The global Consumer Genomics Market size is projected to reach USD 8.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.4% from 2021 to 2028. Technological advances in genetic research have helped to raise awareness among physicians as well as consumers pertaining to the use of gene-based testing.
Genomics testing enables the determination of common traits by studying a DNA molecule, predictions about health, and offers evidence of a person’s ancestry. Several companies are providing DNA tests directly to customers by which they have access to their genetic information without involving the healthcare professional. Rising awareness about DNA testing has driven the adoption rate, which in turn provides healthy growth prospects for the implementation of DNA tests in home settings.
The continuously declining costs of genotyping have resulted in direct-to-consumer services becoming more accessible to the average consumer as DNA testing services are delivered by key companies. Many key participants are focusing majorly on building partnerships and collaborations with physicians and healthcare systems to inflate their current marketplace.
Related Press Release @ Consumer Genomics Market Report
Consumer Genomics Market Report Highlights
- The genetic relatedness segment accounted for the largest revenue generation in 2020 and is anticipated to remain dominant throughout the forecast period
- Genetic relatedness involves the determination of hereditary or the genetic transfer of traits from parents to their offspring
- These tests help analyze repetitive DNA regions known as short tandem repeats for the determination of a likelihood of paternity
- The lifestyle, wellness, and nutrition segment is expected to witness the fastest CAGR as consumer genomics tests are claimed to provide personalized nutrition based on an individual’s genotype
- For patients with rare genetic disorders such as galactosemia and lactose intolerance, a customized diet is recommended
- Growing public interest for personalized health has fueled the adoption of nutrigenetic testing services, specifically for optimizing nutrition
- Hence, personalized nutrition is employed to maintain or improve health by using genetic, clinical, and dietary information to provide precise and more efficacious personalized healthy recommendations
- North America is estimated to capture the largest market share owing to the local presence of key industry participants such as 23andMe and AncestryDNA, and the commercialization of FDA approved kits
- Due to growing investments and skills, in Asia Pacific, the market is expected to grow with the fastest CAGR
- This can majorly be attributed to the advent of knowledge-based innovations and entry of investors focused on personalized genetic screening as well as the presence of research funding agencies