The global Consumer Genomics market is forecast to reach USD 6.58 Billion by 2027, according to a new report by Reports and Data. The growing demand for in-depth knowledge of consumer’s ancestry and a reduction in the price of genetic procedures are boosting the growth of the market.
The market is witnessing an increased demand owing to the massive change in technology. The development of innovative machines and increased spending on research is further propelling the demand. The government is taking initiatives to encourage the growth of the market. The growing trend of personalized medicine is also another trend impacting market demand. However, the high cost of the genomic instruments and regulatory guidelines are hampering the growth of the market.
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Advancement in genomics will continue to give rise to the economic, environmental, and ethical, legal, and social implications, all of which will garner attention from the public and the policymakers. Several healthcare and research companies are working towards the integration of genomic data, while major clinical centers like Stanford Health Care and many cancer research centers are using genomic data to personalize treatments for treating life-threatening diseases such as cancer.
Further key findings from the report suggest:
- Pharmaceutical companies are making use of the available genomic information in personalized medicine, which is forecasted to significantly impact the growth of the market. The reduction in the cost of sequencing has enabled the whole genome sequencing at a very affordable price, which has made it more attractive to pharmaceutical and biotechnology companies.
- Polymerase chain reaction (PCR) has several advantages, which is boosting the demand for the market. The reaction is simple, easy to understand, and also produces results quickly. The technique is very sensitive, with the potential to produce billions of copies of a certain product for cloning, sequencing, and analysis. Thus, it finds its use in analyzing alterations of gene expression levels in tumors, microbes, or other disease states.
- The growing trend of linking ancestors with consumer genetic tests that are available to the users directly through the internet is driving the demand for the market. These tests use the raw DNA of the consumers to gain information pertaining to hereditary diseases and the response of drugs on the individual’s heath.
- North America is witnessing a growth in the market owing to the increasing research funding and government initiatives in genomics. Government support, presence of advanced healthcare facilities, and changing regulations for reimbursement and usage are expected to propel the adoption of consumer genetic tests in the region.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Consumer Genomics market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
23andMe, Inc., Ancestry, Mapmygenome, Gene By Gene, Ltd. (FamilyTree DNA), Color Genomics, Inc., Futura Genetics, Positive Biosciences, Ltd., Helix OpCo LLC, Pathway Genomics, and MyHeritage Ltd, among others.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Consumer Genomics Market Segmentation:
Product and Services Outlook (Revenue, USD Billion; 2017-2027)
- Consumables
- Services
- System and Software
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Sequencing
- PCR
- Nucleic Acid Extraction and Purification
- Microarray
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostics
- Genetic Relatedness
- Ancestry
- Lifestyle, Wellness, & Nutrition
- Reproductive Health
- Sports Nutrition & Health
- Personalized Medicine & Pharmacogenetic Testing
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Some essential purposes of the Consumer Genomics market research report:
- Vital Developments: Custom investigation provides critical improvements to the Consumer Genomics market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
- Market Characteristics: The report contains Consumer Genomics market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
- Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Consumer Genomics market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Consumer Genomics market.
- Convincingly, the Consumer Genomics report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Consumer Genomics market.
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