
negotiate prices and access to services.
Bargaining power of suppliers: The bargaining power of suppliers in the
personalized genomics market is moderate. Suppliers, such as genetic testing
equipment and reagent manufacturers, have some leverage as they provide crucial
components for personalized genomics services. However, the presence of multiple
suppliers and the availability of alternative sourcing options reduce the
overall bargaining power of any individual supplier.
Threat of new substitutes: The threat of new substitutes in the personalized
genomics market is low. Personalized genomics services offer unique insights
into individuals' genetic makeup and health risks, making it difficult for
substitutes to provide the same level of specificity and accuracy. While there
are alternative methods for genetic testing, personalized genomics services remain
the preferred choice for individuals seeking comprehensive genetic information.
Competitive rivalry: The personalized genomics market is highly competitive,
with intense rivalry among key players. Established companies such as 23andMe,
Ancestry, and MyHeritage dominate the market, but they face increasing
competition from emerging players like Nebula Genomics and Color Genomics. The
competition is driven by factors such as the development of new technologies,
expansion into untapped markets, and the ability to offer affordable and
accessible personalized genomics services.
Key Takeaways
The global personalized genomics market is expected to witness high growth,
exhibiting a CAGR of 17.2% over the
forecast period (2023-2030). This growth is primarily attributed to the
increasing adoption of personalized medicine and the growing demand for genetic
testing services. The market is driven by factors such as advancements in
genomic technologies, rising awareness about genetic diseases, and the
availability of direct-to-consumer genetic testing kits.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the personalized genomics market. This
can be attributed to the presence of key market players, favorable
reimbursement policies, and increasing investments in research and development
activities. Additionally, the region has a high prevalence of genetic disorders
and a well-established healthcare infrastructure, which further contributes to
the market's growth.
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 and are engaged in
strategic initiatives such as mergers and acquisitions, product launches, and
collaborations to gain a competitive edge in the market.
Read More: https://www.ukwebwire.com/personalized-genomics-market-is-estimated-to-witness-high-growth-2/