Consumer Genomics Market size is forecast to reach 3.1 billion by 2026, growing at a CAGR of 19.5% during the forecast period 2021-2026. Consumer genomics include investigation, genetic screening sequencing, precision medicine and analysis of the genome of an individual. It helps in collecting the DNA data that enables to evaluate the usage of the diseases, drugs, and information related to ancestor. It occupy an ambiguous space between the less regulated and high regulated medical domain.
Reduction in price of sequencing, growing consumer interests in DTC kits along with rising investments by companies in consumer genomics, and favorable government policies along with the rise in consumer genomics are the major factors driving the growth of the market. Rise in preference of modified medicine, rise in application of molecular biology, and enhancing healthcare infrastructure is set to further enhance the overall market development of the Consumer Genomics Market for the period 2021-2026
Consumer Genomics Market Segment Analysis – By Technology
Next Generation Sequencing held the largest share in the Consumer Genomics Market in 2020 and is estimated to grow at a CAGR 24.3% during the forecast period 2021-2026. Next-generation sequencing is less expensive as well as less time consuming as it generates the masses of DNA sequencing data. It can be sequenced within a single day using NGS. It is also used to decipher the human genome that is required to deliver the final draft.
Polymerase chain reaction is widely used to make millions of copies of DNA sample that allows scientists to take a small sample of DNA. PCR primers are short pieces of single stranded DNA the are usually designed to hold the target region and it also bind to the template by complementary base pairing. It provides information regarding drug efficacy. PCR are estimated to register the highest CAGR over the period 2021-2026.
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Consumer Genomics Market Segment Analysis – By Application
Genetic Screening held the largest share in the Consumer Genomics Market in 2020 and is estimated to grow at a CAGR of 21.1% during the forecast period 2021-2026. Genetic screening involves more than just tests and requires coordination among the testing, program management levels, and clinical services to ensure accountability. In genetic ancestry testing, certain patterns of genetic variation are shared among peoples and are more closely related two individuals.
Precision medicine for consumer genomics is an emerging approach for prevention and treatment that takes individual account variability in genes. It helps doctors and researchers to predict more accurately with treatment and prevention strategies to reduce the risk of complications. Genetic screening are estimated to register the highest CAGR over the period 2021-2026.
Consumer Genomics Market Segment Analysis – By Geography
North America dominated the Consumer Genomics Market with a major share of 37.1% in 2020. This is attributed to the increasing research funding and government support. Presence of advanced healthcare facilities, changing regulations for reimbursements, increasing government initiatives, and increasing adoption of genetic tests are increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing prevalence of the diseases and rising government initiatives. Increasing area of application along with the deduction in the sequencing cost are also increasing the growth of the market in this region.
Consumer Genomics Market Drivers
Rising Prevalence of Chronic Diseases
Rising prevalence of chronic diseases is increasing the growth of the Consumer Genomics Market. Leading cause of death around the world is owing to the chronic diseases. It is estimated that around 29% of the death is owing to the chronic diseases. According to the American Heart Association, the disease affects 40.5 percent of the population in the United States, and the estimated cost of the disease is expected to nearly triple from $273 billion in 2010 to $818 billion in 2030. Thus, increasing the growth of the Consumer Genomics Market during the forecast period 2021-2026.
Technological Advancements
Technological advancements is increasing the growth of the Consumer Genomics Market. Manufacturers have been able to produce dosage forms with an ingestible sensor within the pill to move data after consumption thanks to technological advances. Market genomics innovations have advanced to the point that it is now possible to track the condition of patients, submit reminders to follow the recommended medication, and receive healthcare status updates. Thus, increasing the growth of the Consumer Genomics Market during the forecast period 2021-2026.
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Consumer Genomics Market Challenges
Lack of Skilled and Trained Healthcare Professionals
Some of the factors that are set to impede the growth of the Consumer Genomics Market are lack of skilled and trained healthcare professionals. Increasing clinical problems related to the use of DTC products, strict norms associated with the use of DTC genetics tests, and lack of adoption of home based genetic tests are set to hamper the growth of the market.
Consumer Genomics Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Consumer Genomics Market. In 2020, the Consumer Genomics Market share is consolidated by the top ten players present in the market. The Consumer Genomics Market, top 10 companies are Color Genomics Inc, Positive Biosciences Ltd, Pathway Genomics, Diagnomics Inc, Toolbox Genomics, and Futura Genetics among others.
Key Takeaways
North America dominated the Consumer Genomics Market in 2020 owing to the rising demand for personalized genomics and growing physicians interest in consequent.The Consumer Genomics Market scope for different regions will be provided in the final report.
Increasing healthcare expenditure and technological advancement along with the new innovations are likely to aid the market growth of the Consumer Genomics Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Consumer Genomics Market report.
Lack of skilled and trained healthcare professionals is poised to create the hurdles for the Consumer Genomics Market.
Related Reports :
A. Predictive Genetic Testing And Consumer/Wellness Genomics Market
https://www.industryarc.com/Research/Predictive-Genetic-Testing-And-Consumer-Wellness-Genomics-Market-Research-503783
B. Genomics Market
https://www.industryarc.com/Report/1275/genomics-market-analysis-and-forecast-report.html
For more Lifesciences and Healthcare related reports, please click here
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