The Wellness Genomics Market Is Expected To Reach Revenue Of USD 108.9 Bn By 2033, At 14.8% CAGR: Dimension Market Research.

(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Wellness Genomics Market: Insights, Trends, Opportunities, and Recent Developments

New York, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Wellness Genomics Market is projected to reach USD 31.5 billion in 2024 and is expected to grow to USD 108.9 billion by 2033, with a CAGR of 14.8%.

The wellness genomics industry can be defined as a comparatively novel profession based on utilizing genomic data for wellness and disease prevention purposes. This growth is a result of increasing individual health consciousness, increasing incidences of chronic illnesses, and emerging molecular biology sciences. The segments lower down include predicted testing services, consumer genomics, and professional genomics, but the predicted testing services are the most dominant ones owing to their wide use in risk assessment and disease detection. Captive applications include cancer screening, diabetic monitoring, and cardiovascular screening using genomics which demonstrates the usefulness of the industry in contemporary healthcare.

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The US Wellness Genomics Market

The US Wellness Genomics market, valued at USD 3.7 billion in 2024, is projected to reach USD 7.3 billion by 2033, with a CAGR of 8.0%. This growth of the US market is the result of high consumer awareness about the existence of advanced health facilities, the individuation of Health programs, and increased incidence of chronic health diseases. Some noted trends include the ability to combine genomic data with digital health technologies and the growth of direct-to-consumer genetic testing services. Future development prospects include the integration of genomic data with teleservicing. The US market is favored by the country's legal environment and large research investments in genomics.

Important Insights

Market Overview

• Global Market Value : The Global Wellness Genomics Market is estimated to be valued at USD 31.5 billion in 2024 and is expected to reach USD 108.9 billion by 2033.
• Global Growth Rate : The market is growing at a CAGR of 14.8% over the forecast period.
• US Market Size : The US Wellness Genomics market is projected to be valued at USD 10.1 billion in 2024 and is expected to grow to USD 32.6 billion by 2033, at a CAGR of 8.0%.

Regional Analysis

• North America : North America is anticipated to hold the largest market share in the Global Wellness Genomics Market, with an estimated share of 38.2% in 2024.

Segment Analysis

• By Text Segment : Predictive testing is projected to dominate the global wellness genomics market, holding 43.7% of the market share in 2024.
• By Setting Type : Direct-to-consumer (DTC) services are expected to dominate the wellness genomics market in this segment, holding the highest market share in 2024.

Latest Trends

• Growing Demand for Personalized Medicine: The popularity of genomic testing has been triggered by heightened concern for personalized medicine. It is worth noting that consumers have started opting for the services that involve testing their genomes which leads to personalized treatments and prescriptions, translating to higher patient satisfaction.
• Technological Advancements: Technological enhancement is equally increasing the test's efficiency while decreasing the cost; thus, individuals are embracing genetic tests. Applications and advanced sequencing together with analytical tools continue to drive the growth of the wellness genomics market.

Wellness Genomics Market: Competitive Landscape

The market for wellness genomics on the global platform is highly contested with some of the key players being Myriad Genetics, Thermo Fisher Scientific, and Hoffmann-La Roche Ltd among others The competitors drive market advancement through strong spending in the research and development of new technologies in genomics in addition to continuously improved advanced genomics testing technologies. Partnerships and acquisitions by key healthcare and research organizations and affiliations strengthen the players' market positions and broaden their expertise, making the implementation of genomic solutions into clinical practices easier.

Some of the prominent market players:

• Hoffmann-La Roche Ltd.
• Abbott Laboratories
• Thermo Fisher Scientific, Inc.
• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Illumina, Inc.
• QIAGEN N.V.
• Myriad Genetics, Inc.
• CooperSurgical, Inc.
• Other Key Players

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Wellness Genomics Market Scope

Report Highlights	Details
Market Size (2023)	USD 31.5 Bn
Forecast Value (2032)	USD 108.9 Bn
CAGR (2023-2032)	14.8%
The US Market Size (2024)	USD 10.1 Bn
Leading Region in terms of Revenue Share	North America
Percentage of Revenue Share by Leading Region	38.2%
Historical Data	2018 - 2023
Forecast Data	2024 - 2033
Base Year	2023
Estimate Year	2024
Segments Covered	By Type, By Setting Type, By Application
Regional Coverage	North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

North America is projected to dominate the global wellness genomics market with a 38.2% share in 2024 , driven by its advanced healthcare infrastructure and high adoption rates of genetic testing. There is a great investment in genomics research in this region, industry leaders such as Myriad Genetics and Thermo Fisher Scientific are located here and consumers are highly aware. Changes in regulations and government encouragement also help in making genomics integrated within the organizations. Also, high healthcare costs along with the robust economic atmosphere of this region allow for increased funding in genomic technologies; this factor solidifies North America's position at the forefront of the market.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Market Analysis

The global market for antibody-drug conjugates (ADCs) is growing due to rising cancer cases and advancements in ADC technology. ADCs, which use monoclonal antibodies to deliver cytotoxic chemicals directly to cancer cells, minimize harm to the rest of the body. Market leaders are optimizing ADC techniques for better outcomes and fewer side effects. The continuous development of new ADC candidates and increased R&D demand are key growth drivers. North America leads the market, thanks to advanced treatments and numerous pharmaceutical companies.

Wellness Genomics Market Segmentation

By Type

• Predictive Testing
  • Genetic Risk Assessment
  • Pharmacogenomics
  • Prenatal Screening
  • Nutrigenomics
  • Carrier Testing
• Consumer Genomics
  • Ancestry and Heritage Testing
  • Lifestyle and Wellness Genomics
  • Personalized Diet and Nutrition Plans
  • Fitness and Sports Performance Optimization
  • Skin Care and Anti-Aging
• Other Types

By Setting Type

• Direct-to-consumer (DTC)
  • Online Platforms
  • Retail Pharmacies
  • Home Testing Kits
  • Telehealth Services
• Professional
  • Hospitals and Clinics
  • Research Institutions
  • Diagnostic Laboratories
  • Specialty Clinics

By Application

• Breast & Ovarian Cancer Screening
  • BRCA Gene Testing
  • Early Detection Screening
  • Risk Assessment
• Diabetic Screening and Monitoring
  • Genetic Predisposition Testing
  • Personalized Diabetes Management
• Colon Cancer Screening
  • Genetic Markers Detection
  • Stool DNA Testing
  • Colonoscopy Innovations
• Alzheimer's Disease
  • APOE Genotyping
  • Early Detection Biomarkers
  • Genetic Counseling
• Prostate Cancer Screening
• Orthopedic and Musculoskeletal Screening
  • Osteoporosis Genomics
  • Arthritis Genomics
  • Muscular Dystrophy Genomics
• Other Application

Growth Drivers

• Increase in Chronic Diseases: Chronic diseases are more prevalent today than before, and therefore require faster diagnosis and novel methods of prevention. Genetic testing correctly identifies a person's susceptibility to diseases including cancer, diabetes, and cardiovascular illnesses, initiating preventive measures.
• Consumer Awareness: Increased understanding and recognition of the technological procedures followed in genetic tests are providing the market with poorer circumstances. A large amount of educational programs, media, and advocacy participated in the improvement of overall customer awareness and application of genomic solutions.

Restraints

• High Costs: There are still some limitations to the growth of the market, including relatively high costs of genetic testing and genomic services which can be a problem in such geographical regions as the developing ones. As instruments get cheaper due to Technology trends access to capital continues to be an issue.
• Privacy Concerns : Challenges include privacy and security issues arising from the collection and analysis of 'genetic data.' Since genetic information could possibly expose individuals' privacy and security to risks, consumer trust and compliance with legal provisions in this field are important.

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Growth Opportunities

• Expansion in Emerging Markets: The highest growth rates are characteristic for the Asia-Pacific region and Latin America because of the higher expenditures on health care and the growing literacy. The growth of middle-income groups and increased healthcare expenditure enable the acceptance of genomic testing.
• Integration with Digital Health: Integration of genomics with digital health platforms improves oversight and treatment response in real time. Mobile applications and smart accessories provide customized suggestions based on the results of the genomic analysis.

Recent Developments in the Wellness Genomics Market

2024

July 2024:

• Myriad Genetics launched a comprehensive genetic testing panel for breast and ovarian cancer, expanding its predictive testing services.
• Thermo Fisher Scientific introduced an updated next-generation sequencing (NGS) platform, improving accuracy and speed for consumer genomics applications.

June 2024:

• 23andMe partnered with a major healthcare provider to integrate genetic testing into routine medical check-ups, making genomic insights more accessible.
• Color Genomics received FDA approval for its latest genetic testing kit for hereditary cancer risk, including BRCA1 and BRCA2 mutations.

May 2024:

• AncestryDNA launched a feature providing detailed genetic insights into personal nutrition and fitness, leveraging nutrigenomics research.
• Invitae expanded its genetic counseling services, offering comprehensive support for predictive testing and carrier screening.

2023

December 2023:

• Helix invested in AI-driven genomic analysis tools to enhance the interpretation of genetic data for personalized wellness.
• Illumina launched a low-cost sequencing solution to increase genomic testing accessibility in emerging markets.

November 2023:

• Genetic Technologies Limited introduced a multi-cancer early detection test, enhancing screening for various cancers.
• Veritas Genetics partnered with telehealth platforms to provide direct-to-consumer genetic testing and virtual consultations.

October 2023:

• Pacific Biosciences announced a breakthrough in long-read sequencing technology, improving genetic variant detection accuracy.
• Natera unveiled a new prenatal screening test with improved detection rates for chromosomal abnormalities and genetic disorders.

September 2023:

• Personal Genome Diagnostics (PGDx) received a significant grant to expand genomic testing capabilities for rare diseases.
• Quest Diagnostics launched home testing kits for genetic risk assessment and personalized health insights.

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