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Booming Growth of the Consumer Genomics Market: Propelled by Personalized Medicines and Latest Trends
Booming Growth of the Consumer Genomics Market
What Is The Projected Market Size Of The Global Consumer Genomics Market And Its Growth Rate?
The recent years have witnessed a significant growth of the Consumer Genomics Market. Key statistics include:
• The market size was $3.5 billion in 2024
• Forecasted to reach $4.18 billion in 2025
• A compound annual growth rate (CAGR) of 19.5% is expected for this period
The growth during this historic period has been attributed to factors such as sequencing cost reduction, introduction of direct-to-consumer testing, and pioneering companies in consumer genomics being major contributors. The expanding market size is expected to surge in the next few years with:
• Projected growth to reach $8.98 billion in 2029
• Expecting a CAGR of 21.1% for the period
This growth can be attributed to factors such as an expanded genetic data pool, increasing demand for disease risk assessment, integration with wearable devices, shift toward preventive healthcare, and expansion of genetic counseling services.
What Is Driving The Growth In The Consumer Genomics Market?
The growing demand for personalized medicine is a pivotal factor driving the growth of the consumer genomics market. Personalized medicine is tailored to individual patients based on their unique genetic, environmental, and lifestyle factors. Access to genetic information provided by consumer genomics empowers individuals to make informed health decisions and seek tailored treatments. In 2024, 16 novel personalized therapies were FDA approved for patients with rare diseases, an increase from six in 2022.
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Who Are the Key Players Driving Consumer Genomics Market Growth?
Key market players include:
• 23andMe Inc.
• Gene by Gene Ltd.
• Mapmygenome Ltd.
• Ancestry.com LLC
• Color Genomics Inc.
• Futura Genetics LLC
• Pathway Genomics Corporation
• Helix Operating Company LLC
What Are The Key Trends In The Consumer Genomics Market?
Key market trends include:
• Focus on genetic counseling services
• Price reduction in sequencing
• Rise in personalized medicine
• Direct-to-consumer testing demand
• Health and wellness awareness
What Are The Segments Of The Global Consumer Genomics Market?
Major market segments include:
• By Product: Consumables, Systems And Software, Other Products
• By Technology: Polymerase Chain Reaction (PCR), Sequencing, Microarray, Nucleic Acid Extraction And Purification
• By Application: Genetic Relatedness, Diagnostics, Lifestyle, Ancestry, Wellness And Nutrition, Reproductive Health, Personalized Medicine And Pharmacogenetic Testing, Sports Nutrition And Health, Other Applications
Which Region Leads The Consumer Genomics Market?
North America led the consumer genomics market in 2024. However, Asia-Pacific is predicted to be the fastest-growing region during the forecast period. Other regions covered in the market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Consumer Genomics Market Global Market Report?
- Market Size Analysis: Analyze the Consumer Genomics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Consumer Genomics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Consumer Genomics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Consumer Genomics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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