Rise in demand for early diagnosis is driving the genomics
personalized health market size. Personalized genomics is essential
for early screening, diagnosis, and individualized treatment as 80%
of rare diseases have genetic origins.
WILMINGTON, Del., July 26,
2024 /PRNewswire/ -- The global genomics
personalized health market is projected to attain a valuation of
US$ 33 billion by 2034, advancing
at a CAGR of 12.2% in the forthcoming decade, as per a recent
report published by Transparency Market Research.
The genomics personalized health market is rapidly evolving,
fueled by cutting-edge technological advancements and an increasing
focus on individualized healthcare. One of the key drivers of this
market is the advent of next-generation sequencing (NGS)
technologies, which have drastically reduced the cost and time
required for sequencing the human genome.
This has made genomic data more accessible, enabling healthcare
providers to tailor treatments to the genetic profiles of
individual patients. The market is also benefitting from
advancements in bioinformatics and computational biology. These
fields are essential for managing and interpreting the vast amounts
of data generated by genomic studies.
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Artificial intelligence (AI) and machine learning (ML) are being
increasingly integrated into genomics, enhancing the ability to
identify genetic markers for diseases, predict patient responses to
treatments, and discover new therapeutic targets. In terms of
market trends, there is a growing emphasis on preventive healthcare
and early disease detection.
Personalized health genomics plays a crucial role in these areas
by identifying individuals at high risk for certain conditions,
allowing for early interventions and lifestyle modifications. The
rise of direct-to-consumer (DTC) genetic testing is another notable
trend.
Key Takeaways from the Market Study
- The global genomics personalized health market is poised to
total US$ 10.2 billion in 2024.
- From 2024 to 2034, the market for genomics personalized health
is slated to expand 3.2x.
- By technology, NGS platforms are expected to be relied upon
extensively to offer genomics personalized health services.
- Genomics personalized health services are likely to be utilized
mostly for oncology testing.
- Diagnostic centers to be primary sites for availing genomics
personalized health services.
Key Drivers and Trends
- To enhance therapeutic applications, substantial funding is
being directed to genomic research from the public and private
sectors. R&D is particularly strong in fields such as
population genomics, pharmacogenomics, precision oncology, and
genetic disease diagnostics.
- Genomic medicine is being advanced by large-scale sequencing
projects such as the Asia
100K and the U.K.'s 100K Genomes Project. To jointly create genetic
tests and solutions, biopharma businesses, technology companies,
and diagnostic labs are increasingly forming alliances.
- These activities are augmenting the genomics personalized
health market revenue. Besides this, various pharmaceutical
companies are contributing to genomic data-sharing programs.
- In December 2021, Seven Bridges
Genomics, a bioinformatics ecosystem provider, announced the
formation of a new subsidiary, the Unified Patient Network (UPN),
to facilitate clinical research and collaboration between
participating health systems and biopharma companies with a focus
on advancing precision medicine and improving patient care.
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Genomics Personalized Health Market Report
Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 9.1 Bn
|
Forecast (Value) in
2034
|
US$ 33.0 Bn
|
Growth Rate
(CAGR)
|
12.2 %
|
No. of
Pages
|
180
Pages
|
Segments
covered
|
By Technology, By Test
Type, By End-user, By Region
|
Regional Analysis
- There is likely to be significant progress in the genomics
personalized health ecosystem in North
America. Demand is expected to run on the back of wider
budget allocation on healthcare spending brought about by growing
awareness about key health conditions.
- Pharmaceutical and healthcare companies are increasing their
inroads in the North American market, as the availability of
adequate research facilities to promote genomics and genetics are
inclining.
- Since personalized medicine is currently preferred for treating
various types of illnesses, medication discovery and research on
specific illnesses are interrelated. Various companies are
developing customized diagnosis products.
Competitive Landscape
Key players operating in the genomics personalized health market
landscape are offering robust precision medicine genomics services
and programs that leverage predictive analytics to provide targeted
treatment regimens.
These services help prevent and treat diseases at their earliest
stages when they are most treatable. Some prominent genomics
personalized health providers are:
- QIAGEN
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories Inc.
- Hoffmann-La Roche AG
- Lonza Group
- Invitae Corp
- Genetic Technologies Limited
- Interleukin Genetics Inc.
- Eastern Biotech and Life Sciences
- DNA Genotek Inc.
- UBiome Inc.
- XCode Life Sciences Private Limited
- Proove Genomics
Companies like 23andMe and AncestryDNA have popularized personal
genomics, enabling consumers to access their genetic information
and gain insights into their ancestry, traits, and health
predispositions. Strategic partnerships and collaborations are
shaping the market landscape.
Pharmaceutical companies are partnering with genomic research
firms to develop targeted therapies, while technology companies are
collaborating with healthcare providers to integrate genomic data
into electronic health records (EHRs). These collaborations are
fostering innovation and expanding the applications of genomic
technologies.
Key Market Developments
- Illumina Inc. acquired Fluent BioSciences in
July 2024. This acquisition
marks a significant milestone in the former's multiomics growth
strategy. The acquisition has enabled Illumina to utilitze Fluent's
innovative and flexible single-celled approach to multiomoics.
- In September 2021,
Invitae Corp., a medical genetics company, announced the
acquisition of Ciitizen, a consumer health technology company. This
acquisition will expand the consumer genomics product portfolio of
Invitae Corp.
Key Segments Covered
By Technology
- NGS Platform
- RT-PCR
- Microarray
- Genetic Analyzer
- Others
By Test Type
- Oncology Testing
- Infectious Disease Testing
- Orphan Disease Testing
- Autoimmune Disease Testing
- Obstetrics Testing
- Others
By End User
- Academic & Research Institutes
- Diagnostic Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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