Consumer genomics is referred to as direct-to-consumer genetic testing which involves direct collection of DNA samples from consumers and providing health reports directly to them without involving a health professional. Consumer genomics products and services including health, wellness, ancestry information and traits reports drive personalized nutrition and lifestyle changes and help in family planning. Factors such as falling genetic testing costs, increasing technologically advanced direct-to-consumer genetic tests and growing popularity of personalized medicines are fueling market growth.
Key Takeaways
Key players operating in the Global Consumer Genomics market are Ancestry, Gene By Gene, Ltd. 23andMe,Inc., Color Genomics,Inc, Myriad Genetics,Inc, Mapmygenome, Positive Biosciences, Ltd, Futura Genetics, Helix OpCo LLC, MyHeritage Ltd., Pathway Genomics, Veritas, Amgen, Inc., Xcode Life, Diagnomics, Inc., Toolbox Genomics, SomaLogic, Inc., inui Health, AgeCurve, QuickCheck Health, Biomeb, Metabolomic Discoveries GmbH, Illumina, Inc., Genetic Technologies Limited.
Key opportunities in the market include development of innovative genetic testing kits and services with focus on personalized preventive care, precision medicine and chronic disease management. Growing awareness about genetic ancestry tracing and predisposition to diseases is expected to drive huge growth.
The Global Consumer Genomics Market Size is expanding rapidly with Asia Pacific and Middle East & Africa regions expected to exhibit high growth driven by increasing healthcare expenditures, growing middle-class population and rising disposable incomes. Large untapped markets, favorable regulations and technological advancements will further propel market expansion in emerging economies.
Market Drivers
The global consumer genomics market is witnessing high growth driven by increasing adoption of direct-to-consumer genetic tests globally. Other major growth drivers include declining cost of whole genome sequencing enabling increased accessibility and affordability of tests. Growing prevalence of chronic diseases and rising demand for individualized treatment and care based on genomic data analysis is further fueling industry expansion. Additionally, increasing collaboration between biotech firms and DTC genetic testing companies to develop more robust and accurate genetic testing solutions will boost market revenues during the forecast period.
PEST Analysis
Political: The consumer genomics market is regulated by stringent laws and regulations regarding privacy and data protection as genetic testing involves handling of sensitive personal health information. Regulations may differ across regions impacting the overall adoption of genomics services.
Economic: Growing personal income levels and improving economic conditions have boosted discretionary healthcare spending on genetic testing for locating ancestry, detecting health risks and enabling proactive disease risk management which is fueling demand for consumer genomics services.
Social: Increasing health awareness, adoption of personalized medicine approach and improving education levels regarding benefits of genetics have made consumers more open to genetic profiling for health and ancestry purposes which is benefiting the market.
Technological: Continuous advancements in next generation sequencing technologies, bioinformatics tools and reduction in genome sequencing costs have made genetic testing more affordable and accessible driving wider proliferation of consumer genomics. Developing AI and blockchain integration is further enhancing analytics.
North America
North America currently represents the largest regional market for consumer genomics constituting over 35% of the global market share in terms of value. Presence of leading players, advanced healthcare infrastructure, favourable reimbursement policies, high disposable incomes and growing health awareness levels have contributed to North America's dominance. The United States alone accounts for over 80% of the North American consumer genomics market.
Asia Pacific
The Asia Pacific region has emerged as the fastest growing regional market for consumer genomics expected to expand at a CAGR of around 25% during the forecast period. Factors such as improving healthcare systems, growing middle class population with increasing spending power, rising penetrations of digital technologies and supportive government initiatives are driving the consumer genomics market across key APAC countries like China, India and South Korea.
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