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Consumer Genomics Market Trends, Size & Forecast 2024-2033
Consumer Genomics Market Trends
According to The Business Research Company's, The consumer genomics market size has grown rapidly in recent years. It will grow from $2.9 billion in 2023 to $3.48 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to sequencing cost reduction, introduction of direct-to-consumer testing, pioneering companies in consumer genomics, data privacy and security concerns, initial adoption challenges.
The consumer genomics market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to expanded genetic data pool, increasing demand for disease risk assessment, integration with wearable devices, shift toward preventive healthcare, expansion of genetic counseling services. Major trends in the forecast period include focus on genetic counseling services, price reduction in sequencing, rise in personalized medicine, direct-to-consumer testing demand, health and wellness awareness.
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Market Drivers and Trends:
The growing applications of DTC genomics in diagnostics, genetic relatedness, sports nutrition and personalized medicines are expected to propel the growth of the consumer genomics market going forward. Direct-to-consumer (DTC) genomics test kits are tests that individuals can purchase and use at home to learn more about their genetic makeup and potential health risks. For instance, in February 2022, the journal published by the AlphaBiolabs, a UK-based company that provides a range of DNA testing services, including paternity testing, ancestry testing, and drug and alcohol testing, published that the demand for prenatal paternity genomics testing surged by 47.0% in 2021 compared to the pre-pandemic days. Therefore, the growing applications of DTC genomics in diagnostics, genetic relatedness, sports nutrition and personalized medicines is driving the growth of the consumer genomics market.
Technological advancements are the key trend gaining popularity in the consumer genomics market. Major companies involved in the consumer genomics market are focused on technology advancements and innovating new products to improve their observation power and sustain their position in the market. For Instance, in June 2021, QIAGEN, a Netherlands-based provider of sample and assay technologies for molecular diagnostics, applied testing, academic, and pharmaceutical research, announced the release of the QIAprep& CRISPR Kit and Q-Primer Solutions, which enable researchers to analyze edited genetic material with unprecedented speed and efficiency to determine how their interventions have changed the function of the DNA sequence. Kit and remedies combine liquid-based sample preparation, downstream PCR detection, and DNA sequencing using the Sanger technique.
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Major Key Players of the Market:
23andMe Inc.; Gene by Gene Ltd.; Mapmygenome Ltd.; Ancestry.com LLC; Color Genomics Inc.; Futura Genetics LLC; Pathway Genomics Corporation; Helix Operating Company LLC; Positive Biosciences Corporation; Veritas Genetics Inc.; Illumina Inc.; MyHeritage Ltd.; Myriad Genetics Inc.; Amgen Inc.; Diagnomics Inc.; Toolbox Genomics Inc.; Xcode Life Sciences Inc.; CircleDNA Inc.; DNAfit Ltd.; 24Genetics S.L.U.; Living DNA Ltd.; SelfDecode Inc.; MyTrueAncestry Inc.; WeGene Technology Co. Ltd.; EasyDNA LLC; HomeDNA Inc.; Gencove Inc.; GenoMind Inc.; Genos Inc.; Nebula Genomics Corporation; Strategene Corporation
Consumer Genomics Market 2024 Key Insights:
• The consumer genomics market will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%.
• Increasing Applications Of Dtc Genomics Drive Growth In Consumer Genomics Market
• Technological Advancements Propel Growth In Consumer Genomics Market
• North America was the largest region in the consumer genomics market in 2023
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