Consumer genomics market is growing as it is very frictionless. A patient can purchase a genetic test online and then receive a test kit by mail and collect a DNA sample in their own home. Patients will receive the results at home and don't need any guidance of a genetic counselor or medical practitioner. Moreover, there are growing applications of consumer genomics in genetic analysis in lifestyle, diet, nutritional plans, noninvasive prenatal testing, sports research, carrier screening, and others.
MARKET SCOPE
The "Global Consumer Genomics Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the consumer genomics market with detailed market segmentation by product type, application, and geography. The report provides key statistics on the market status of the leading consumer genomics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product type, the market is segmented as, instruments and consumables.
- The consumer genomics market is categorized based on application such as, genetic relatedness, diagnostics, lifestyle wellness and nutrition, ancestry, reproductive health, personalized medicine and pharmacogenetic testing, sports nutrition and health and others.
MARKET DYNAMICS
Drivers:
- Increasing uses of genetic tests
- Declining cost of sequencing
- Increasing funds from the market participants
- Improvement in regulatory reforms for consumer genomics products
- Continuous initiatives for product development
Restraints:
- Ethical and clinical issues about the use of DTC products & personalized treatment
- Misleading results create challenges in the adoption of home-based genetic tests
- Regulatory challenges about the use of DTC genetic tests
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The consumer genomics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the consumer genomics market in these regions.
IMPACT OF COVID-19 ON CONSUMER GENOMICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the consumer genomics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from consumer genomics market are anticipated to lucrative growth opportunities in the future with the rising demand for consumer genomics in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the consumer genomics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Ancestry
- 23andMe, Inc.
- Gene By Gene, Ltd.
- Mapmygenome
- Pathway Genomics
- Veritas
- Myriad Genetics, Inc.
- Illumina, Inc.
- Amgen, Inc.
- Diagnomics, Inc.