New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Consumer Genomics Global Market Report 2023" - https://www.reportlinker.com/p06480073/?utm_source=GNW
, Veritas Genetics, Illumina Inc., MyHeritage Ltd., Myriad Genetics Inc., Amgen Inc., Diagnomics Inc., Illumina, Inc., MyHeritage Ltd., Positive Biosciences Ltd., Toolbox Genomics and Xcode Life.
The global consumer genomics market is expected to grow from $2.42 billion in 2022 to $2.90 billion in 2023 at a compound annual growth rate (CAGR) of 19.55%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The consumer genomics market is expected to reach $6.00 billion in 2027 at a CAGR of 19.94%.
Consumer genomics consists of revenue earned by entities that provide genetic testing services and revenue through various means including Direct-to-consumer (DTC) genetic testing kits, subscription-based services that provide access to ongoing genetic testing and analysis and pharmaceutical or biotechnology companies to provide access to their genetic data for research purposes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Consumer genomics refers to the branch of genomics that focuses on providing genetic information directly to consumers, typically through commercial genetic testing services. These services use DNA samples provided by individuals to generate reports that provide information about the genetic predispositions to certain traits, diseases, or conditions.
North America was the largest region in the consumer genomics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of consumer genomics include consumables, systems and software and other products.In the context of consumer genomics, consumables refer to the products and materials that are used in genetic testing, such as collection kits, reagents, and other laboratory supplies.
The technology used include polymerase chain reaction (PCR), sequencing, microarray, nucleic acid extraction and purification for applications include genetic relatedness, diagnostics, lifestyles, ancestry, wellness and nutrition, reproductive health, personalized medicine and pharmacogenetic testing, sports nutrition and health and other applications.
The growing applications of DTC genomics in diagnostics, genetic relatedness, sports nutrition and personalized medicines are expected to propel the growth of the consumer genomics market going forward.Direct-to-consumer (DTC) genomics test kits are tests that individuals can purchase and use at home to learn more about their genetic makeup and potential health risks.
For instance, in February 2022, the journal published by the AlphaBiolabs, a UK-based company that provides a range of DNA testing services, including paternity testing, ancestry testing, and drug and alcohol testing, published that the demand for prenatal paternity genomics testing surged by 47.0% in 2021 compared to the pre-pandemic days. Therefore, the growing applications of DTC genomics in diagnostics, genetic relatedness, sports nutrition and personalized medicines is driving the growth of the consumer genomics market.
Technological advancements are the key trend gaining popularity in the consumer genomics market.Major companies involved in the consumer genomics market are focused on technology advancements and innovating new products to improve their observation power and sustain their position in the market.
For Instance, in June 2021, QIAGEN, a Netherlands-based provider of sample and assay technologies for molecular diagnostics, applied testing, academic, and pharmaceutical research, announced the release of the QIAprep& CRISPR Kit and Q-Primer Solutions, which enable researchers to analyze edited genetic material with unprecedented speed and efficiency to determine how their interventions have changed the function of the DNA sequence. Kit and remedies combine liquid-based sample preparation, downstream PCR detection, and DNA sequencing using the Sanger technique.
In November 2022, Myriad Genetics, Inc., a US-based genetic testing company, acquired Gateway Genomics, LLC, for $67.5 million. The acquisition broadens access to personalized genetic tests both throughout and after a woman’s reproductive stage of life, strengthening Myriad Genetics’ portfolio of women’s health goods. Gateway Genomics is a US-based personal genomics company and manufacturer of the SneakPeek early gender DNA test for detecting a baby’s gender.
The countries covered in the consumer genomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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