Genomics Personalized Health Market to reach US$ 33 Billion by 2034, Driven by Advances in Next-Generation Sequencing - Transparency Market Research, Inc.

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Jul 26, 2024, 10:46 ET

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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