Personalized Genomics Market Growth Drivers and Key Trends Impacting Future Developments

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Personalized Genomics Market - (By Test Type (Oncology Testing, Infectious Disease Testing, Neurological Testing, Cardiovascular Testing, Others), By Technology (PCR-based Tests, Microarray-based Tests, Sequencing-based Tests, Others), By Application (Diagnostics, Precision Medicine, Wellness, Reproductive Health, Sports Nutrition & Health Lifestyle, Others), By End User (Hospitals & Clinics, Research Centers, Pharmaceutical & Biotechnology Companies, Diagnostic Laboratories, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Personalized Genomics Market is valued at US$ 7.97 Billion in 2022, and it is expected to reach US$ 32.15 Billion by 2031, with a CAGR of 16.96% during the forecast period of 2023-2031.

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Personalized genomics, also referred to as precision medicine, focuses on customizing medical care and treatments based on an individual's genetic profile. This approach involves analyzing genetic information to make more informed decisions regarding health management, disease susceptibility, and treatment responses. The growth of the global personalized genomics market is primarily driven by advancements in innovative technologies, increasing public awareness, enhanced government support, and the expansion of genetic databases. Additionally, emerging opportunities exist within the market due to the rising adoption of personalized genomics in developing economies, as well as its applications in areas such as neurology, pulmonology, antiviral treatment, and psychiatry. The demand for rapid treatment solutions, coupled with the rising prevalence of chronic diseases like cancer and diabetes, the growing use of combination drug therapies, an aging global population, and an increase in clinical trials focused on personalized genomics in neurology, are key factors contributing to the market's expansion during the forecast period.

List of Prominent Players in the Personalized Genomics Market:
• 23andMe
• Mapmygenome
• Invitea
• Genetic Technology Limited
• Lonza
• Interleukin Genetics, Inc
• DNA Genotek
• Helix
• MyHeritage
• Pathway Genomics
• Veritas Genetics
• Xcode
• Color Genomics
• Myriad Genetics
• Quest Diagnostics
• Bio-Rad Laboratories, Inc.
• Illumina
• Thermo Fisher Scientific
• Qiagen
• Genomic Health
• Nebula Genomics
• Eastern Biotech and Life Sciences,
• uBiome, Inc
• Others

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Market Dynamics:
Drivers:
There is a growing global emphasis on early disease detection and preventative healthcare. Genomic testing facilitates the identification of genetic risk factors and predispositions to diseases such as cancer, cardiovascular conditions, and neurological disorders. This enables early diagnosis and the development of tailored treatment plans. Personalized genomics empowers individuals to take proactive measures, such as lifestyle adjustments and regular screenings, based on their genetic risks. For instance, genetic testing can predict the likelihood of developing conditions like colorectal or breast cancer, allowing high-risk individuals to minimize exposure to harmful substances, adopt healthier lifestyle habits, and consider preventive medications. The potential for early diagnosis and disease prevention is a significant driver of genomics adoption.

Challenges:
Despite efforts by organizations like the U.S. FDA to streamline processes, the regulatory framework for the approval of genetic tests remains ambiguous. There is a pressing need for more refined regulatory structures that can accommodate the fast-evolving nature of genomics. Additionally, many novel genetic assays lack full regulatory approval, and the FDA has certified only a limited number of companion diagnostics for targeted therapies. Clinical integration is hindered by unclear regulations, particularly regarding laboratory-developed tests (LDTs) and direct-to-consumer (DTC) diagnostics. As the field of genomics progresses, it is essential for regulations to strike a balance between ensuring safety and fostering innovation.

Regional Trends:
The North American market for personalized genomics is anticipated to capture a significant revenue share and is projected to experience a high compound annual growth rate (CAGR) in the coming years. Several factors contribute to the growth of personalized genomics in this region, including advancements in genomic research, technology, and healthcare. North America serves as a hub for innovations in genomics, with a highly developed healthcare system that prioritizes innovation and the integration of cutting-edge technologies. This environment has enabled the widespread adoption and advancement of personalized medicine within the region.

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Recent Developments:
• In Jan 2023, QIAGEN and Helix formed an exclusive cooperation to enhance the development of next-generation sequencing companion diagnostics for genetic illnesses. QIAGEN had the sole responsibility for marketing and contracting Helix's companion diagnostic services in the United States. The collaboration utilized the Helix® Laboratory technology, which has received the initial U.S. Food & Drug Administration de novo class II authorization for a comprehensive exome sequencing technology.
• In Dec 2021, Lonza and Agilent announced a strategic collaboration with the potential to revolutionize the manufacturing and realization of individualized cell treatments. The firms sought to establish the optimal Critical Quality Attributes (CQAs) necessary for cell treatments and developed enhanced analysis packages to provide higher-quality therapeutic goods with more uniformity.

Segmentation of Personalized Genomics Market-
By Test Type-
• Oncology Testing
• Infectious Disease Testing
• Neurological Testing
• Cardiovascular Testing
• Others
By Technology-
• PCR-based Tests
• Microarray-based Tests
• Sequencing-based Tests
• Others
By Application-
• Diagnostics
• Precision Medicine
• Wellness
• Reproductive Health
• Sports Nutrition & Health
• Lifestyle
• Others
By End-User-
• Hospitals & Clinics
• Research Centers
• Pharmaceutical & Biotechnology Companies
• Diagnostic Laboratories
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/personalized-genomics-market/2273

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This release was published on openPR.