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Consumer Genomics Market
Market Is Driven By Increased Awareness About Genetic Testing, Advances In Genetic Testing Technologies & Increased Numbers Of People Undergoing Genetic Testing
AUSTIN, TX, UNITED STATES, December 5, 2024 /EINPresswire / -- The global Consumer Genomics
market size was valued at USD 2.18 billion in 2023 and is expected to be worth around USD 14.08 billion by 2032, expanding at a CAGR of 23.04% over the forecast period (2024 – 2032).
Consumer genomics is one of the fast-emerging markets, fueled by a variety of converging factors. With more accessible and affordable direct-to-consumer (DTC) genetic tests, individuals have gained access to more individualized genomic information from health risks to ancestry and wellness traits. This trend within consumer genomics indicates the general pattern of how many consumers are getting more involved in their genetics in a bid to make the best-informed health and lifestyle decisions.
Genomics in general is an area that has advanced because of genetic testing technologies. Technologies like next-generation sequencing and CRISPR, for example, have greatly helped genetic tests become more precise, affordable, and accessible than ever before. Technologies that offer high-resolution insight into the human genome facilitate more precise and comprehensive analysis of genetics. In the case of NGS, for example, the cost of genetic testing has come down with an increased scope for detecting more genetic mutations. Further, CRISPR is an innovative gene-editing technology that has given new hope for therapeutic interventions and decreased the cost burden associated with genetic testing even further. This technological leap has facilitated the proliferation of genetic testing clinics offering high-quality, low-cost services to the general public. As these technologies continue to evolve, they will undoubtedly reach new milestones, further transforming consumer genomics and its applications across various industries.
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Key Consumer Genomics Market Players:
Ancestry
Gene by Gene Ltd.
23andMe Inc.
Color Health Inc
Myriad Genetics Inc
Mapmygenome
Positive Biosciences Ltd
Futura Genetics
Helix OpCo LLC
MyHeritage Ltd. and other players
Market Analysis
Advances in genetic testing technology have been one of the most important factors behind the Consumer Genomics Market's growth. Technologies such as next-generation sequencing (NGS) and CRISPR have significantly improved the precision and affordability of genetic tests, making them more accessible to the public. This means that NGS has drastically reduced the cost of sequencing and allowed for more extensive and detailed genetic analysis, and CRISPR technology revolutionized gene-editing abilities, offering potential applications in personalized health treatments and therapies. These developments have made genetic testing an everyday tool for consumers, fostering a demand for testing kits that offers insight into health, ancestry, and personal traits. Moreover, growing availability of cheap genetic tests and an increase in consumer interest for personalized health further accelerate market growth. Increasing public appetite for genomic insight along with technological innovation for this market makes it inevitable that the Consumer Genomics Market will experience robust growth for a few years.
Segment Analysis
By Application
In 2023, The genetic-relatedness segment was dominating in the consumer genomics market accounting for 20% of the market share. This includes popular tests for paternity, maternity, and prenatal paternity testing. The adoption of these tests has driven growth in the market, particularly in DTC genetic testing, as individuals seek information on hereditary traits and unknown relatives. Increased access to paternity tests on the Internet and a renewed interest in ancestral ties reinforce the dominance of the segment. As the demand for customized genomic information grows, services that provide genetic-relatedness are expanding and giving customers an ever-increasing selection of testing options tailored to their genetic curiosity.
Key Market Segments
By Application
Genetic relatedness
Ancestry
Lifestyle, Wellness, & Nutrition
Diagnostics
Sports Nutrition & Health
Reproductive Health
Personalized Medicine & Pharmacogenetic testing
Others
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Regional Development:
North America was the dominating region in the Consumer Genomics Market in 2023, accounting for a massive 38% market share. The region has high levels of consumer awareness, advanced healthcare infrastructure, and significant investments in genomic research and innovation. Furthermore, chronic diseases have become the leading cause of mortality and disability in the U.S., thus fueling the adoption of genetic testing. The increased attention towards preventative healthcare and personalized medicine in North America boosts the demand for genetic testing services. High per capita health care expenditure and the growing need for personalized treatments are significant factors for the region's market leadership. North America will remain a leading market for the consumer genomics market with growing consumer awareness and demand for genomic testing services.
Recent Developments:
Ancestry: In September 2023, ancestry updated its Ethnicity Estimate into a new version that has a completely revised algorithm and reference panel. The update used a broader DNA sample pool to refine more accurate results for customers about ethnicity and genetics.
23andMe: In November 2023, 23andMe introduced a new health membership called 23andMe+ Total Health. This service offers clinical-grade exome sequencing, giving customers personalized insights into their genetic predispositions and helping in health prevention through the deeper understanding of genetic health risks.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Consumer Genomics Market by Application
8. Regional Analysis
9. Company Profiles
10. Use Cases and Best Practices
11. Conclusion
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