Consumer Genomics Market to Reach Valuation of USD 8.5 Billion by 2028 - Growing Interest of Consumers and Healthcare Providers in Personalized Genetic Analysis is Driving the Market

Vantage Market Research

Feb 09, 2022

In terms of revenue, the Global Consumer Genomics Market is expected to reach USD 8.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 20.1% from 2022 to 2028. Increasing the usage of customer genomics and large-scale policy practices in urban growth would operate as an open door for industry investing in the consumer genomics industry are the driving factors for Consumer Genomics Market.

Key Findings:

  • Under the Application segment genetic relatedness sub-segment is anticipated to dominate the segment for Consumer Genomics Market and growing at a substantial Compound Annual Growth Rate (CAGR). The advancement in the adoption of paternity testing, maternity testing, and prenatal paternity examination is driving the segment.
  • Certain factors that restrict the market is the, lack of awareness, a smaller number of skilled personnel, and lack of awareness in low-income countries will affect the consumer genomics market.
  • North America is the largest regional segment. This can be attributed to the early commercialization of genomics in this region and the presence of a significant number of key players dealing with DTC tests in the region.

Some of key players in Consumer Genomics Market includes - 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.,.

Customers and physicians are adopting genealogy assistance to acquire knowledge regarding their ancestors and to locate family members. The consumer gene testing organizations are undertaking strategic initiatives to enhance awareness among customers about genealogy testing. This, in turn, has ultimately developed genealogy testing, one of the key applications of the consumer genomics field, to capture the wide interest of clinicians and customers. This rise in awareness related to genealogy testing has resulted in the expanded adoption of customer genomics.

Expansion of the application areas of DTC genetic tests has a high impact on the market. Genetic testing holds a wide spectrum of benefits such as data security, identification of ancestors, race, and the nature of family, which improves its usage in clinical practices. Thus, the adoption of genetic testing is growing. In addition, robust consumer genetics tests are used in clinical, genealogical, and forensic areas. A large number of firms are providing DTC tests that could be executed in ongoing research, sports, nutrition, and other fields. Companies such as, Genetic Information Management (GIM) GmbH and DNA Testing Centers of Canada deliver carrier screening tests kits in clinical settings. The rapid development of the genetic testing industry has also resulted in a higher number of customers opting for online genetic testing.

North America is expected to emerge as potential market for Consumer Genomics Market. The presence of major market players and rapid uptake of new technologies will increase the market growth in this region. The major causes are the presence of skilled professionals and a rise in awareness regarding the benefit of consumer genomics products. The region will propagate at a speedy rate over the projected period due to rapid technological updating in the healthcare industry.