The growth of the personalized genomics market is mainly driven by the rising geriatric population and the increasing acceptance of precision medicine. According to the United Nations, the number of people aged 60 or above is projected to grow from 962 million globally in 2017 to 2.1 billion in 2050. The proportion of the global population over 60 years is increasing and this growing elderly population is more susceptible to chronic medical conditions. As per the Centers for Disease Control and Prevention, approximately 60-65% of older adults in the US have multiple chronic conditions such as cancer, heart diseases, diabetes, etc. This has increased the demand for personalized genomic tests to develop tailored treatment plans based on an individual's genetic makeup. Moreover, precision medicine has gained importance in clinical research and practice. It integrates genomic data like DNA sequencing with clinical treatments, such as targeted therapies, for disease management. This integration supports better treatment target discovery and therapeutic efficacy assessments.
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Key Market Trends:
The key trends in the personalized genomics market include growing consumer awareness and increasing availability of direct-to-consumer genomic tests. Many companies have launched direct-to-consumer genetic tests that provide information about ancestry, traits and health risks. For example, 23andMe provides health reports that analyze variations in DNA linked to conditions like Type 2 diabetes, late-onset Alzheimer's disease, and celiac disease. This has increased the accessibility of low-cost genetic testing without requiring a doctor's prescription. Further, there is an increasing acknowledgment of the influence of genetics and lifestyle on health risks. This has raised consumer awareness about preventive personalized care plans. There is also a rising focus on multi-gene panel tests and pharmacogenomic tests. Multi-gene panel kits analyze hundreds of cancer-related genes simultaneously to guide therapeutic decisions. Pharmacogenomic tests determine genetic variations affecting drug metabolism to optimize drug selection and dosage for each patient.
Personalized Genomics Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
US$ 9.14 billion |
|
Estimated Value by 2030 |
US$ 27.77 billion |
|
Growth Rate |
Poised to grow at a CAGR of 17.2% |
|
Historical Data |
2018–2022 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Test Type, By Technology, By Application, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
Declining Costs of Sequencing Fueling Adoption Growing Focus on Early Disease Diagnosis and Prevention Demand for Personalized Medicine Approaches Surge in R&D Investments and Partnerships |
|
Restraints & Challenges |
High Costs and Limited Reimbursement Uncertainty in Regulatory Frameworks Complex Data Interpretation |
Market Opportunities
The integration of multiomics approaches such as genomics, epigenomics, transcriptomics, proteomics and metabolomics is expected to drive significant market opportunities over the forecast period. Multiomics testing provides a comprehensive understanding of an individual's health by analyzing multiple levels of biological data. It helps physicians gain deeper clinical insights to develop tailored treatment plans. Growing demand for precision medicine will boost the adoption of multiomics approaches among healthcare providers and researchers. Key players are making investments in developing multiomics platforms and tests to gain a competitive edge in this high growth segment.
Nutrigenomics is another major opportunity area which analyzes how genes interact with nutrients. It helps understand how diet and nutrients can influence an individual's genetic predisposition to diseases. Growing consumer awareness about nutrition, diet and wellness is driving the demand for nutrigenomics testing. Market players are launching specialized nutrigenomic tests and partnering with fitness apps/wearables to provide personalized diet and lifestyle recommendations. Rising focus on preventive healthcare also augments the nutrigenomics market prospects over the next decade.
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Key Market Takeaways
The global personalized genomics market size was valued at USD 27.77 Bn in 2024 and is anticipated to witness a CAGR of 17.2% during the forecast period from 2024-2031. Growing importance of precision medicine and genomic testing is fueling the market growth.
The diagnostic testing segment accounted for the largest revenue share in 2019 owing to rising application of genetic testing for cancer risk assessment and pharmacogenomic testing. Within this segment, oncology testing segment is expected to dominate the market during the analysis period.
Next generation sequencing technology held the largest market share in 2019 due to advantages such as high throughput, scalability and speed. Meanwhile, polymerase chain reaction segment is projected to witness fastest growth over forecast period.
North America dominated the global personalized genomics market in 2019 led by strong regulatory approvals, advanced healthcare infrastructure as well as presence of key market players in the US and Canada. Asia Pacific is anticipated to register fastest growth during the forecast timeline supported by expansion of genomics research programs and diagnostics facilities in emerging economies like China and India.
Competitor Insights:
Xcode
Qiagen
Illumina
Thermo Fisher Scientific
Bio-Rad Laboratories
Roche
Lonza
Invitae
Genetic Technologies
Eastern Biotech
DNA Genotek
Recent Developments
In June, Illumina announced their newest sequencing platform, the NovaSeq X, which can sequence a whole human genome in under 12 hours for around $1,000. This new level of speed and affordability is expected to significantly expand the clinical applications of whole genome sequencing over the next year. More individuals will be able to access their full genome data to gain insights into their ancestry, traits and health risks. On the research front, population-scale genome projects are now feasible, accelerating our understanding of human genetic variation and disease.
In July, 23andMe received FDA clearance to provide health risk reports for some hereditary cancers based on variants in genes such as BRCA1 and BRCA2. Customers can now learn their risks for conditions like breast, ovarian and prostate cancer from a simple saliva sample at home. Ancestry also began releasing health reports ontraits like liver enzymes and lactose intolerance. While healthcare providers remain cautious about DTC testing without clinical context, consumers are embracing the opportunity to gain more medical knowledge from their DNA.
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