Consumer Genomics Market

Consumer Genomics Market: By Type, Technology, Construction Method, End User, and Region

Market Synopsis:

Global Consumer Genomics market is valued at USD 2.40 Billion in 2022 and is projected to attain a value of USD 10.25 Billion by 2030 at a CAGR of 19.90% during the forecast period, 2022–2028. Customers and doctors are using genealogy services to learn more about their origins and find lost relatives. Public gene testing companies are launching deliberate measures to increase consumer awareness of genealogical testing. As a result, genealogical testing, one of the most important uses of Consumer Genomics, has piqued the curiosity of both clinicians and customers. Consumer Genomics has grown in popularity as a result of the growing knowledge of genealogy testing. The market is expected to be driven by an increase in Consumer Genomics use for COVID-19 research.

The impact of the coronavirus epidemic and subsequent state-wide lockdowns may be seen in a variety of businesses. The overall expansion of numerous sectors has been severely hampered, particularly in nations where COVID-19 is prevalent, such as India, China, Brazil, the United States, and a number of European countries (including Russia, Italy, and Spain). While businesses like oil and petroleum, aeronautics, and mining are seeing a drop in revenue, the healthcare, biotechnology, and pharmaceutical industries are taking advantage of the situation to serve as many patients and healthcare professionals as possible. Although the COVID-19 pandemic will have no direct impact on the Consumer Genomics market, its impact on the healthcare IT and EMR markets will boost demand for Consumer Genomics during and after the worldwide pandemic.

Use of Genomics in Specialized/Personalized Medicine

Growth in the personalized medicine sector is expected to provide a slew of opportunities for genomics firms. Personalized medicine research is becoming more popular among pharmaceutical corporations. Personalized medicine allows doctors to pinpoint a patient's specific needs and then prescribe medications and treatments to meet those needs. This method ensures improved care outcomes. Furthermore, advances in the field of gene therapy are projected to enable doctors to treat a problem by inserting a gene into a patient's cell, potentially replacing existing medications and operations. Personalized medical therapy is becoming more popular as it provides cost savings, patient compliance, drug safety, early illness identification, and therapy optimization.

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Data from genomics can be used for a variety of purposes, including pharmacogenomics, diagnostics, and toxicogenomics. The analysis of massive amounts of data generated in genomics research, on the other hand, is a serious difficulty. In some circumstances, technical improvements have made it possible for the instruments in use to give an analysis; nonetheless, the reader's interpretation is still up to them. It is vital to recruit skilled professionals to evaluate and interpret the outcomes of genome sequencing data due to the intricacies involved and the requirement for in-depth understanding in the field of genomics. However, due to a scarcity of qualified individuals, a number of end users are having difficulty processing genomic data.

Market Segmentation:

The Global Consumer Genomics Market can be segmented by Application into Genetic Relatedness, Diagnostics, Lifestyle, Wellness, & Nutrition, Ancestry, Reproductive Health, Personalized Medicine & Pharmacogenetic Testing, Sports Nutrition & Health and Others. Based on Region, the Consumer Genomics Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Consumer Genomics Market

Through 2028, the North American Consumer Genomics market is expected to grow at a rate of around 16.2%, owing to well-developed healthcare IT infrastructure and government initiatives to deploy digital health technology in healthcare institutions. Furthermore, this can be linked to the fact that genomics was first commercialised in North America, as well as the presence of a large number of significant firms involved in DTC tests. The existence of important businesses in the DTC sector in the United States, as well as widespread knowledge of at-home testing among the general public, demonstrates the country's dominance in the Consumer Genomics market.

During the projected period, the market for Consumer Genomics in Canada is expected to rise rapidly. However, large-scale gene mapping initiatives are currently underway in Canada, and the lack of appropriate regulatory reforms for DTC test companies and laboratories hinders the market penetration of these products in the country.