Personalized Genomics Market Size is valued at USD 7.97 Billion in 2022 and is predicted to reach USD 32.15 Billion by the year 2031 at a 16.96% CAGR during the forecast period for 2023-2031.
Personalized genomics entails the examination of an individual's distinct genetic composition in order to customize medical treatment. It evaluates the likelihood of developing a disease, directs cancer treatment by analyzing genetic characteristics, and advises on selecting tailored medications based on genetic reactions. This strategy seeks to boost the efficiency of prevention, diagnosis, and treatment procedures by taking into account an individual's genetic information. The market for personalized medicine is likely to grow, mostly due to the increased occurrence of chronic illnesses, including diabetes, cancer, and other disorders. The need for individualized medicines and diagnostics is rising as these illnesses become more common.
However, the COVID-19 pandemic outbreak made it more difficult to continue conducting research to find new drugs. However, following the occurrence of a pandemic, technology-oriented outcomes such as telemedicine became persistent in the market. A large number of clinical consultations are conducted virtually in order to improve patient convenience and prevent the spread of infectious diseases.
Competitive Landscape
Some Major Key Players In The Personalized Genomics Market:
- 23andMe
- Mapmygenome
- Invitea
- Genetic Technology Limited
- Lonza
- Interleukin Genetics, Inc
- DNA Genotek
- Helix
- MyHeritage
- Pathway Genomics
- Veritas Genetics
- Xcode
- Color Genomics
- Myriad Genetics
- Quest Diagnostics
- Bio-Rad Laboratories, Inc.
- Illumina
- Thermo Fisher Scientific
- Qiagen
- Genomic Health
- Nebula Genomics
- Eastern Biotech and Life Sciences,
- uBiome, Inc
- Others
Market Segmentation:
The Personalized Genomics Market is segmented on the basis of Test Type, Technology, Application, and end-user. According to test type, the market is segmented as Oncology Testing, Infectious Disease Testing, Neurological Testing, Cardiovascular Testing, and Others. The technology segment includes PCR-based Tests, Microarray-based Tests, Sequencing-based Tests, and Others. The application segment includes Diagnostics, Precision Medicine, Wellness, Reproductive Health, Sports Nutrition and health, Lifestyle, and Others. The end-user segment includes Hospitals and clinics, Research Centers, Pharmaceutical and biotechnology Companies, Diagnostic Laboratories, and Others.
Based On Test Type, The Oncology Segment Is Accounted As A Major Contributor To The Personalized Genomics Market.
The Oncology category is expected to hold a major share of the global Personalized Genomics Market in 2022. This can be attributed to the rising need for individualized cancer treatment medications. Furthermore, molecular cancer detection made possible by personalized medicine enables medical professionals to pinpoint the particular genetic mutations or other cancer-related indicators that are causing the disease. This accelerates the market's growth for customized medications. As a result of the rising incidence of CVS diseases and the increased utilization of personalized pharmaceuticals for their treatment, the cardiovascular segment is anticipated to experience the most rapid growth within the forecast period.
The Hospitals And Clinics Segment Witnessed A Rapid Growth.
The Hospitals & clinics segment is projected to grow rapidly in the global Personalized Genomics Market as hospitals provide specialized facilities for tailored disease treatments and remedies. However, due to increased investment in personalized medicine by biotech and pharmaceutical companies as well as a broad product offering by diagnostic tool companies, the other segment is expected a fast growth during the personalized medicine market forecast.
In The Region, The North American Personalized Genomics Market Holds A Significant Revenue Share.
The North American Personalized Genomics Market is expected to register the maximum market revenue share in the near future. This is a result of the backing from large pharmaceutical companies and research organizations. Since personalized medicine is now recommended for treating various types of illnesses, drug discovery and study on specific illnesses are related. In the area, there are new developments in personalized medicine for diagnostics. In addition, Asia Pacific is estimated to grow at a rapid rate in the global Personalized Genomics Market as a result of the region's rising need for innovative therapeutic medications to combat the rising incidence of diseases and the desire for personalized medicine in diagnostics.
Recent Developments:
- In Jan 2023, QIAGEN and Helix formed an exclusive cooperation to enhance the development of next-generation sequencing companion diagnostics for genetic illnesses. QIAGEN had the sole responsibility for marketing and contracting Helix's companion diagnostic services in the United States. The collaboration utilized the Helix® Laboratory technology, which has received the initial U.S. Food & Drug Administration de novo class II authorization for a comprehensive exome sequencing technology.
- In Dec 2021, Lonza and Agilent announced a strategic collaboration with the potential to revolutionize the manufacturing and realization of individualized cell treatments. The firms sought to establish the optimal Critical Quality Attributes (CQAs) necessary for cell treatments and developed enhanced analysis packages to provide higher-quality therapeutic goods with more uniformity.
Personalized Genomics Market Report Scope
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Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 7.97 Billion |
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Revenue Forecast In 2031 |
USD 32.15 Billion |
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Growth Rate CAGR |
CAGR of 16.96 % from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Cancer Type, By Target, By Therapy, By End User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
23andMe, Mapmygenome, Invitea, Genetic Technology Limited, Lonza, Interleukin Genetics, Inc., GNA Genotek, Helix, MyHeritage, Pathway Genomics, Veritas Genetics, Xcode, Color Genomics, Myriad Genetics, Quest Diagnostics, Bio-Rad Laboratories, Inc., Illumina, Thermo Fisher Scientific, Qiagen, Genomic Health, Nebula Genomics. Eastern Biotech and Life Sciences, uBiome, Inc and Others |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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