Global demand for consumer genomics market was valued at approximately USD 1,205.0 Million in 2018, and is expected to generate revenue of around USD 4,336.2 Million by end of 2025, growing at a CAGR of around 20.2% between 2019 and 2025.
Consumer Genomics Market
The report covers forecast and analysis for the consumer genomics market on a global and regional level. The study provides historic data from 2016 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the consumer genomics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the consumer genomics market on a global as well as regional level.
According to the report, global demand for consumer genomics market was valued at approximately USD 1,205.0 Million in 2018, and is expected to generate revenue of around USD 4,336.2 Million by end of 2025, growing at a CAGR of around 20.2% between 2019 and 2025.
In order to give the users of this report a comprehensive view on the consumer genomics market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein product and services segment is benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the consumer genomics market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the consumer genomics market on global and regional basis.
Consumer genomics is the stream of genomics that involves sequencing, investigation, and interpretation of an individual’s genome. The consumer genomics business is growing steadily and fast becoming a mainstream aspect. Consumer genomics is playing an important role in bringing the revolutionary concepts and their applications in the masses.
Factors such as decreasing cost of sequencing, reduction in prices of personal genomic products, increasing accessibility of genomic products to consumers, decrease in fixed costs, in-house resource deployment by corporations, efforts taken by major companies to reduce of cost of whole genome sequencing will act as major driving factors in the growth of global consumer genomics market. Increasing applications of consumer genomics and favorable government policies in developing regions will act as an opportunity for the market players in the consumer genomics market. Nonetheless, lack of awareness, dearth of skilled personnel, and lack of awareness in low income countries will restrict the growth of global consumer genomics market.
The global consumer genomics market has been split into application and region. Based on application, consumer genomics market has been segmented into diagnostics, genetic relatedness, nutrition, wellness, & lifestyle, reproductive health, ancestry, sports nutrition & health, pharmacogenetic testing, personalized medicine, and others. The genetic relatedness segment accounted for the highest market share in 2018.
North America will be the leading region during the forecast period. Presence of major market players, existence of leading market players, and rapid uptake of new technologies will boost the market growth in this region. Europe will be the second largest market. The major reasons are presence of skilled professionals and rise in awareness regarding use of consumer genomics products. Asia Pacific will propagate at speedy rate over the forecast period due to rapid technological updation in the healthcare sector. Latin America market will develop at a significant rate during the forecast period. The Africa and Middle Eastern countries are likely to experience perceptible growth in the estimated time-frame.
The report also includes detailed profiles of key players such as 23andMe, Inc., Ancestry, Xcode Life, Helix OpCo LLC, Diagnomics, Inc., Gene By Gene, Ltd., Positive Biosciences, Ltd., Color Genomics, Futura Genetics, Pathway Genomics, Mapmygenome, Toolbox Genomics, and MyHeritage Ltd. among others.