Consumer Genomics Market Size Will Rise To Usd 17.51 By 2032

(MENAFN- GlobeNewsWire - Nasdaq) Ottawa, July 03, 2023 (GLOBE NEWSWIRE) -- The global consumer genomics market size will reach USD 12.2 billion in 2030. The Direct-to-Consumer (DTC) testing business, which has seen a massive rise in recent years as a result of rising consumer and medical professional interest in personalized genetic analysis, is the primary driver of the growth of the consumer g enomics market . The worldwide population's rising worries about diseases related to a lack of exercise and bad diets are mainly responsible for this.

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Market Overview

Consumer genomics is the study of projecting the risk of diseases from the DNA of a person and customizing their medical care correspondingly. It is believed that a unique set of genes is founded in each person and that some genetic variations can make us susceptible to specific diseases. The increasing demand for DTC kits among consumers and medical professionals, advancements in technology, the growing prevalence of consumer genomics, supportive government regulations, and the developing trend of personalized genomes are the main drivers of the market's growth. Customers and doctors are using history to learn more about their past and find relatives.

Companies that provide consumer genetic testing are launching deliberate campaigns to increase consumer awareness of ancestry testing. Thus, one of the main applications of the consumer genomics industry, genealogy testing, was finally established and has since caught the interest of both consumers and medical professionals. This consumer genomics market report details new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, and analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, and product launches.

Regional Insight

In 2022, the consumer genomics market will have the largest revenue share (48%) in North America. This can be attributed to the existence of numerous significant companies working on the development of DTC tests, as well as the fact that genomics was first commercialized in North America. The significant local presence of DTC companies and the high levels of public awareness of at-home testing show that the U.S (United States). is a global leader in consumer genomics. This fact is related to many well-known companies that conducted DTC tests, and genomics was the first made commercially available in North America. In the DTC sector, sizable businesses and a high level of public awareness of home testing prove that in the consumer genomics sector, the United States dominates the market. The U.S. holds a leading position in the consumer genomics industry, as evidenced by the local presence of major DTC businesses and high levels of public awareness about at-home testing. Over the anticipated period, rapid growth in the Canadian consumer genomics market is predicted. In the field of DTC genetics, the government increases efforts to support genomics research studies in Canada to raise the country's expertise. To increase patient awareness of the potential advantages and limitations of DTC genetic testing, the Canadian Medical Association works and also promotes education. Furthermore, for the rapid advancement in the field of molecular genetics, medical professionals are engaged in training by the CMA.

On the other hand, in Asia Pacific, the significant growth potential in consumer genomics is due to increased awareness of DTC genetics and the funding of extensive research products. The introduction of new market participants also contributes to rising market growth. In this regard, the business of consumer genomics based in Hong Kong is limited to selling its goods in Southeast and East Asian countries. Likewise, the consumer genomics business at Xcode Life is concentrated in the Indian market.

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Scope of this report

Coverage	Details
Market Size in 2030	USD 12.2 Billion
CAGR	19.82% from 2023 to
North America Market Share	48% in 2022
Europe Market Share	24% in 2022
Asia Pacific Market Share	21% in 2022
Key Players	Ancestry, Gene By Gene, Ltd. (FamilyTree DNA), 23andMe, Inc., Myriad Genetics, Inc., Mapmygenome, Color Genomics, Inc., Futura Genetics, Helix OpCo LLC, MyHeritage Ltd., Pathway Genomics, Amgen, Inc., Positive Biosciences, Ltd., Diagnomics, Inc., Toolbox Genomics, SomaLogic, Inc., Inui Health (formerly Scanadu), Xcode Life, AgeCurve, QuickCheck Health, Biomeb, and Others

Report Highlights

• By Applications , the market is segmented into ancestry, diagnostics, genetic relatedness, and sports nutrition and health. In 2022, the genetic-relatedness segment will rule the market, taking 22% of the market's total revenue share. The field is driven by the rising popularity of prenatal, maternity, and paternity tests. Paternity test kits are available online for free, but they are not allowed to be used. Use of DTC genetic testing by several clients to know more about their hereditary geography and identify their lost relatives and cousins. Nevertheless, the Sports Nutrition & Health category is projected to grow at a highest CAGR throughout the estimated year. The FIMS Scientific Commission has considered the effects of DTC testing on young athletes as well as the requirement for education for practitioners of sport and exercise medicine, which is fueling the market's expansion. In the field of nutritional genomics, a person's diet can impact how genetic proof manifests in them. Genetic factors could affect how a person digests food and reacts to nutrients and other bioactive components.
  

Market Dynamics

Drivers

The acceptance of genealogy services increasing among patients as the cost of sequencing is declined

The sequencing cost and the cost of genomics have overall decreased due to several recent technological advancements. Sequencing is a crucial and insignificant process in genomics. Additionally, impacted populations and a rise in the prevalence of chronic diseases are also included. Due to expanding the genomic applications and favorable regulations of the government in developing countries gives variety of opportunities to the market players. In basic biological explorations and altering healthcare systems, CGH, FISH, microarray, karyotyping, and gene-editing techniques have significantly influenced. The market is expanding as a result of increased pressure from demographics and a rise in the prevalence of chronic diseases.

Restraints

Market limitations included a lack of skilled labor a nd client awareness of genetics

Corporate growth is prohibited by the high cost of genomic equipment. In contrast, the development of the market is anticipated to be slowed in developed countries like China, Japan, and India due to a lack of skilled workers and expertise. This situation revealed the shortage of skilled employees in the genomics sector, which restricted the growth of this market. Due to strict regulatory environment for the development of new products and the requirement for better, safer and earlier detection tools to give patients effective therapy also hindered the market growth.

Opportunities

In Personalized and Specialized Medicine, the utilization of genomics

A wide range of prospects for genomic companies is expected to rise with the growth of the personalized medicine industry. In the pharma sector, personalized medicine research is becoming more popular. Doctors can identify a patient's special requirements with the help of personalized medicine and recommend the medicine and treatments needed to fulfill those demands. A better standard of care can be assured by this process. Likewise, advancements in gene therapy are also anticipated to allow specialists to treat a medical condition by introducing a gene into an individual's cell, thereby dispensing with the need for present drugs and treatments. Due to the benefits of reducing expenses, patient compliance, drug security, premature ailment detection, and therapy modification personalized medical therapy increases their acceptance.

Related Reports

• genotyping market - The global genotyping market size was valued at USD 16.9 billion in 2022 and it is expanding around USD 67.60 billion by 2032 with a CAGR of 14.87% from 2023 to 2032.
• direct-to-consumer genetic testing market - The global direct-to-consumer genetic testing market was valued at USD 2.18 billion in 2022 and it is expanding around USD 19.87 billion by 2032 with a CAGR of 24.73% from 2023 to 2032.
• short-read sequencing market - The global short-read sequencing market was valued at USD 6.3 billion in 2022 and it is expanding around USD 36 billion by 2032 with a CAGR of 19.04% from 2023 to 2032.
  

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Recent Development

• April 2020, In order to investigate potential genetic hints for COVID-19, Ancestry DNA said that it was going to utilize its customer genomics database (with the patient's agreement).
• July 2020, The IVNS1ABP gene area in males has been linked to COVID-19 vulnerability, according to the study. This clarified why the viral illness had more severe consequences on men than on women.

Market Segmentation

By Applications

• Genetic Relatedness
• Diagnostics
• Lifestyle, Wellness, & Nutrition
• Ancestry
• Reproductive Health
• Personalized Medicine & Pharmacogenetic testing
• Sports Nutrition & Health
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  

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