The global consumer genomics market has been growing rapidly owing to the increasing popularity and availability of direct-to-consumer DNA testing kits that allows customers to gain insights about their traits, ancestry, health risks, and much more from their own DNA samples at the comfort of their homes. Consumer genomics analyzes human genes and genetic makeup using DNA sampling technologies to allow consumers to learn how their genes affect their health, physical and cognitive traits. The at-home DNA testing kits make it very convenient for customers to take their DNA sample through saliva and send it to certified labs for analysis.
The market is estimated to be valued at US$ 1.23 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global consumer genomics market are Ancestry, Gene By Gene, Ltd. 23andMe,Inc., Color Genomics,Inc, Myriad Genetics,Inc, Mapmygenome, Positive Biosciences, Ltd, Futura Genetics, Helix OpCo LLC, MyHeritage Ltd., Pathway Genomics, Veritas, Amgen, Inc., Xcode Life, Diagnomics, Inc., Toolbox Genomics, SomaLogic, Inc., inui Health, AgeCurve, QuickCheck Health, Biomeb, Metabolomic Discoveries GmbH, Illumina, Inc., Genetic Technologies Limited. The easy availability and low prices of at-home DNA testing kits are opening promising opportunities for market growth. Various companies are launching direct-to-consumer kits for ancestry, traits, nutrition, fitness and health reports which is fueling the demand. Furthermore, rising awareness about personalized medicine and precision diagnosis is encouraging consumers globally to adopt DTC testing.
Key players in the consumer genomics market are focusing on partnerships, new product launches and global expansion to capitalize on opportunities. For instance, 23andMe partners with pharmaceutical giants like GlaxoSmithKline for drug discovery. Ancestry expanded its consumer base and operations to Canada, UK, Australia and more over past few years. The growing popularity of DTC testing across Asia Pacific, Latin America, Middle East and African regions indicates huge potential for further market expansion globally over the coming years.
Market Drivers
The key market drivers for rising Consumer Genomics Trends includes growing popularity of personalized medicine approach, reduced cost of sequencing technologies, increasing awareness about genetic diseases and traits, and availability of direct-to-consumer DNA testing kits without physician prescription. The easy availability of DTC kits at affordable prices along with convenient home sampling method and result analysis is fueling their adoption worldwide. Furthermore, partnerships between genomics companies and pharmaceutical firms for drug discovery using consumer genetic data is creating new revenue streams and encouraging innovation.
PEST Analysis
Political: The consumer genomics market is influenced by policies and regulations set by governments and regulatory authorities on testing and data privacy. Regulations pertaining to testing and data privacy vary across regions and are still evolving.
Economic: The economic growth of emerging markets and rising disposable income has been increasing the affordability and adoption of direct-to-consumer genetic testing. However, high test costs may limit market growth to some extent.
Social: Rising health awareness, interest in genealogy and growing acceptance of preventive healthcare are some of the key social trends boosting demand for consumer genomics products and services. However, some social and ethical concerns also exist around testing and data usage.
Technological: Continuous innovations in genetic technologies, next-generation sequencing techniques, AI/ML applications and mobile health platforms are expanding capabilities and driving the consumerization of genetics. Faster and less expensive whole genome sequencing is improving accessibility.
North America
North America currently holds the largest share of the global consumer genomics market in terms of value due to early adoption, presence of major players and strong marketing approach in the region. The U.S. accounts for the bulk of the regional market.
Asia Pacific
The Asia Pacific region is projected to grow at the fastest pace during the forecast period. This can be attributed to growing health awareness, increasing spending power, government initiatives and expanding presence of global market players in countries like China, India and Japan.
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