Consumer Genomics Market: Global Industry Analysis And Forecast (2023-2029)

Consumer Genomics Market was valued at US $ 2.72 Bn. in 2022. The global market is expected to grow at a CAGR of 21.1% during the forecast period. The market is expected to reach a value of US $ 10.40 Bn. by 2029.
Consumer Genomics Market Overview:
Consumer genomics comprises both direct-to-consumer which includes genetic testing acquired straight from a commercial company rather than a health care professional and consumer-driven genetic testing which contains genetic testing systematic by a health care physician in reaction to informed patient submissions. This industry is gradually and rapidly flattering more conventional.To know about the Research Methodology:- Request Free Sample Report

Market genomics has a substantial role to play in fetching novel designs and their enactments to the multitudes. The cost of sequencing has diminished, sinking the cost of consumer genomic goods and refining market approachability in this area. The rising potential for genetic testing applications in this sector is on the edge of flattering a mainstream phenomenon
Consumer Genomics Market Dynamics:
Decrease in the cost of sequencing, patients are progressively accepting genealogy services:

Several recent technological progressions have abridged the cost of sequencing and also dropped the overall cost of genomics. In genomics, sequencing is a serious and trivial operation. It also includes an increase in the prevalence of chronic diseases and an amassed population affliction.

Growing genomics applications and supportive government regulation in developing regions would provide various prospects for market participants. CGH, FISH, microarray, karyotyping, and gene-editing tools, among other genetic expertise, have played a critical role in altering healthcare systems and basic biological exploration.
Amplified demographic pressure and an increase in the occurrence of chronic diseases are major factors driving the growth of the market.

Lack of skilled labour and knowledge of genomics among consumers are restraining factors for the market:

The excessive cost of genomic equipment is stifling corporate growth. However, in wealthy countries such as China, Japan and India are a scarcity of experienced personnel and a lack of knowledge are projected to stalemate the market's global improvement. Due to the effect of this scenario, there is a lack of high skilled labour in the genomic market which is subsequently hampering the growth of the market.

Furthermore, the market's growth is limited by the strict regulatory framework for developing new goods and the requirement for improved, safer, and earlier detection instruments to give successful therapy to patients.

Growing applications in diagnostics, genetic relatedness, sports nutrition’s and personalized medicines gives a huge opportunity for the market:

Genetic testing includes a wide assortment of services, comprising data security, ancestor identification, and race all of which subsidize its increased use in therapeutic settings. As a result, genetic testing is becoming more popular. Consumer genetics tests are also employed in clinical, genealogical, and forensic settings.

DTC tests are accessible from a variety of companies and could be used in continuing research, sports, nutrition, and other sectors. The extensive use of genomics to examine potential genetic markers for COVID-19 will boost the genomics sector accelerative. Various genomics companies are collaborating with diagnostic companies to aid COVID-19 research which is potentially escalating the growth opportunities.

The ability to identify the need for genetic information and to apply it in a health and medical environment are major challenging factors for the market:

Low genomics literateness is a concern for both consumers and health care providers. However, the present tools and methods for cumulative genomics literacy at all levels of proficiency are constantly decreasing, and as result, people are lacking in gaining information about genetic products which is a major challenging factor for the market.
Consumer Genomics Market Segment Analysis:
Based on the Application, the market is segmented into Genetic Relatedness, Ancestry, Diagnostic, Sports Nutrition & Health and Personalized Medicines. In 2022, the Genetic Relatedness segment dominated the market by contributing 19.90% of the overall market share in terms of revenue. The most predominant type of paternity testing is covered in this section. This category is being driven by the increased acceptance of paternity testing, maternity testing, and prenatal paternity testing. Paternity testing kits are freely obtainable online, however, they are not legal. Several clients are using DTC genetic testing to learn more about their hereditary topographies and find long-lost relatives and cousins.

However, Sports Nutrition & Health segment is expected to grow at a CAGR of 5.4% during the forecast period. The FIMS Scientific Commission has taken into account the impact of DTC testing on young athletes as well as the prerequisite for education for sport and exercise medicine practitioners are rapidly growing which is driving the growth of the market. The study of diet may modify the appearance of genetic evidence in an individual, as well as it also depends on a person's genetic composition can affect the digestion and response to nutrients and other bioactive components in food, according to nutritional genomics.

Based on End User, the Consumer Genomics Market is segmented into Research Institute, Healthcare facilities, Diagnostic Centers, Pharmaceuticals Company and Others. The Research Institute is expected to dominate the cheese market during the forecast period.

A rising number of research institute says that there are now various companies advertising DNA testing as a way to learn more about the human body health system. In 2022, the global market for "direct-to-consumer" (or DTC) genetic testing was valued at $168 million, indicating that millions of people are buying these tests. DTC genomic tests, in divergence to clinical genomic testing for cancer and prenatal screening which necessitates a healthcare physician to order the tests and provide the conclusions, can also be assimilated online or even at the local pharmacy, which is a major driving factor for this segment.

However, the diagnostic segment is expected to grow at a CAGR of xx% during the forecast period. Diagnostic testing is proceeded to normalize a particular genetic or chromosomal issue existence. When a certain disease is suspected based on clinical indications and symptoms, genetic testing is frequently utilised to confirm the diagnosis.
Consumer Genomics Market Regional Insights:
In 2022, the North American region dominated the market and it held 46.05% of the overall market share in terms of revenue. The acceptance of genetic tests in the region is anticipated to be increased by government assistance, the presence of advanced healthcare facilities, and changing reimbursement are major factors for driving the growth of the Genomics market in this region. In Addition, countries like the US, Canada and Mexico have initiatives to promote precision medicine, adoption of different methods by important businesses to deliver effective genomics solutions and the presence of prominent players.

The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the market dynamics, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Global Consumer Genomics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 2.72 Bn.


Forecast Period 2023 to 2029 CAGR:
21.1%
Market Size in 2029:
US $ 10.40 Bn.


 Segments Covered:
by Application
Genetic Relatedness
Ancestry
Diagnostic
Sports Nutrition & Health
Personalized Medicines


by End User
Research Institute
Healthcare facilities
Diagnostic Centers
Pharmaceuticals Company
Others


by Product and service
Consumables
Systems and Software
Others



Consumer Genomics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Consumer Genomics Market, Key Players are
1. Ancestry
2. Gene By Gene, Ltd.
3. Myriad Genetics, Inc.
4. Color Genomics, Inc.
5. Mapmygenome
6. Positive Biosciences, Ltd.
7. Future Genetics
8. My Heritage Ltd.
9. Pathway Genomics
10. VERITAS
11. Amgen, Inc.
12. Code Life
13. Diagnosis, Inc.
14. Toolbox Genomics
15. Soma Logic, Inc.
16. Illumine, Inc.
17. Helix OpCo LLC
Frequently Asked Questions:
1] What segments are covered in the Consumer Genomics Market report?
Ans. The segments covered in the Consumer Genomics Market report are based on Application and End User.

2] Which region is expected to hold the highest share in the Consumer Genomics Market?
Ans. The North American region is expected to hold the highest share in the Consumer Genomics Market.

3] What is the market size volume of the Consumer Genomics Market by 2029?
Ans. The market size of the Consumer Genomics Market is expected to be 10.40 Bn. by 2029.

4] What is the forecast period for the Consumer Genomics Market?
Ans. The forecast period for the Consumer Genomics Market is 2023-2029.

5] What was the market size volume of the Consumer Genomics Market in 2022?
Ans. The market size of the Consumer Genomics Market in 2022 was valued at US$ 2.72 Bn.