WASHINGTON, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Consumer Genomics Market finds that growing interest of consumers and healthcare providers in personalized genetic analysis is expediting market growth. The market growth is attributed to, growing concerns pertaining to sedentary lifestyles, as well as increasing poor diet-related illness prevalence. Total Global Consumer Genomics Market is estimated to reach USD 8.5 Billion by 2028, up from USD 2.5 Billion in 2021, at a compound annual growth rate (CAGR) of 20.1%.
Furthermore, increasing population as well as increasing disposable income of consumers to augment growth of the Global Consumer Genomics Market, states Vantage Market Research, in a report, titled: “Consumer Genomics Market by Application (Genetic Relatedness Diagnostics, Lifestyle, Wellness Nutrition, Ancestry, Reproductive Health), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing adoption of consumer genomics
Since past few years, owing to COVID-19 outbreak Direct-to-Consumer (DTC) testing market have witnessed steep growth. This is owing to sudden growing interest of consumers and healthcare providers in personalized genetic analysis. Additionally, it does not require the involvement of a healthcare provider. Also, direct access to Direct-to-Consumer (DTC) genomic test results will allow users to gain knowledge about themselves and support them in making proactive decisions, such as behavioural change and lifestyle. Moreover, the genetic testing industry have also witnessed rapid growth since past few years. Thus, leading to higher number of customers opting for online genetic testing. These are some of the factors increasing the demand for consumer genomics further propelling the market growth.
Increasing Prevalence of Diseases as well as Increasing Population across the Globe
Since past decade, the population across the globe is increasing hastily. Also, changing trend towards busy lifestyle is increasing demand for ready to eat foods. Improper diet routine owing to busy lifestyle is leading to improper nutrition of body. Thus diet-related illness prevalence is increasing tremendously. Along with this, the disease prevalence is also increasing. This is increasing demand for consumer genomics. Additionally, increasing application area of DTC testing kits is another factor growing consumer genomics market growth over the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Consumer Genomics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Consumer Genomics Market
North America has dominated the Global Consumer Genomics Market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to growing of the government initiatives for promoting precision medicine. Additionally, acceptance of various strategies by key players to offer effective genomics solutions is further fuelling the market growth over the forecast period.
Asia Pacific is likely to witness fastest growth in the Consumer Genomics Market during the forecast period. The market growth in the region is attributed to factors such as, presence of emerging economies, as well as large base of population. Additionally, increasing awareness regarding health is further anticipated to fuel the market growth over the forecast period.
Browse market data Tables and Figures spread through 160 Pages and in-depth TOC on "Consumer Genomics Market by Application (Genetic Relatedness Diagnostics, Lifestyle, Wellness Nutrition, Ancestry, Reproductive Health), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/consumer-genomics-market-046128
List of Prominent Players in the Consumer Genomics Market:
23andMe, Inc., Ancestry, Mapmygenome, Gene By Gene, Ltd. (FamilyTree DNA), Color Genomics, Inc., Futura Genetics, Positive Biosciences, Ltd., Helix OpCo LLC, Pathway Genomics, and MyHeritage Ltd.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Consumer Genomics Market?
- How will the Consumer Genomics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Consumer Genomics Market?
- What is the Consumer Genomics market drivers and restrictions?
- What will be the CAGR and size of the Consumer Genomics Market throughout the forecast period?
Recent Developments:
April 2020: AncestryDNA announced to use its consumer genomics database (with the patient’s consent) to explore potential genetic cues for COVID-19.
This market titled “Consumer Genomics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 2.5 Billion |
| Projected Market Size in 2028 | USD 8.5 Billion |
| CAGR Growth Rate | CAGR of 20.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | By Application (Revenue: USD Million, 2016 - 2028) • Genetic Relatedness Diagnostics • Lifestyle, Wellness Nutrition • Ancestry • Reproductive Health • Personalized Medicine & Pharmacogenetic Testing • Sports Nutrition & Health • Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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