Press release
Consumer Genomics Market Set to Surge to US$ 21.2 Billion by 2032, Fueled by Genetic Relatedness with a 26.3% CAGR Growth from 2022
Market Overview
In 2021, the global consumer genomics market reached a valuation of US$ 2.4 billion. With a projected CAGR of 22.3% during 2022-2032, the market is anticipated to soar to US$ 21.2 billion by 2032. This robust growth is fueled by the increasing adoption of direct-to-consumer genetic testing services and the rising demand for personalized healthcare solutions.
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Key Developments
In April 2020, AncestryDNA announced its initiative to leverage its consumer genomics database for investigating potential genetic clues for COVID-19. The study revealed insights into the IVNS1ABP gene region's association with COVID-19 vulnerability, highlighting the role of genetic research in understanding disease susceptibility.
In 2019, Helix introduced a groundbreaking test capable of detecting two forms of cancer and assessing cholesterol levels, showcasing the expanding applications of consumer genomics beyond ancestry and wellness.
Market Segmentation
The market is segmented based on various parameters:
Service Type: Genetic Testing Kits, Genetic Data Analysis & Interpretation Services
Sourcing Type: Direct-to-Consumer (DTC), Physician-Mediated Testing
Application: Ancestry & Genealogy, Health & Wellness, Genetic Relatedness, Personalized Medicine
Industry Vertical: Healthcare, Pharmaceutical & Biotechnology, Research & Academic Institutes, Others
Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Regional Analysis
The market is analyzed across regions, with each region presenting unique growth opportunities influenced by factors such as healthcare infrastructure, regulatory environment, and consumer awareness.
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Market Drivers and Challenges
Market Drivers:
Rising Demand for Personalized Healthcare Solutions
Technological Advancements in Genetic Testing
Increasing Awareness about Genetic Predispositions
Market Challenges:
Data Privacy Concerns and Regulatory Challenges
Limited Accessibility and Affordability in Emerging Markets
Ethical and Social Implications of Genetic Testing
Market Trends
Expansion of Genetic Testing Services: Companies are diversifying their offerings to include a wide range of genetic testing services, catering to various applications such as ancestry, health risk assessment, and personalized medicine.
Integration of Artificial Intelligence: Adoption of AI-driven algorithms for genetic data analysis and interpretation is enhancing the accuracy and efficiency of consumer genomics services.
Future Outlook
The global consumer genomics market is poised for exponential growth, driven by the convergence of technological innovation, expanding applications, and increasing consumer demand for personalized healthcare solutions.
Key Market Study Points
Market Size and Growth Projections
Regulatory Landscape and Compliance Requirements
Consumer Preferences and Adoption Trends
Competitive Benchmarking and Market Share Analysis
Competitive Landscape
Key players in the consumer genomics market include 23andMe, Color Genomics, Counsyl, Gene by Gene, Laboratory Corporation of America, MyMedLab, Mapmygenome India, and Positive Biosciences.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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