Predictive Genetic Testing and Consumer/Wellness Genomics Market Worth USD 3.4 Billion by 2027 at 13.9% CAGR– Report by Market Research Future (MRFR)
Market Research Future
7 min read
Predictive Genetic Testing and Consumer/Wellness Genomics Market Research Report Trends and Insights by Test Type (Predictive Testing [Genetic Susceptibility Test, Predictive Diagnostic, and Population Screening], Consumer Genomics, and Wellness Genomics [Nutria Genetic, Skin & Metabolism Genetics, and Others], by Application (Breast & Ovarian Cancer, Cardiovascular Screening, Diabetic Screening & Monitoring, Colon Cancer, Parkinsonism/Alzheimer’s Disease, Urologic Screening/Prostate Cancer Screening, Orthopedic & Musculoskeletal, and Others), by Setting Type Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, July 04, 2022 (GLOBE NEWSWIRE) -- Predictive Genetic Testing & Consumer/Wellness Genomics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Predictive Genetic Testing and Consumer Genomics Market Information by Test Type, Application, Setting Type, and Region - Forecast till 2027”, the market is estimated to reach USD 3.4 billion by 2027, recording a 13.9% CAGR by 2027.
Predictive genetic testing is a genetic test that determines the future risks associated with the diseases in a person who is asymptomatic. Genetic testing involves assessing a person’s DNA and helps reveal mutations or any alterations in the person’s genes.
Mounting awareness with regard to the advantages of predictive genetic testing and the emergence of Next-generation Platform Sequencing (NGS) will accelerate the growth rate of the market. Predictive genetic testing is used for understanding the genetic condition for improved treatment.
The expanding application scope of predictive genetic testing in response to the rising number of collaborations between the top vendors active in the genomics sector will be a huge growth-inducing factor. Novel alliances allow the companies to offer end-to-end, feasible solutions to the consumers, thereby enhancing the customer adoption rate. These partnerships between the government authorities as well as the research institutions facilitate entry prospects within the predictive genetic testing realm. Market progress is bolstered by federal regulatory bodies’ soaring concerns with regard to the efficiency of genetic tests. These concerns help manufacturers as well as physicians in elevating the efficiency of the procedure, thereby boosting the sales of such consumer-oriented products.
Predictive genetic testing along with direct-to-consumer tests are some of the most useful components of next-generation sequencing platforms. Surging automation of sequencing methodologies, paired with the introduction of rapid and efficient genomic sequencing procedures, will accelerate the progress rate of the predictive genetic tests that are based on the NGS principle.
Use of NGS protocols for delivering fragmented, niche point-of-care solutions all over the genomics value chain will favor the worldwide market. Additionally, the rising rate of outsourcing has led to a mounting number of companies engaging in offering ‘sequencing-as-a-service’ or lines of sample-to-insight services.
Market Restraints
The substantial costs associated with predictive genetic testing systems and their various components can restrict the growth rate of the predictive genetic testing and consumer/wellness genomics market. Purchasing these is quite tough for small and medium-sized enterprises as well as academic institutions. Also, companies generally need several predictive genetic testings for effective throughput as well as productivity, which elevates the expenditures.
The COVID-19 outbreak’s significant impact has led to numerous severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. These factors will most likely be unfavorable for the predictive genetic testing and consumer wellness genomics market in the years to come.
Predictive Testing [Predictive Diagnostic, Population Screening and Genetic Susceptibility Test], Consumer Genomics, and Wellness Genomics [Skin & Metabolism Genetics, Nutria Genetic, and others are the top test types considered in the report. Predictive testing has become extremely popular worldwide owing to numerous variables, such as the soaring prominence of genetic disorders, heightened demand for genetic counseling, and the growing prevalence of a healthy lifestyle.
By Application
Orthopedic & Musculoskeletal, Cardiovascular Screening, Breast & Ovarian Cancer, Colon Cancer, Diabetic Screening & Monitoring, Urologic Screening/Prostate Cancer Screening, and Parkinsonism/Alzheimer’s Disease are the key applications of predictive genetic testing and consumer wellness genomics. Breast & ovarian cancer segment can anticipate attaining the highest CAGR over the ensuing years.
By Setting Type
The setting types covered in the study are Metabolic Testing, Genomic Testing and Proteomic Testing. By the forecast year’s end, the proteomic testing market would touch USD 5,590 million, thanks to the surging R&D investments, significant prevalence of genetic disorders, and the rise in government financing.
The North American market, headed by the US and Canada, is the global leader. Given the factors like the presence of established healthcare infrastructure and renowned players, the region is touted to maintain its lead in the worldwide market between 2021 and 2027. Most of the players in the region focus on product launches, acquisitions and expansion. On top of this, the escalating cases of non-communicable diseases are enhancing the need for more efficient therapeutics, which bolster the expansion rate of the predictive genetic testing & consumer/wellness genomics market.
The Asia Pacific market will make rapid progress in the following years, on account of the emerging countries based in the region and the presence of a rapidly advancing healthcare infrastructure. The latter helps make the use of predictive genetic tests more accessible and feasible. Besides, region's surging R&D expenditure will further augment the market position.
Discover more research Reports on Healthcare Industry, by Market Research Future:
Dermatology Diagnostic Device Market Share And Growth Analysis By Diagnostic Device Type (Dermatoscopes, Microscopes, Imaging Devices), By Application (Skin Cancer Diagnostics, Skin Lesion And Others) By End Users (Hospitals, Research Centers, Institutions, And Others) Forecast To 2027
Medical Sensors Market Research Report: By Type (Temperature Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Motion Sensors, Inertial Sensors, Pressure Sensors), Sensor Placement (Strip Sensors, Wearable Sensors, Implantable Sensors, Invasive/Non-Invasive Sensors, Ingestible Sensors), Application (Diagnostics, Therapeutics, Monitoring, Imaging Devices, Fitness and Wellness) -Forecast till 2027
Biopsy Devices Market Share, Growth And Trends Analysis By Product Type (Biopsy Guns, Biopsy Guidance System, Biopsy Needles, Forceps And Others), By Application (Surgical Biopsy, Skin Biopsy, Needle Biopsy, Bone Marrow Biopsy, Cancer Diagnosis And Others), By End User (Hospitals, Specialty Clinics, Diagnostic Centers, Academic & Research Institutes And Others) - Forecast Till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
