New York, United States , March 12, 2024 (GLOBE NEWSWIRE) -- The Global Consumer Genomics Market Size is to Grow from USD 1.33 Billion in 2023 to USD 7.48 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 18.85% during the projected period.
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The field of genomics assesses an individual's risk of infection and regulates medical therapy appropriately. The fundamental tenet of consumer genetics is that each person is unique and that some genetic variations may predispose an individual to particular diseases related to the sequencing, analysis, and interpretation of a person's genome. A medical expert recommends researching a specific medical issue. Genetic testing is acquired online without the assistance of a healthcare physician, whereas consumer-driven genetic testing is sought by a medical expert in response to an informed patient request. Moreover, direct-to-consumer (DTC) kit sales and physician interest are two of the reasons propelling the growth of the worldwide consumer genomics industry. Technological developments, the expanding array of consumer genomics applications, encouraging government regulations, and the developing trend of customized genomics are further factors driving the market's growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Consumer Genomics Market Size, Share, and COVID-19 Impact Analysis, By Application (Genetic Relatedness, Diagnostics, Sports Nutrition & Health), By End User (Research Institute, Healthcare facilities, Diagnostic Centre’s, Pharmaceuticals Company & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The genetic relatedness segment is expected to hold the largest share of the global consumer genomics market during the predicted timeframe.
On the basis of application, the global consumer genomics market is divided into genetic relatedness, diagnostics, sports nutrition and health. Among these, the genetic relatedness segment is expected to hold the largest share of the global consumer genomics market during the predicted timeframe. The increasing use of paternity testing is the main factor driving this growth. The rise in demand for maternity, prenatal, and paternity testing is the primary driver of revenue development in this market area. notwithstanding the ease of purchasing paternity testing kits online. At the same time, a sizable percentage of consumers are adopting direct-to-consumer (DTC) genetic testing to find their distant cousins and discover more about their genetic composition.
The research institute segment is expected to hold the largest share of the global consumer genomics market during the anticipated period.
On the basis of the end user, the global consumer genomics market is divided into research institute, healthcare facilities, diagnostic centres, pharmaceuticals company & others. Among these, the research institute segment is expected to hold the largest share of the global consumer genomics market during the anticipated period. An increasing number of research organizations indicate that various companies are now promoting DNA testing as a way to obtain further understanding of the human body's health system.
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North America is anticipated to hold the largest share of the global consumer genomics market over the predicted timeframe.
North America is anticipated to hold the largest share of the global consumer genomics market over the predicted timeframe. The US chronic diseases market is growing due to high frequency, patient awareness, and high healthcare spending. The early commercialization of genomics in North America and the presence of key DTC test-related firms support this growth, allowing for a leading position in the global market.
Throughout the projected period, Asia Pacific is anticipated to develop at the most rapid rate. This area has a lot of room for growth since funding is available for long-term research projects and because DTC genetics is gaining popularity. The entry of new rivals is another factor contributing to the regional market's growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Consumer Genomics Market include Amgen, Inc., Ancestry, Biomeb, Color Health, Inc, Diagnomics, Inc., Futura Genetics, Gene By Gene, Ltd. (FamilyTree DNA), Helix OpCo LLC, Illumina, Inc., inui Health (formerly Scanadu), Mapmygenome, Metabolomic Discoveries GmbH, MyHeritage Ltd., Myriad Genetics, Inc, Pathway Genomics, Positive Biosciences, Ltd, QuickCheck Health, SomaLogic, Inc. and Others.
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Recent Developments
- In May 2023, the world leader in genomics-based testing for serious diseases, wellness, and health, Genetic Technologies Limited, announced that it has reached a deal to purchase AffinityDNA's direct-to-consumer eCommerce business and distribution rights.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Consumer Genomics Market based on the below-mentioned segments:
Global Consumer Genomics Market, By Application
- Genetic Relatedness
- Diagnostics
- Sports Nutrition and Health
Global Consumer Genomics Market, By End User
- Research Institute
- Healthcare Facilities
- Diagnostic Centers
- Pharmaceuticals Company
- Others
Global Consumer Genomics Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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