Personalized genomics refers to sequencing of human DNA with an aim to analyze an individual's genetic makeup and predict predispositions to certain health conditions. It provides insights into genetic results that allow more personalized disease risk assessments and medical management approaches. Personalized genomics has advantages like risk assessment for complex diseases, development of targeted therapies, early cancer detection, and prenatal diagnosis and carrier screening. With growing awareness about personalized healthcare and predictive medicine, there is a rising demand for genetic testing services.

The global Personalized Genomics Market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity to revolutionize the healthcare industry is expected to drive the growth of the personalized genomics market during the forecast period. Personalized genomics can help develop more tailored and targeted treatments for specific genetic subtypes of diseases like cancer. It also enables early detection of diseases, selection of appropriate therapies and prevention of adverse drug reactions. As the costs of genome sequencing continue to decline, personalized genomics is emerging as a promising method to deliver precision medicine on a wider scale. With decreasing costs and growing applications, personalized genomics has potential to transform healthcare from reactive to predictive and proactive, thereby providing tremendous opportunities for market players in the coming years.

Porter's Analysis
Threat of new entrants: The personalized genomics market requires high capital investment for research and development as well as technological expertise which creates barriers for new companies.

Bargaining power of buyers: Individual buyers have low bargaining power due to the personalized nature of services however pharmaceutical companies are able to negotiate better pricing due to larger volume purchases.

Bargaining power of suppliers: A few big players dominate the global personalized genomics market, giving them significant power over pricing and supplies.

Threat of new substitutes: Since personalized genomics helps deliver customized treatment, there are limited substitute options.

Competitive rivalry: Intense due to the presence of global players investing in R&D and new product launches.

SWOT Analysis
Strength: Advanced technologies enable analysis of entire human genome. Growing awareness about personalized medicine and disease risk assessment.
Weakness: High setup and operating costs limit widespread adoption. Regulatory and ethical issues regarding data privacy and confidentiality.
Opportunity: Untapped growth potential in developing regions. Scope for integrating with other omics technologies like proteomics.
Threats: Stringent regulations delay market approval. Rapid changes in technology can make existing methods obsolete.

Key Takeaways
The Global Personalized Genomics Market Size is expected to witness high growth over the forecast period driven by increasing chronic disease prevalence and adoption of precision medicine approaches. The global Personalized Genomics Market is estimated to be valued at US$ 9.14 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

The North American region currently dominates due to presence of key market players and faster acceptance of new technologies among healthcare providers and individuals. US market which contributes over 50% market share due to supportive government policies promoting precision medicine and increasing healthcare expenditure. The Asia Pacific region is expected to grow at the fastest pace over the next few years led by countries like China, Japan and India. Rising disease burden, growing medical tourism industry and improving access to healthcare are driving market growth in the region.

Key players operating in the personalized genomics market include Harris Corporation, KeyW Corporation, Septier Communication, Digital Receiver Technology (DRT), Rayzone Group, Rohde & Schwarz, L3Harris Technologies, CellAntenna Corporation, PKI Electronic Intelligence, Shoghi Communications Ltd., Ability Computer & Software, Advanced Tactical Systems (ATS), ESD America, NovoQuad Inc., GSMK CryptoPhone. Major players are focusing on partnerships, mergers and acquisitions to expand their service portfolio and global presence.

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