In 2022, the Global Genomics Personalized Health Market size was US$ 14.9 billion. The global market is estimated to generate a market revenue of US$ 44.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.6% during the forecast period from 2023 to 2031.
The global genomics personalized health market has brought about a significant transformation in the healthcare sector and is expected to experience substantial growth in the coming years. This growth can be due to the increasing need for personalized healthcare, advancements in genomics technology, and a growing understanding of genetic diseases. Additionally, the market is benefiting from the decreasing costs associated with genomic sequencing technologies, which is a significant driving factor for its expansion.
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Personalized health presents a promising prospect for the market to enhance the future of customized healthcare for everyone, offering great potential for disease prevention and treatment. A recent study by Abbott found that 72 percent of patients expressed a preference for personalized healthcare experiences. This shift in patient expectations arises from the belief that personalized care, which includes tailored prevention-focused information and regular monitoring, can lead to better health outcomes.
The growth of the genomic personalized health market heavily relies on the increasing awareness surrounding genetic diseases. These diseases are prevalent worldwide, with a rate of 20.40 birth defects per 1,000 babies born in sub-Saharan Africa. A survey conducted by BMC Public Health revealed that 97.1% of respondents displayed a high level of acceptance and willingness to utilize genetic testing and counseling. Additionally, 98.2% expressed a desire for genetic services to be integrated into general healthcare systems. This highlights the need to enhance genetic interventions in terms of screening, diagnosis, and management of genetic diseases to reduce and prevent associated health risks. Thus, this factor can significantly increase the revenue share of the genomic personalized healthcare market.
Genomic Sequencing Technology Costs Plummet: Market Expansion on the Horizon
Another significant driver of market growth is the decreasing cost of genomic sequencing technologies. For instance, the original Human Genome Project finished in 2003, took 13 years, and had a price tag of around US$ 3 billion. Today, the same process can be accomplished in a matter of days and at a much lower cost of less than US$ 1,000 per genome.
Consequently, the reduced cost of DNA sequencing has made genomics more attainable, enabling healthcare providers to deliver personalized treatments at an affordable price. As a result, there has been a surge in the adoption of genomics personalized health in diverse healthcare environments.
In line with this, the cost of DNA sequencing has been greatly reduced due to rapid technological advancements. The development of new sequencing platforms and techniques has facilitated faster and more economical sequencing processes. Next-generation sequencing (NGS) technologies have revolutionized the field by enabling high-throughput sequencing at a fraction of the cost compared to traditional Sanger sequencing methods. The introduction of innovative sequencing platforms like Illumina and SOLiD has played a significant role in driving down the cost of sequencing.
Oncology Testing Generated 35% of Revenue Share of the Market
The oncology testing segment demonstrated its potential by generating a significant revenue of US$ 6.0 billion in 2022. The market is expected to sustain a strong growth rate, with a compound annual growth rate (CAGR) of 15% throughout the forecast period. Oncology testing plays a crucial role in cancer screening, early detection, and monitoring treatment effectiveness. As a result, the increasing burden of cancer is a driving factor for market expansion.
Cancer remains a significant global health concern, with a high mortality rate. In 2022, the number of cancer-related deaths reached approximately 10 million worldwide, highlighting the urgent need for effective personalized healthcare solutions. The total expenditure on cancer treatment has been rapidly increasing, surpassing $150 billion in 2022, which reflects the substantial burden on healthcare systems.
Nevertheless, the adoption of personalized genomics in healthcare has the potential to greatly decrease treatment expenses. Research has indicated that incorporating personalized genomics into cancer care can result in cost reductions of up to 30%.
North America Contributed a Whopping Share of 38% to the Market Revenue
In 2022, North America generated revenue exceeding US$ 5,519 million in the genomics personalized health market. It is projected to maintain a strong compound annual growth rate (CAGR) of 12.2% throughout the forecast period. Notably, North America holds a dominant position in the market, contributing approximately 38% of the total global revenue. This dominance is further reinforced by significant investments in research and development (R&D), highlighting the region’s commitment to driving innovation and advancements in genomics and personalized healthcare.
The genomics personalized health market in North America benefits from a supportive regulatory environment that promotes research, protects patient privacy, ensures data security, and facilitates the adoption of personalized healthcare solutions. Notably, the U.S. Food and Drug Administration (FDA) plays a significant role in regulating genomic personalized health technologies and tests. The FDA evaluates and approves genetic tests and genomic technologies to ensure their accuracy, reliability, and clinical validity. This regulatory framework, along with substantial investments in research and development (R&D), reflects North America’s commitment to driving innovation and advancements in genomics and personalized healthcare.
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The strong healthcare system in the area, which includes state-of-the-art hospitals, research institutions, and medical facilities, forms a strong basis for the adoption and incorporation of genomics and personalized health solutions. For instance, in 2022, the United States had the highest healthcare expenses per person among OECD countries, with an estimated spending of US$ 12,555 per individual.
List of Prominent Players
- F. Hoffmann-La Roche AG
- Interleukin Genetics Inc.
- Biome Inc.
- Thermo Fisher Scientific Inc.
- INVITAE Corporation
- XCode Life Sciences Private Limited
- Genetic Technologies Limited
- Eastern Biotech and Life Sciences
- Bio-Rad Laboratories Inc.
- Illumina Inc.
- Lonza Group
- DNA Genotek Inc.
- Other Prominent Players
The global genomic personalized health market segmentation focuses on Technology, Test Type, End Users, and Region.
- NGS platforms
- Genetic Analyzers
By Test Type
- Oncology Testing
- Infectious Disease Testing
- Genetic Disease Testing
- Autoimmune Disease Testing
By End Users
- Diagnostic centers
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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