The Consumer Genomics Market is Anticipated to Grow at a Rate of 20.1% in the Forecast Period
The Consumer Genomics Market is anticipated to grow from USD 2.5 Billion to USD 8.5 Billion at a rate of 20.1% in the forecast period of 2022 to 2028. Consumer Genomics is an internal genetic component related to the sequence and genetic description of an organism. It is widely used in programs such as diagnostics, health, nutrition, reproductive healthcare, genetics, and ancestry. When genotypes are identified, this helps people to know about their ancestral names, the risk of disease, and other genetic manifestations. It helps to collect DNA data, which in response can detect drug trends, diseases, and ancestor-related information.
Increased acceptance of Consumer Genomics in the COVID-19 study is expected to drive the market. In April 2020, Ancestry DNA announced the use of its Consumer Genomics website (with patient consent) to test COVID-19 genetic potential. In July 2020, a study announced that the genetic region of IVNS1ABP in males was associated with COVID-19 exposure. This also explained the serious consequences of viral infection in men compared to women. On the other hand, growing clinical and ethical concerns about the use of DTC products and customized treatments, strict regulations related to the use of DTC genetic testing and the lack of acceptance of home-based genetic testing due to vague results are estimated to hinder consumer market genomics growth over time in the near future. Genomics data can be used for a variety of applications such as pharmacogenomics, diagnostics, and toxicogenomic. However, the analysis of large data generated in genomics research is a major challenge. In some cases, technological advances have enabled the tools used to present the analysis. However, translation still depends on the reader. Because of the complexity involved and the need for in-depth knowledge in the field of genomics, it is necessary to hire trained professionals to analyze and interpret the results of genomic sequence data.
The Consumer Genomics Market is segmented based on application, technology and product and service. Based on application, the market is segmented into genetic relatedness, diagnostics, lifestyle, wellness, nutrition, ancestry, reproductive health, personalized medicine and pharmacogenetic testing, sports nutrition and health, and others. Based on technology, the Consumer Genomics Market is segmented into PCR, sequencing, microarray, nucleic acid extraction and purification, and other technologies. Based on product and service, the Consumer Genomics Market is segmented into consumables, systems and software, services.
On the basis of regional analysis, the global Consumer Genomics Market is categorized in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the Consumer Genomics Market due to the growth of government programs to promote specific medicine. In addition, the adoption of various strategies by key players to provide effective genomics solutions will enhance the market growth of genomics consumers in the region during forecasting. Asia Pacific is expected to see significant growth in the Consumer Genomics Market in the coming years.
The major players included in Consumer Genomics Market are 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.,