The global Consumer Genomics market is forecast to reach USD 6.58 Billion by 2027, according to a new report by Reports and Data.
The global Consumer Genomics market is forecast to reach USD 6.58 Billion by 2027, according to a new report by Reports and Data. The growing demand for in-depth knowledge of consumer’s ancestry and a reduction in the price of genetic procedures are boosting the growth of the market.
The market is witnessing an increased demand owing to the massive change in technology. The development of innovative machines and increased spending on research is further propelling the demand. The government is taking initiatives to encourage the growth of the market. The growing trend of personalized medicine is also another trend impacting market demand. However, the high cost of the genomic instruments and regulatory guidelines are hampering the growth of the market.
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Advancement in genomics will continue to give rise to the economic, environmental, and ethical, legal, and social implications, all of which will garner attention from the public and the policymakers. Several healthcare and research companies are working towards the integration of genomic data, while major clinical centers like Stanford Health Care and many cancer research centers are using genomic data to personalize treatments for treating life-threatening diseases such as cancer.
Further key findings from the report suggest
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- Pharmaceutical companies are making use of the available genomic information in personalized medicine, which is forecasted to significantly impact the growth of the market. The reduction in the cost of sequencing has enabled the whole genome sequencing at a very affordable price, which has made it more attractive to pharmaceutical and biotechnology companies.
- Polymerase chain reaction (PCR) has several advantages, which is boosting the demand for the market. The reaction is simple, easy to understand, and also produces results quickly. The technique is very sensitive, with the potential to produce billions of copies of a certain product for cloning, sequencing, and analysis. Thus, it finds its use in analyzing alterations of gene expression levels in tumors, microbes, or other disease states.
- The growing trend of linking ancestors with consumer genetic tests that are available to the users directly through the internet is driving the demand for the market. These tests use the raw DNA of the consumers to gain information pertaining to hereditary diseases and the response of drugs on the individual’s heath.
- North America is witnessing a growth in the market owing to the increasing research funding and government initiatives in genomics. Government support, presence of advanced healthcare facilities, and changing regulations for reimbursement and usage are expected to propel the adoption of consumer genetic tests in the region.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
23andMe, Inc., Ancestry, Mapmygenome, Gene By Gene, Ltd. (FamilyTree DNA), Color Genomics, Inc., Futura Genetics, Positive Biosciences, Ltd., Helix OpCo LLC, Pathway Genomics, and MyHeritage Ltd, among others.
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Consumer Genomics Market Segmentation:
Product and Services Outlook (Revenue, USD Billion; 2017-2027)
- Consumables
- Services
- System and Software
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Sequencing
- PCR
- Nucleic Acid Extraction and Purification
- Microarray
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostics
- Genetic Relatedness
- Ancestry
- Lifestyle, Wellness, & Nutrition
- Reproductive Health
- Sports Nutrition & Health
- Personalized Medicine & Pharmacogenetic Testing
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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