Personalized Genomics Market: Overview
Personalized genomics is a branch of genomics that is concerned with the analysis and sequencing of an individual’s genome. Genotypes of an individual is 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, the known genotypes are compared with published literature to determine the probability of disease risk and trait expressions.
Personalized genomics play an imperative role in personalized and predictive medicine. With recent developments in gene sequencing techniques and data analytics, genetic testing technology market is evolving rapidly. It is also expected that, with reductions in the costs of genetic testing; personalized genomics will be affordable for everyone in near future, which would alternatively transform personalized genomics market into a highly lucrative business prospect.
Personalized Genomics Market: Key Segments
Some of the types of instruments generally used in personalized genomics are as follows:
- NGS platforms
- Sequencing and genetic analyzers
Some of the types of genetic testing solutions used in personalized genomics are as follows:
- Oncology testing
- Infectious disease testing
- Orphan disease testing
- Autoimmune disease testing
- Obstetrics testing
Some of the types of services usually provided by personalized genomics company are as follows:
- Genomic sequencing services
- Microarray services
- Personalized Genomics Market: Region-wise Outlook
In terms of geography, North America followed by Europe accounts for the largest market share of personalized genomics owing to high adoption rate for genetic testing services, high prevalence rate of cancer and other autoimmune diseases. According to the American Cancer Society, in 2014, approximately 232,670 women will be diagnosed with invasive breast cancer in the U.S. Additionally, 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.
This high incidence rate of chronic disease would concurrently boost the demand for novel diagnostic and treatment solutions such as genetic testing solutions and personalized medicine in developed countries such as the U.S, Germany and the U.K. However, other regions such as Asia-Pacific, Middle East and Latin America are expected to be the potential markets in near future, owing to increasing demand for advanced diagnostics solutions and research applications.
Personalized Genomics Market: Drivers and Restraints
The personalized genomics market has witnessed a significant growth in the last few years. The major factors propelling the growth of the personalized genomics market are expanding applications of genomic testing and research, increasing demand for novel therapies such as personalized medicine.
Moreover, other factors such as technological advancements in whole genome and next generation sequencing as well as growing consumer adoption rate are also contributing to the growth of the personalized genomics market. Furthermore, favorable reimbursement models, increasing government investments in gene related projects and better regulatory policies in approval pathways are driving the overall market growth of the personalized genomics market. However, factors such as high cost of gene sequencing, delay in regulatory approvals and decreasing average selling prices of genomics services and instruments; are some of the restraints that can hinder the market growth of personalized genomics globally.
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Personalized Genomics Market: Competitive Insight
Presently, the global personalized genomics market is highly competitive owing to the involvement of many established players. The major companies involved in the personalized genomics 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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