Innovation in Technology Sparks Growth in Consumer Genomics: North America Leads While Asia-Pacific Gears Up for Rapid Expansion
DUBLIN, Sept. 15, 2023 /PRNewswire/ — The “Consumer Genomics Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global consumer genomics market is set to witness substantial growth, with revenues projected to increase from $2.42 billion in 2022 to $2.90 billion in 2023, propelled by a strong compound annual growth rate (CAGR) of 19.55%. The market is anticipated to continue its upward trajectory and is forecasted to reach $6.00 billion by 2027, with a CAGR of 19.94%.
Key players in the consumer genomics market include 23andMe Inc., Gene By Gene Ltd., Mapmygenome Ltd., Ancestry.com LLC, Color Genomics Inc., Futura Genetics, Pathway Genomics, Helix OpCo LLC, Positive Biosciences Ltd., Veritas Genetics, Illumina Inc., MyHeritage Ltd., Myriad Genetics Inc., Amgen Inc., Diagnomics Inc., Illumina, Inc., MyHeritage Ltd., Positive Biosciences Ltd., Toolbox Genomics, and Xcode Life.
Reasons to Purchase
Consumer Genomics Market Overview
Consumer genomics focuses on providing genetic information directly to consumers through commercial genetic testing services. These services utilize DNA samples provided by individuals to generate reports offering insights into genetic predispositions to traits, diseases, or conditions.
Key product categories in consumer genomics include consumables, systems and software, and other products. Consumables comprise products and materials used in genetic testing, such as collection kits, reagents, and laboratory supplies. Technologies employed include polymerase chain reaction (PCR), sequencing, microarray, nucleic acid extraction and purification. Consumer genomics applications span genetic relatedness, diagnostics, lifestyles, ancestry, wellness and nutrition, reproductive health, personalized medicine and pharmacogenetic testing, sports nutrition and health, among others.
Key Market Trends
Technological advancements are a prominent trend in the consumer genomics market, with leading companies focusing on innovation to enhance their capabilities and maintain a competitive edge.
Recent Acquisition
In [Month, Year], [Company Name], a US-based genetic testing company, completed the acquisition of [Acquired Company Name] for [Acquisition Amount]. This strategic move aimed to [Briefly explain the purpose and benefits of the acquisition, such as expanding product offerings, entering new markets, or enhancing technological capabilities].
Regional Insights
In 2022, North America emerged as the largest region in the consumer genomics market, while Asia-Pacific is expected to experience the fastest growth during the forecast period. The report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
Growing Applications of DTC Genomics
The increasing applications of Direct-to-Consumer (DTC) genomics in diagnostics, genetic relatedness, sports nutrition, personalized medicines, and other fields are expected to drive the growth of the consumer genomics market. DTC genomics test kits enable individuals to gain insights into their genetic makeup and health risks from the comfort of their homes. For instance, prenatal paternity genomics testing witnessed a 47.0% surge in demand in 2021 compared to pre-pandemic levels, highlighting the growing adoption of DTC genomics in diagnostics.
Key Topics Covered:
1. Executive Summary
2. Consumer Genomics Market Characteristics
3. Consumer Genomics Market Trends And Strategies
4. Consumer Genomics Market – Macro Economic Scenario
4.1. COVID-19 Impact On Consumer Genomics Market
4.2. Ukraine-Russia War Impact On Consumer Genomics Market
4.3. Impact Of High Inflation On Consumer Genomics Market
5. Consumer Genomics Market Size And Growth
5.1. Global Consumer Genomics Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Consumer Genomics Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Consumer Genomics Market Segmentation
6.1. Global Consumer Genomics Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Consumer Genomics Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Consumer Genomics Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Consumer Genomics Market Regional And Country Analysis
7.1. Global Consumer Genomics Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Consumer Genomics Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/8bu1ie
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