Consumer Genomics Market Predicted to Reach US$ 21.2 billion by 2033, Garnering a 22.3% CAGR from 2022 to 2032 | Exclusive Report by Transparency Market Research
Transparency Market Research
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Transparency Market Research
Another driver propelling the market throughout the projection period is the growing application area of the DTC testing kits.
Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global consumer genomics market was estimated to have acquired US$ 2.4 billion in 2021. It is anticipated to register a 22.3% CAGR from 2022 to 2032 and by 2032, the market is likely to gain US$ 21.2 billion.
Over the course of the forecast period, the market is expected to rise due to rising demand for personalized genomics and increasing accessibility to DTC services as a result of falling genotyping rates. In addition, growing physician and consumer interest in DTC kits together with increasing corporate investment into consumer genomics are anticipated to propel market expansion.
Stricter regulations around the use of DTC genetic testing, growing ethical and clinical concerns about personalized therapy and DTC products, and the lack of uptake of home-based genetic tests because of unclear results are anticipated to impede market expansion.
Patients and doctors to find family connections and learn more about their ancestry are using genealogy services.
The consumer gene testing companies are launching deliberate campaigns to increase consumer knowledge of genealogical testing. One of the main uses of consumer genomics, genealogy testing, has finally emerged to pique the interest of both customers and physicians.
Consumer genomics is being used more frequently because of the growing popularity of genealogy testing.
Market Trends for Consumer Genomics Market
Participants within the genomics market might have a multitude of opportunities due to the predicted growth of the personalized medicine business. Research on personalized medicine is receiving increased funding from a number of pharmaceutical companies.
With the use of personalized medicine, medical professionals may determine the precise needs of their patients and recommend treatments and medications accordingly.
Better care for patients is ensured by this procedure. It is anticipated that developments in gene therapy would supersede conventional drugs and procedures by enabling medical professionals to treat a patient's condition by introducing a gene into their cell.
Businesses in the genomics area will have a wealth of opportunities due to the growing personalized medicine market. Numerous pharmaceutical companies are increasing the amount of money they put in research on personalized medicine.
Market for Consumer Genomics: Regional Outlook Various reasons are propelling the growth of the consumer genomics market in different regions. These are:
North America accounted for a significant portion of the global consumer genomics market in 2021. The increase of government initiatives supporting precision medicine is responsible for the market growth in the region.
The adoption of diverse approaches by prominent players to furnish efficacious genomics solutions is propelling the regional market growth throughout the anticipated duration. Due to the entry of new competitors, the retail genomics market in the Asia Pacific is anticipated to grow throughout the projected period.
The market will gain from expanding understanding of personalized medicine, enhanced lifestyle through retail genomics, and increased funding for research and development.
Leading industry participants have implemented tactical approaches to boost their market share via mergers and acquisitions, product introductions, and other tactics. They are introducing Next Generation Sequencing (NGS)-based programs.
The following companies are well-known participants in the global consumer genomics market:
23andMe
Color Genomics
Counsyl
Gene by Gene
Laboratory Corporation of America
MyMedLab
Mapmygenome India
Positive Biosciences
Key developments in the global market are:
Company
Year
Key Developments
23andMe
2020
GSK and 23andMe worked together to progress a possible first-in-class cancer therapy.
Customers who consented to the use of their genetic data for scientific research provided the genetic data they utilized.
With a focus on medication research, 23andMe's stock started low, about $10, when it went public in 2021.
Despite this, investors should expect the firm to be a solid long-term investment opportunity.
An immuno-oncology medication developed by GSK and 23andMe is currently undergoing Phase 1 trials.
Color Genomics
2021
Color has announced Series E funding to expedite the building of public health infrastructure that is equal and accessible, valued at $4.6 billion.
With an extra US$ 100 million in financing, Color plans to expand access to critical healthcare services to identify, diagnose, and treat patients wherever they are by utilizing the infrastructure established during the pandemic.
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