Personalized Genomics Market is Estimated to Witness High Growth Owing to Growing Interest in Nutrigenomics

Personalized Genomics Market


Personalized genomics involves testing and evaluating of an individual's DNA and RNA molecular patterns to enable personalized healthcare. Personalized genomics helps in better understanding of an individual's genetics and risks for certain diseases. It also aids in analyzing nutrition requirements and recommending personalized diet plans based on one's genetic makeup. There is growing interest in nutrigenomics field which studies the interaction between diet and genetics.

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 0.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Growing Interest in Nutrigenomics

The rising interest in understanding the interaction between diet and genetics is opening new growth opportunities in the field of nutrigenomics. Personalized genomics helps in analyzing how foods and nutrients can impact an individual's genetic response and health based on their unique DNA composition. More consumers are willing to pay for personalized diet plans developed through analysis of their genetic variations which can address their specific nutrition needs. The personalized genomics market players are focusing on developing advanced nutrigenomics solutions and services. This growing interest in nutrigenomics is estimated to drive the demand for personalized genomics over the forecast period.

Porter's Analysis

Threat of new entrants: The personalized genomics market requires significant R&D investments and expertise to develop technologies, which acts as a barrier for new companies. However, reducing genomic sequencing costs can potentially lower the barriers.

Bargaining power of buyers: Individual customers have low bargaining power due to the highly specialized nature of services. However, large healthcare providers and insurance companies may have higher negotiating power.

Bargaining power of suppliers: A few dominant players control the development and production of genomic sequencing technologies, giving them strong bargaining power over personalized genomics companies.

Threat of new substitutes: Alternate technologies for genetic analysis and testing pose a threat. However, the expanding applications of personalized genomics make such substitutes less attractive currently.

Competitive rivalry: The market comprises several global players investing heavily in R&D and rapid technological advancements.

SWOT Analysis

Strengths: Rapid decline in genome sequencing costs. Growing applications in disease risk assessment and personalized treatment.

Weaknesses: Ethical concerns around data privacy and confidentiality. Lack of guidance over clinical utility of genomic data.

Opportunities: Scope for integrating genomic data with lifestyle and clinical factors. Growing disease diagnostics and drug development applications.

Threats: Regulatory hurdles surrounding medical applications and insurance coverage. Challenges in data aggregation, storage and interpretation.

Key Takeaways

The global personalized genomics market is expected to witness high growth over the forecast period driven by reducing sequencing costs and expanding applications. Global Personalized Genomics Market Size is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 0.0% over the forecast period 2023 to 2030.

Regional analysis: North America holds the largest share of the personalized genomics market owing to established players, growing awareness about genetic testing, and favorable reimbursement policies. Asia Pacific is anticipated to witness the fastest growth over the forecast period led by rising healthcare investments, expanding diagnostics industry and increasing focus on genomic research in countries such as China and India.

Key players: Key players operating in the personalized genomics market are 23andMe, Ancestry, Mapmygenome, Helix, MyHeritage, Gene by Gene, Pathway Genomics, Veritas Genetics, Xcode, Color Genomics. 23andMe and Ancestry are leaders in direct-to-consumer genomics testing while Pathway Genomics, Illumina, and Color Genomics specialize in health-related genetic testing and research applications. 

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