Retail Genomics Market Surging at 16%; Increasing Demand of nucleic acid sequencing will Give Rise to Retail Genomics market: Fact MR Study

Reduction in retail genomic test expense has become affordable to consumers boosting market demand.

Fact.MR – A Market Research and Competitive Intelligence Provider: The global sales of retail genomics market are expected to grow in the assessment period of 2021-2031. A forecast by Fact.MR estimates that retail genomics market revenues will nearly double between forecast period, with five-year compound annual growth rate (CAGR) of 16%.

Due to mass affordability, sequencing has brought in a paradigm shift in the retail genomics market, making it possible for consumers to detect risk factors. This has encouraged key players, manufacturers, and suppliers in health insurance, care delivery, and daily life to expand their market share.

Various pharmaceutical companies are investing more in personalized medicine research. Personalized medicine allows doctors to detect a patient's specific requirements, medications, and treatments. Growth in personalized medicine market is expected to create opportunities for key players in retail genomics market. Personalized medicine therapy has become more prominent as it offers cost savings, patient compliance, drug safety, early disease detection, and therapy optimization, which is fueling market growth.

"Advances in gene therapy have the potential to replace traditional drugs and surgeries by allowing doctors to treat a disorder by inserting a gene into a patient's cell, contributing in the retail genomics market", said a Fact MR analyst.

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Key takeaways:

• U.S. dominates the global retail genomics market owing to the factors such as increasing research activities and growing advanced technology.
• Canada is expected to be the largest market share of the retail genomics market with vast commercialization.
• Asia Pacific is expected to see growth in the retail genomics market in the forecasted period owing to the entry of new players in the region.
• Increasing awareness in developing countries like China and Japan about genetic sequencing will boost the market in the region.

Growth drivers:

• Presence of more retail genomics key players across countries will lead growth of the market.
• Increase in government initiatives to strengthen genomics projects will give rise to market expansion.
• Increasing awareness about personalized medicine and improving lifestyle with the help of retail genomics will lead the market growth.

 

Key restraints:

• Lack of awareness regarding test might hamper growth opportunities.
• Unfavorable reimbursement scenario in developing economies will pose a challenge to the growth of the market.

 

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Competitive landscape

Key players are focusing on new product launches is the prominent strategy of the player to increase their market share. For instance,

• In 2019, Helix a key player introduced a test that detects two types of cancer and cholesterol.

23andMe Inc., Color Genomics, Counsyl, Gene by Gene, Laboratory Corporation of America, MyMedLab, Mapmygenome India, Positive Bioscience, Quest Diagnostics Inc., Helix, Illumina Inc., and Others.

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Cardiology Genomic Testing Market - Over the forecast period, the global market for cardiology genomic testing is expected to rise rapidly. During the period 2021 to 2031, the rising frequency of heart illnesses such as cardiac arrhythmias and atherosclerosis is predicted to be a prominent factor driving the cardiology genomic testing market. Furthermore, poor lifestyle choices raise the chance of heart disease, which is propelling the cardiology genomic testing market.

Cancer Genomic Testing Market - Over the projection period, the rising prevalence of breast cancer and lung cancer is the key driver driving the growth of the cancer genomic testing market. Furthermore, the rise in cancer awareness campaigns by non-governmental organizations (NGOs) will boost the revenue growth of the cancer genomic testing market. The ability of a prominent producer to develop unique ways for cancer genomic testing will boost the market's revenue growth.

More Insights on the Retail Genomics Market

Fact.MR offers unbiased analysis of the retail genomics market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (genetic relatedness, diagnostics lifestyle, wellness, nutrition, reproductive health, personalized medicine, pharmacogenetic testing, and others) by technology (sequencing, PCR, nucleic acid extraction and purification, microarray, and others) by end users (hospitals, diagnostic centers, research centers, academic institutes, and others) by region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)

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Source: Fact.MR