Consumer Genomics Market reach $4.38 billion by 2031 Globally, at a CAGR of 19.9%, says Coherent Market Insights

BURLINGAME, Calif., Jan. 17, 2024 /PRNewswire/ -- The Consumer Genomics Market is projected to grow from US$ 1.23 billion in 2023 and is estimated to reach US$ 4.38 billion by 2031; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.9% from 2024 to 2031 according to a new report by Coherent Market Insights. Consumer genomics is an upcoming field that analyzes DNA to provide health, ancestry and other personal information directly to consumers. It involves testing of genetic variations that may impact health and disease risk.

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An increasing adoption of inorganic growth strategies such as acquisition by the key players in the market is expected to drive the growth of the market over the forecast period. For instance, in September 2021, Invitae Corp., a medical genetics company, announced the acquisition of Ciitizen, a consumer health technology company. This acquisition will expand the consumer genomics product portfolio of Invitae Corp.

Market Dynamics:

The consumer genomics market is expected to witness significant growth over the forecast period owing to rising awareness about personalized medicines and growing demand for direct-to-consumer genetic testing. The advent of direct-to-consumer genetic testing kits that provide health, wellness and ancestry related information directly to customers without involving a physician is fueling market growth. Customers find these genetic tests convenient as they provide health insights from the comfort of their home. Furthermore, advancements in DNA sequencing technologies have made genetic testing more affordable and accessible to mainstream customers interested in understanding their genetic makeup. This is another factor driving growth of the consumer genomics market.

Consumer Genomics Market Report Scope:

The increasing adoption of personalized medicine approaches is a major driver for the growth of the consumer genomics market. Personalized medicine uses a person's genetic makeup and biomarkers to customize disease treatment, disease prevention strategies, and health management. It helps deliver the right treatment to the right patient at the right time. The benefits of personalized medicine such as improved outcomes, reduced drug toxicity, cost savings, and disease prevention are fueling its rising popularity. As consumer genomics provides genetic insights and interpretations that aid personalized medicine, its adoption is growing along with the rise of personalized healthcare.

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Market Key Developments:

On December 6, 2023, Imaware, a molecular diagnostics and consumer testing company, announced the acquisition of Binx Health's at-home consumer testing business. Binx Health is a molecular point-of-care testing platform designed to enable single-visit diagnosis and treatment of chlamydia and gonorrhea infections. The acquisition will expand Imaware's test menu and its position in the growing home-health testing market, as well as broaden the number of enterprise clients Imaware serves.

In October 2022, GC LabTech, a subsidiary of GC Biopharma of South Korea, launched a partnership with 1health.io, a health platform that connects clinicians and patients to labs, to deploy innovative lab tests direct-to-consumer.

In August 2021, Genetic Technologies Limited, a molecular diagnostic company that offers testing products and services to assess sporadic breast cancer risk and colorectal cancer risk assessment, announced the acquisition of EasyDNA, a leading DNA testing company.

Market Key Takeaways:

The global consumer genomics market is expected to exhibit a CAGR of 19.9% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global consumer genomics market.

Among products and services, the consumables segment is expected to hold a dominant position in the global consumer genomics market during the forecast period. Consumables contribute the highest share in the market due to increasing demand for testing kits and reagents from consumers and laboratories. According to reports from the National Institutes of Health, sales of direct-to-consumer genetic testing kits have increased exponentially over the past 5 years as more people become curious about their ancestry, genetic health risks, and traits. Many companies are offering affordable kits that allow consumers to collect DNA samples from home and send them to a lab for processing. This has led to rising consumption of products like sample collection tubes, assays, and other consumables used in DNA extraction and analysis.

Among regions, North America is expected to be the dominant region in the global consumer genomics market, owing to the increasing product launches by key players in the market. For instance, in August 2020, Ancestry, a consumer genomic company, announced the launch of a new product that features next-generation sequencing. The new product aims to help customers gain insights into their health and risk factors.

Major players operating in the global consumer genomics market are Ancestry, Gene By Gene, Ltd., 23andMe,Inc., Color Genomics,Inc, Myriad Genetics,Inc, Mapmygenome, Positive Biosciences, Ltd, Futura Genetics, Helix OpCo LLC, MyHeritage Ltd., Pathway Genomics, Veritas, Amgen, Inc., Xcode Life, Diagnomics, Inc., Toolbox Genomics, SomaLogic, Inc., inui Health, AgeCurve, QuickCheck Health, Biomeb, Metabolomic Discoveries GmbH, Illumina, Inc., Genetic Technologies Limited.

Read complete market research report, "Consumer Genomics Market, By Product and Services, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.

The falling cost of DNA sequencing and genetic testing is another key factor propelling the consumer genomics market growth. Earlier, whole genome sequencing used to cost millions of dollars and was limited to research only. However, advanced sequencing technologies have drastically lowered the cost to around $1000 now, making genetic testing affordable for general consumers. Several direct-to-consumer genetic testing companies are offering genetic testing kits and services at competitive prices, making them affordable for a wider consumer base. The reducing cost of testing is encouraging more people to access consumer genomics services and accordingly driving the market expansion.

Inadequate standards for interpreting genomic data is a major challenge restraining the growth of the consumer genomics market. Genomic data interpretation is a complex process and requires expertise from trained medical geneticists and genetic counselors. However, most DTC genetic testing companies do not have adequate genetic counselors or professionals to accurately interpret raw genetic data and explain results to consumers. This ambiguity in result interpretation can mislead consumers regarding disease risks or make them anxious unnecessarily. The lack of universal standards for genomic data interpretation increases the prevalence of inaccurate or erroneous results, which is slowing down the adoption of consumer genomics products and services.

Market Opportunities:

The rapid rise in chronic non-communicable diseases worldwide presents a huge opportunity for the growth of the consumer genomics market. Chronic diseases such as cancer, heart disease, diabetes are rapidly increasing due to lifestyle changes, growing geriatric population, and environmental factors. Consumer genomics can help identify disease risks, detect diseases at an early stage, predict drug responses, and enable disease prevention and management through early screening and intervention. As chronic diseases contribute significantly to healthcare costs, demand for consumer genomics from both individuals and healthcare providers is expected to grow tremendously in the coming years with rising chronic disease incidence rates.

Personalized nutrition using genetic insights is emerging as a major trend in the consumer genomics market. Genetic tests can provide consumers with a detailed analysis of their metabolism, nutrient absorption capabilities, nutrient deficiencies/sensitivities, food intolerances, and ideal macronutrient ratios. Based on these biological insights, personalized diet and supplement recommendations better suited to one's genetics are given. This helps optimize nourishment, address risk factors, and improve health and wellbeing. An increasing number of companies now offer personalized nutrition services in addition to ancestry and health reports. This trend is expected to gain more traction as consumers realize the benefits of tailoring their nutrition based on their unique genetic.

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Detailed Segmentation:

Global Consumer Genomics Market Segmentation, By Product and Services:

• Consumables
• Systems
• Software

Global Consumer Genomics Market Segmentation, By Application:

• Diagnostics
• Wellness and Nutrition
• Personalized Medicine
• Ancestry
• Others    

Global Consumer Genomics Market Segmentation, By Region:

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • South Africa
  • GCC Countries
  • Rest of Middle East & Africa

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