Consumer Genomics Market Size Is Poised To Reach $4.63 Billion By 2025: Grand View Research Inc. in Web marketing

  • Aug. 18, 2020, 4:03 a.m.
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The global consumer genomics market size is projected to reach USD 4.63 billion by 2025 expanding at a CAGR of 20.3% during the forecast period, according to a new report by Grand View Research, Inc. Key factors driving the market include increasing awareness about implementing the genomic tests for the prediction of disease susceptibility and adoption of these tests as a personalized guide to fitness. Consumer genomic products are marketed through online websites that encourage customers to implement end-to-end solutions. These solutions can be applied for screening vulnerabilities of inherited diseases, person’s ancestry, carrier screening with just a swab of the saliva sample at their home settings.

Biopharmaceutical innovators are at the forefront of the human response to the coronavirus pandemic. A significant number of major biotech firms are in the midst of a race to investigate the Sars-Cov-2 genome and prepare a viable vaccine for the same. As compared to the speed of response to SARS/MERs etc, the biotech entities are investigating SARs-Cov-2 at an unprecedented rate and a considerable amount of funds are being put into the R&D. With multiple candidates in trial, the public and private sectors are anticipated to work in unison for the foreseeable period, until a vaccine is developed for Covid-19. The report will account for Covid19 as a key market contributor.

The emergence of new consumer genomics market participants, such as Helix and Pathway Genomics, and the development of specific and user-friendly DTC tests lead to increased competition. Expanding scope of application of personalized medicine with the advancements in genetic technologies and single nucleotide polymorphism genotyping has paved the path for the treatment of complex diseases. Reducing costs of sequencing has made it possible to deliver genetic test analysis at affordable prices. Thus, the growing trend of DTC testing has evolved and is empowering the customers to have an in-depth analysis of their genomic data to assist them in making proactive health-related decisions.

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Further key findings from the study suggest:

Advancements in the field of diagnostics supports the use of genomic data to extract the information about disease susceptibility, thereby fueling the consumer genomics market growth
Easy availability of maternal and paternal tests with minimal requirement of genetic counseling attributes to the dominant share of genetic relatedness
Growing awareness about non-invasive prenatal testing among drives the reproductive health application segment
Presence of key companies like AncestryDNA and 23andMe and number of ongoing genomics-related studies in U.S. contribute to the largest share of North America
Asia Pacific is expected to witness fastest CAGR from 2019 to 2025 owing to rising awareness about consumer genetic tests along with evolving genomic landscape in China
Companies in the global market include Ancestry; 23andMe, Inc.; Helix OpCo LLC; Xcode Life; Diagnomics, Inc.; Gene By Gene, Ltd. (FamilyTree DNA); Color Genomics; Positive Biosciences, Ltd.; Futura Genetics; Mapmygenome; Pathway Genomics; MyHeritage Ltd.; and Toolbox Genomics
These companies have undertaken several initiatives, such as the inclusion of pre- and post-genetic counseling for consumers
The declining cost of sequencing has subsequently reduced the price of consumer genomic products and thus increased its accessibility to the consumer. This is due to a reduction of fixed costs and internal resource utilization by companies such as Illumina and Veritas, to deliver whole genome sequencing at low prices for the introduction of cost-effective genetic tests.

The companies are also stressing on the consumer privacy norms, the recent launch of Helix’s test that looks for two types of cancer and cholesterol, intends to maintain privacy by requesting payment and a two-way verification. In addition to this, Perkin Elmer, co-partner in the development of this test that was launched in April 2019 has focused on the interpretation of the test as an important parameter to help patients, understand the positive as well as negative outcomes.

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Rising funding from market participants to support the consumer genomics-based operations boosts the demand for DTC testing solutions. For instance, in March 2018, Helix raised a funding of USD 200 million as well as partnered with fifty firms and medical centers to strengthen its online marketplace for genetic test kits.

Grand View Research has segmented the global consumer genomics market on the basis of application:

Consumer Genomics Application Outlook (Revenue, USD Million, 2014 - 2025)

Genetic Relatedness
Diagnostics
Lifestyle, Wellness, & Nutrition
Ancestry
Reproductive Health
Personalized Medicine & Pharmacogenetic Testing
Sports Nutrition & Health
Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com


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