Consumer Genomics Market Value to Reach US$ 21.2 Billion by 2032, Reveals Transparency Market Research, Inc.
Rise in demand for ancestry tests is likely to propel the market
Wilmington, Delaware, United States, Jan. 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a study published by Transparency Market Research, the global consumer genomics market is anticipated to grow at a CAGR of 22.3% during the forecast period from 2022 to 2032.
Consumer genomics refers to analysis, investigation, and genome sequencing of individuals. Market for Consumer genomics has played a key role in genetic analysis, which has helped discover several diseases and has been a part of the biomedicine industry for many decades. It does not require any guidance from either a genetic counselor or a medical professional. Any individual wanting to perform the genetic test can perform by purchasing the kit online and collect DNA samples in their residences.
Leading players are adopting growth strategies such as collaboration with other players to expand market presence and increase revenue share.
Key Findings of Market Study
- Rise in Demand for Personalized Medicines: Leading players in the pharmaceutical industry are investing in personalized medicine research in a bid to develop improved understanding of their benefits. Personalized medicines have helped medical professionals in recommending the correct therapies that would meet patient requirements. Growth of the personalized medicine industry across the world is anticipated to propel consumer genomics market development during the forecast period.
- Increase in Demand for Ancestry Tests: Based on application, the global market has been segmented into genetic relatedness, diagnostics, lifestyle, wellness & nutrition, ancestry, reproductive health, personalized medicine & pharmacogenetic testing and sports nutrition & health. The ancestry segment is anticipated to account for dominant market share during the forecast period. Ancestry tests help consumers become aware of their family history and provide hints about their ancestors by analyzing DNA variants. This factor is expected to propel industry growth during the forecast period. Additionally, genetic ancestry tests are inexpensive, which is expected to increase the demand for these tests, and in turn drive the segment.
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Consumer Genomics Market – Key Drivers
- Rise in preference for direct-to-consumer (DTC) testing among healthcare professionals is driving the global consumer genomics market
- Increase in the availability of DTC services owing to low genotyping rates is expected to fuel market demand during the forecast period
- Growth in awareness about genealogical testing across the globe is triggering market growth
Consumer Genomics Market – Regional Insights
- North America accounted for the dominant market share in 2021. Supportive government policies for the development of precision medicine in the U.S. and Canada are expanding market size.
- Asia Pacific is anticipated to witness strong growth during the forecast period due to rise in awareness about consumer genomics and increase in investment in research & development activities by companies in Japan and China. Leading players are likely to establish research & development centers in countries in Asia Pacific owing to the easy availability of land and labor in the region.
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Consumer Genomics Market – Key Players
The global market is competitive and has several international and local players. New players entering the market are likely to intensify the competition during the forecast period.
Prominent players are investing significantly in research & development activities in a bid to develop an improved understanding of consumer genomics and the benefits of using it in different application areas.
Few key companies operating in the market are Counsyl, Color Genomics, 23andMe, MyMedLab, and Positive Biosciences.
The global consumer genomics market has been segmented as follows:
- By Application
- Genetic Relatedness
- Diagnostics
- Lifestyle, Wellness and Nutrition
- Ancestry
- Reproductive Health
- Personalized Medicine & Pharmacogenetic Testing
- Sports Nutrition and Health
- Other Applications
- By Region
- North America
- Latin America
- Europe
- APAC
- MEA
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