Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Consumer Genomics market.
Trusted Business Insights presents an updated and comprehensive analysis of Consumer Genomics Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Consumer Genomics market during the forecast period (2021-2026).Our research analyst have analysed at the short-term stress in the industries subsectors as well as long-term impacts. Analyst have also examined the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Global Consumer Genomics Market
The global Consumer Genomics market size is projected to reach US$ 5.53 billion by 2026, from US$ 1.82 billion in 2020, at a CAGR of 20.3% during 2021-2026. The market is on the verge of turning into a mainstream phenomenon owing to the broadening options for the application of genetic tests. Moreover, the market is poised to be benefitted with the slow improvement in the adoption of genealogy services that assist the consumers to have an in-depth analysis of their ancestors, family tree, and risk of developing inherited health conditions.
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 Helixs 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 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.
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.
Improvement in regulatory reforms pertaining to the marketing of DTC products is anticipated to propel the development and sales of consumer genomics products. In June 2018, the U.S. FDA removed some regulatory legislation for the marketing of consumer genomic products. Thereby, companies can commercialize their tests after obtaining a first premarket authorization without any additional review.
Continuous initiatives, such as product development and investment for portfolio expansion, are being undertaken by key players to maintain their competitive edge in the market. In March 2018, 23andMe received FDA authorization for its DTC genetic tests to test BRCA1 and BRCA2“genes that are linked with ovarian, prostate, and breast cancer.
Emerging competitors are expected to offer rigid competition to the existing participants through their various growth strategies. Market participants are increasing the advertising spend thus leading to awareness and adoption amongst the customers. Furthermore, the growing adoption of DTC tests has encouraged the market leaders to expand their genealogy research subscription business. For example, Ancestry DNA has nearly 2.5 million users globally and each customer pays an average fee of USD 20 per month to access the Ancestrys research data and tools. Thus, rise in sales of DNA kit results in organic revenue growth for the operating key leaders.
Market Segmentation, Outlook & Viewpoint: Global Consumer Genomics Market
Application Market Segmentation & Outlook (Revenue, USD Million, 2014-2025)
- Genetic Relatedness
- Lifestyle, Wellness, & Nutrition
- Reproductive Health
- Personalized Medicine & Pharmacogenetic Testing
- Sports Nutrition & Health
Key Players, Recent Developments & Regional Insights: Global Consumer Genomics Market
A substantial number of applications are linked with consumer genetic tests that are available directly to customers via the internet or physicians. These DTC genetic tests implement the raw DNA data of consumers to extract the information pertaining to paternal and maternal relatedness, ancestry, disease susceptibility, and the response of drugs on the individuals body.
Furthermore, there are other emerging applications of consumer genomics that include the use of genetic analysis in lifestyle, diet, and nutritional plans, sports research, noninvasive prenatal testing, carrier screening, and others. The launch of DTC tests based on such applications is anticipated to positively impact consumer genomics market growth.
New market entrants such as Pathway Genomics, Helix, and others are engaged in delivering nutrigenetic testing directly to the consumers thus contributing to the revenue growth in the lifestyle, wellness, and nutrition segment. For instance, in July 2017, DNAFit partnered with Helix to introduce its five new DNA-based products that enable the customers to have knowledge about their meal plans, nutrition supplements, and wellness plans. Such initiatives by emerging companies are anticipated to foster the growth of lifestyle, wellness, and nutrition segment.
North America held the largest market share in 2018 and will maintain its position over the forecast years. However, Asia Pacific is anticipated to be the fastest-growing regional market. Awareness programs about consumer genetic tests and developments undertaken by government bodies accelerate genetic research in Asian countries. For instance, in March 2016, the government of China launched Precision Medicine Initiative that aims at prioritizing genomic studies for better healthcare outcomes and enables precision medicine programs in the country.
A rise in the number of companies investing in emerging nations of Asia Pacific also drives the market growth in this region. Singapore seems to be a hotspot for the growth in genomics as a result of significant initiatives taken up by bioinformatics firms in this country.
Consumer Genomics Market Share Insights
Some prominent companies in this market include 23andMe, Inc.; Ancestry; Color Genomics, Inc.; Helix OpCo LLC; Gene By Gene, Ltd. (FamilyTree DNA); Mapmygenome; Positive Biosciences, Ltd.; Futura Genetics; MyHeritage Ltd.; Pathway Genomics; Xcode Life; Diagnomics, Inc.; and Toolbox Genomics.
These participants are adopting different ways to establish their market presence. Smaller companies, such as Promethease, continue to occupy a niche by analyzing genetic information and providing direct education to the public rather than choosing a geneticist in the process. On the other hand, Helix, in collaboration with Perkin Elmer, is providing a test accompanied by digital genetic counselor if required, by the virtue of digital health & genetics startup Genome Medical.
Key Insights Covered: Global Consumer Genomics Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Consumer Genomics industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Consumer Genomics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Consumer Genomics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Consumer Genomics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Consumer Genomics industry.
Research Methodology: Global Consumer Genomics Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
Quick Read Table of Contents of this Report @ Consumer Genomics Market Size, Global Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580