Genomics Personalized Health Market Global Industry Trends and Share 2024
Genomics Personalized Health Market: Overview
Personalized genomics is a branch of genomics that is concerned with the analysis and sequencing of an individual’s genome. The genotype of an individual can be identified using various techniques such as next-generation sequencing (NGS), partial genome sequencing, single-nucleotide polymorphism (SNP) analysis, and full genome sequencing. After identifying an individual’s genotype, it is compared with published literature to determine trait expressions and the probability of acquiring certain diseases.
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Personalized genomics play an imperative role in personalized and predictive medicine. With recent developments in gene sequencing techniques and data analytics, genetic testing technology is evolving rapidly. It is also expected that with the decreasing costs of genetic testing, personalized genomics is likely to become affordable for everyone in the near future, which will transform the genomics personalized health market into a highly lucrative business prospect.
Genomics Personalized Health Market: Key Segments
Some of the types of instruments generally used in personalized genomics are NGS platforms, RT-PCR, microarray, and sequencing and genetic analyzers. Some of the types of genetic tests used in personalized genomics are oncology testing, infectious disease testing, orphan disease testing, autoimmune disease testing, and obstetrics testing. Genomics personalized health market players offer various services such as genomic sequencing services, microarray services, and the software used to store the data gained from the genetic analysis.
Genomics Personalized Health Market: Region-wise Outlook
In terms of geography, North America, followed by Europe, accounts for the largest share in the global genomics personalized health market owing to the high adoption rate of genetic testing services and the high prevalence of cancer and other autoimmune diseases in developed countries. According to the American Cancer Society, in 2014, approximately 232,670 women were diagnosed with invasive breast cancer in the U.S. Additionally, the WHO reported that, in 2012, about 8.2 million people died of cancer and approximately 1.7 million women were diagnosed with breast cancer globally.
The demand for novel diagnostic and treatment solutions such as genetic testing solutions and personalized medicine is expected to remain high in developed countries such as the U.S, Germany and the U.K. in the coming years. However, other regions such as Asia Pacific, the Middle East, and Latin America are expected to become major markets in the near future, owing to the increasing demand for advanced diagnostics solutions and research applications.
Genomics Personalized Health Market: Drivers and Restraints
The genomics personalized health market has witnessed significant growth in the last few years. The major factor propelling the genomics personalized health market is the expanding application of genomic testing and research.
Moreover, other factors such as technological advancements in whole genome and next-generation sequencing and the growing consumer adoption rate are also contributing to the growth of the genomics personalized health market. Furthermore, favorable reimbursement models, increasing government investments in genetic research projects and the implementation of better regulatory policies in approval pathways are driving the genomics personalized health market. However, factors such as the high cost of gene sequencing, delay in regulatory approvals, and the decreasing average selling prices of genomics services and instruments are some of the factors that can hinder the growth of the genomics personalized health market.
Genomics Personalized Health Market: Competitive Insight
Presently, the global genomics personalized health market is highly competitive owing to the involvement of many established players. The major companies involved in the genomics personalized health market are Bio-Rad Laboratories, Inc., Eastern Biotech & Life Sciences, Gene By Gene, LTD., Genelex Corporation, Genetic Technologies Group, Genotek, InoLife Technologies, Inc., Illumina, Inc., Indian Biosciences, Invitae, Interleukin Genetics, Life Technologies, Corp., Knome, Inc., Roche Diagnostic, QIAGEN, uBiome, Inc., Xcode Life Sciences.
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