Consumer Genomics Market to Achieve a Remarkable 24.5% CAGR, Crossing USD 11.37 Billion By 2032

Consumer genomics market refers to the branch of genomics that focuses on the sequencing, analysis, and interpretation of an individual's genetic information for personal use, typically for insights into ancestry, health traits, and potential disease risks. The consumer genomics market has seen significant growth over the past decade due to advancements in technology, reduced costs of sequencing, and increased consumer interest in understanding their genetic makeup.

Global Consumer Genomics Market size and share is currently valued at 1.59 billion in 2023 and is anticipated to generate an estimated revenue of USD 11.37 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 24.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032

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The consumer genomics market has experienced exponential growth since the introduction of direct-to-consumer (DTC) genetic testing kits in the early 2000s. The market includes a variety of products and services, such as ancestry testing, health risk assessments, carrier screening, and wellness insights.

The increasing interest from both consumers and physicians in DTC kits, coupled with the surge in the sales of the DNA test kits, and the growing popularity of personalized genomics, are anticipated to fuel market expansion over the forecast period. Common tests often utilize a small number of genetic changes to predict specific health characteristics, unveil common traits, and offer ancestry insights.

As the range of health information these tests can uncover continues to expand, more companies are entering the market, offering genetic testing directly to consumers. This trend is driven by the growing demand for accessible and personalized genetic information among individuals seeking insights into their health, traits, & ancestry.

The increased interest from both consumers and physicians in DTC kits, advancements in technology, a rise in the applications of consumer genomics, supportive governmental policies, and the growing trend of personalized genomics collectively contribute to the expansion of the market. Notably, DTC tests gained prevalence in 2022 as they became more accessible, allowing individuals to purchase these tests without the need for a doctor's prescription. This shift in accessibility has democratized access to genetic information, enabling more people to explore and understand their genetic make-up without the traditional barriers of medical intermediaries.

The COVID-19 pandemic has significantly increased public awareness and concerns about health, leading to a heightened interest in innovative approaches such as consumer genomics. This surge in awareness is expected to contribute to the sustained growth of the consumer genomics market. One key factor driving this growth is the rising focus on DNA-based research & development (R&D) efforts, particularly in the field of bioinformatics. Researchers are leveraging genetic information to develop diagnostic tools and more efficient therapies, with a specific focus on addressing the challenges posed by the COVID-19 virus.

Some of the major players operating in the global market include:

23andMe, Inc.
AgeCurve
Amgen, Inc.
Ancestry
Biomeb
Color Health, Inc
Diagnomics, Inc.
Futura Genetics
Gene By Gene, Ltd. (FamilyTree DNA)
Helix OpCo LLC
Illumina, Inc.
inui Health (formerly Scanadu)
Mapmygenome
Metabolomic Discoveries GmbH
MyHeritage Ltd.
Myriad Genetics, Inc
Pathway Genomics
Positive Biosciences, Ltd
QuickCheck Health
SomaLogic, Inc.
Toolbox Genomics
Veritas
Xcode Life

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Growth Drivers:
Technological Advancements: Advances in DNA sequencing technologies, particularly the advent of high-throughput sequencing and microarray-based genotyping, have significantly reduced the cost of genome sequencing. This has made consumer genomics more accessible and affordable to the general public.

Consumer Interest and Awareness: Growing consumer interest in personal health and ancestry, coupled with increasing awareness about the potential benefits of genetic testing, has been a major driver of market growth. People are becoming more proactive about managing their health and understanding their genetic predispositions.

Regulatory Landscape: While regulatory frameworks vary by region, the increasing clarity and establishment of regulations around consumer genomics have provided a level of confidence to both consumers and companies operating in the market. Regulatory approvals and compliance demonstrate the credibility and reliability of genetic testing services.

Applications:
Ancestry and Genealogy: One of the earliest and most popular applications of consumer genomics is ancestry testing, which provides individuals with insights into their ethnic composition, migration patterns of their ancestors, and potential relatives in their DNA databases.

Health and Disease Risk Assessment: Consumer genomics allows individuals to assess their genetic predisposition to certain health conditions and diseases, such as hereditary cancers, cardiovascular disorders, and neurodegenerative diseases. Understanding one's genetic risks can empower individuals to make informed decisions about their healthcare and lifestyle choices.

Wellness and Lifestyle Optimization: Some consumer genomics companies offer personalized recommendations for diet, exercise, and lifestyle adjustments based on an individual's genetic profile. These insights aim to help individuals optimize their health and well-being by tailoring their habits to their genetic predispositions.

Consumer Genomics Market Report Highlights

Genetic relatedness segment held the largest share, due to its involvement in the parental testing, family analysis, and family borne mutations
Dissolving microneedle segment will grow at the fastest rate, as it requires minimum steps to operate and do not need to be removed even after being operated
Asia Pacific projected to experience growth over the study period, owing to rise in awareness of DTC genetics, and availability of funding in several research works
North America held the largest revenue share, owing to presence of innovative companies, huge patient population, and positive scenario for start-up funding

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Polaris Market Research has segmented the consumer genomics market report based on application, and region:

Consumer Genomics, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Genetic Relatedness
Ancestry
Lifestyle, Wellness, & Nutrition
Diagnostics
Sports Nutrition & Health
Reproductive Health
Personalized Medicine & Pharmacogenetic testing
Others

Consumer Genomics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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This release was published on openPR.