Market Size – The genomics personalized health market size has grown rapidly in recent years. It will grow from $13.79 billion in 2023 to $15.97 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to advancements in genomics research, government funding, and support, a rise in chronic diseases, technological innovations, pharmaceutical industry investment, collaborations, and partnerships.
The genomics personalized health market size is expected to see rapid growth in the next few years. It will grow to $29.00 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to increasing healthcare investments, growing adoption of genomics technologies, expanding applications of personalized medicine, rising prevalence of genetic disorders, expansion of biobanks, and increasing prevalence of chronic diseases. Major trends in the forecast period include integration with wearable technology, growth of direct-to-consumer genetic testing, advancements in CRISPR and gene editing, integration of genomics with digital health, and expansion of precision medicine initiatives.
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Scope Of Genomics Personalized Health MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Genomics Personalized Health Market Overview
Market Drivers –The growing demand for personalized medicine is expected to propel the growth of the genomics personalized health market going forward. Personalized medicine, also known as precision medicine, is an approach to healthcare that tailors medical treatment and practices to the individual characteristics of each patient. The demand for personalized medicine is due to a shift toward preventive healthcare, improved treatment outcomes, patient empowerment and engagement, economic benefits, and rising incidence of chronic and complex diseases. Genomics personalized health significantly advances personalized medicine by leveraging individual genetic information to tailor medical care, from prevention and diagnosis to treatment and monitoring. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the Food and Drug Administration (FDA) approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the growing demand for personalized medicine is driving the demand for genomics personalized health market.
Market Trends – Major companies operating in the genomics personalized health market are focused on developing innovative products, such as next-generation sequencing benchtop sequencers, to gain a competitive edge in the market. Next-generation sequencing (NGS) benchtop sequencers are compact, high-throughput sequencing platforms that analyze an individual’s genetic information to inform genomics personalized healthcare decisions and interventions. For instance, in December 2021, Singular Genomics Sys, a US-based life science technology company, launched its next-generation sequencing (NGS) G4 benchtop sequencer for commercial usage in various applications, such as research in oncology and immunology. The G4 features proprietary chemistry for accurate sequencing, the ability to run up to 16 samples independently, rapid run times, and up to three times more data output per hour than other benchtop instruments. Its key specifications include 15-400 gigabases (Gb) of data per run, 6-19-hour run times, and 99.6-99.9% accuracy across all kits.
The genomics personalized health market covered in this report is segmented –
1) By Test Type: Oncology Testing, Infectious Disease Testing, Orphan Disease Testing, Autoimmune Disease Testing, Obstetrics Testing, Other Test Type
2) By Technology: NGS platforms, RT-PCR, Microarray, Genetic Analyzers
3) By End User: Academic Research Institutes, Diagnostic Centers, Other End Users
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Regional Insights – North America was the largest region in the personalized health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genomics personalized health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies – Major companies operating in the genomics personalized health market are F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Quest Diagnostics, Agilent Technologies Inc., Lonza Group, PerkinElmer Inc., Illumina Inc., Bio-Rad Laboratories Inc., Exact Sciences Corporation, QIAGEN N.V, Natera Inc., Adaptive Biotechnologies Corporation, Myriad Genetics Inc., NanoString Technologies Inc., Pacific Biosciences of California Inc., Personalis Inc., DNA Genotek Inc., Twist Bioscience Corporation, GRAIL Inc., Eastern Biotech and Life Sciences, INVITAE Corporation, Genetic Technologies Limited, XCode Life Sciences Private Limited, Biome Inc., BGI Genomics Co. Ltd.
Table of Contents 1. Executive Summary2. Genomics Personalized Health Market Report Structure3. Genomics Personalized Health Market Trends And Strategies4. Genomics Personalized Health Market – Macro Economic Scenario5. Genomics Personalized Health Market Size And Growth…..27. Genomics Personalized Health Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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