PUBLISHER: The Business Research Company | PRODUCT CODE: 1414134
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414134
“Consumer Genomics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer genomics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for consumer genomics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The consumer genomics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Consumer genomics is a branch of genomics dedicated to providing genetic information directly to consumers, typically through commercial genetic testing services. These services utilize DNA samples submitted by individuals to generate reports containing information about genetic predispositions to specific traits, diseases, or conditions.
The primary products within the consumer genomics sector include consumables, systems and software, and other related products. In the context of consumer genomics, consumables encompass products and materials utilized in genetic testing, such as collection kits, reagents, and various laboratory supplies. The technologies employed in consumer genomics cover a range of methods, including polymerase chain reaction (PCR), sequencing, microarray, and nucleic acid extraction and purification. Applications of consumer genomics span genetic relatedness, diagnostics, lifestyle insights, ancestry tracing, wellness and nutrition recommendations, reproductive health assessments, personalized medicine and pharmacogenetic testing, sports nutrition and health, and other relevant areas.
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The consumer genomics market size has grown rapidly in recent years. It will grow from $2.9 billion in 2023 to $3.48 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%.The growth observed in the historic period in the field of consumer genomics can be attributed to several key factors. These include the reduction in sequencing costs, the introduction of direct-to-consumer testing, the pioneering efforts of companies in the consumer genomics sector, concerns related to data privacy and security, and the initial challenges associated with the adoption of consumer genomics technologies.
The consumer genomics market size is expected to see exponential growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The anticipated growth in the forecast period within the consumer genomics field can be attributed to several factors. These include the expansion of the genetic data pool, a growing demand for disease risk assessment, integration with wearable devices, a shift towards preventive healthcare, and the expansion of genetic counseling services. Major trends expected in the forecast period encompass a heightened focus on genetic counseling services, a reduction in sequencing costs, an increase in personalized medicine initiatives, a rising demand for direct-to-consumer testing, and a growing awareness of health and wellness.
The consumer genomics market is expected to experience significant growth, driven by the expanding applications of direct-to-consumer (DTC) genomics in diagnostics, genetic relatedness, sports nutrition, and personalized medicines. DTC genomics test kits, which individuals can purchase and use at home to gain insights into their genetic makeup and potential health risks, are becoming increasingly popular. For example, in February 2022, AlphaBiolabs, a UK-based company offering various DNA testing services, reported a 47.0% surge in demand for prenatal paternity genomics testing in 2021 compared to pre-pandemic levels. This trend highlights the growing role of DTC genomics in diverse applications, propelling the consumer genomics market.
The aging population is expected to be a significant driver of growth in the consumer genomics market. The aging population, characterized by an increasing number of individuals aged 60 and above, presents opportunities for consumer genomics to contribute to the understanding of healthy aging. Additionally, consumer genomics addresses the interests of the aging population in genealogy testing and provides insights into disease risks based on individual genetic profiles. According to the World Health Organization, by 2030, 1 in 6 people worldwide will be aged 60 or older, reaching 1.4 billion individuals. The number of individuals aged 80 or older is projected to double to 2.1 billion by 2050. The growing aging population is a key factor driving the consumer genomics market.
Technological advancements emerge as a pivotal trend gaining prominence in the consumer genomics market. Leading companies within this sector are strategically focusing on advancing technologies and innovating new products to enhance their observational capabilities and maintain a competitive position in the market. As an illustration, in June 2021, QIAGEN, a Netherlands-based provider of sample and assay technologies, introduced the QIAprep CRISPR Kit and Q-Primer Solutions. These offerings enable researchers to analyze edited genetic material with unprecedented speed and efficiency, providing insights into the changes in DNA sequence function resulting from interventions. The kit combines liquid-based sample preparation, downstream PCR detection, and DNA sequencing using the Sanger technique.
Major players in the consumer genomics market are directing efforts towards the introduction of advanced solutions, such as long-read sequencing systems, to gain a competitive advantage. Long-read sequencing, a form of next-generation sequencing (NGS), offers technical advantages over short-read sequencing for specific types of genetic variation detection. For instance, in October 2022, PacBio, a US-based biotechnology company, launched Revio, a groundbreaking long-read sequencing system. Leveraging advanced NGS technology and cutting-edge NVIDIA GPUs, Revio provides high-throughput, high-quality sequencing data. It is designed for applications in research and clinical settings, including large-scale studies in human genetics, cancer research, agricultural genomics, and more. The system incorporates deep learning algorithms to detect DNA methylation and DeepConsensus, a deep learning technique developed with Google Health to enhance the yield and accuracy of HiFi sequencing, offering accelerated basecalling to meet Revio's higher throughput.
In November 2022, Myriad Genetics, Inc., a US-based genetic testing company, acquired Gateway Genomics, LLC, for $67.5 million. This strategic acquisition enhances access to personalized genetic tests throughout and after a woman's reproductive stage, reinforcing Myriad Genetics' portfolio of women's health products. Gateway Genomics, a US-based personal genomics company and manufacturer of the SneakPeek early gender DNA test, adds valuable offerings to Myriad Genetics' genetic testing capabilities.
Major companies operating in the consumer genomics market report are: 23andMe Inc., Gene by Gene Ltd., Mapmygenome Ltd., Ancestry.com LLC, Color Genomics Inc., Futura Genetics LLC, Pathway Genomics Corporation, Helix Operating Company LLC, Positive Biosciences Corporation, Veritas Genetics Inc., Illumina Inc., MyHeritage Ltd., Myriad Genetics Inc., Amgen Inc., Diagnomics Inc., Toolbox Genomics Inc., Xcode Life Sciences Inc., CircleDNA Inc., DNAfit Ltd., 24Genetics S.L.U., Living DNA Ltd., SelfDecode Inc., MyTrueAncestry Inc., WeGene Technology Co. Ltd., EasyDNA LLC, HomeDNA Inc., Gencove Inc., GenoMind Inc., Genos Inc., Nebula Genomics Corporation, Strategene Corporation
North America was the largest region in the consumer genomics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global consumer genomics market report during the forecast period. The regions covered in the consumer genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the consumer genomics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Consumer genomics consists of revenue earned by entities that provide genetic testing services and revenue through various means including Direct-to-consumer (DTC) genetic testing kits, subscription-based services that provide access to ongoing genetic testing and analysis and pharmaceutical or biotechnology companies to provide access to their genetic data for research purposes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.