February 28, 2024
Global Consumer Genomics Market

Global Consumer Genomics Market is expected to be Flourished by Increased Access to Direct-to-Consumer Genetic Testing

The global consumer genomics market is comprised of companies that provide genetic testing directly to consumers through home testing kits. These tests allow consumers to gain insights into their ancestral origins, carrier status for genetic conditions, predispositions to certain diseases, and metabolic responses to foods and other lifestyle factors. Popular genetic testing services analyze samples of an individual’s saliva or cheek cells to determine information from their DNA. They offer analysis of traits, physical attributes, ancestry, and health predispositions. With direct-to-consumer options becoming more affordable and accessible, the market has grown exponentially in recent years.

The global Consumer Genomics Market is estimated to be valued at US$ 1.47 Bn in 2024 and is expected to exhibit a CAGR of 19.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased accessibility to direct-to-consumer genetic testing, as referred from the heading, has been a major driver of growth in the consumer genomics market. Many leading companies in this space, such as Ancestry, 23andMe, and MyHeritage, have driven costs down significantly, making genetic testing affordable and easily accessible to the average consumer. Online order and home sample collection options have further expanded accessibility. Millions of individuals globally have now been able to gain personal insights into their health and ancestry through genetic screening.

Another major factor fueling growth has been heightened awareness of genetic predispositions and the role of lifestyle factors and behavioral changes in preempting disease. By identifying genetic markers for certain conditions, consumer-focused genetic tests empower individuals to make targeted diet, supplement, exercise and medical decisions aimed at mitigating personal risks. This empowering potential of genomics is generating increasing demand.

Segment Analysis
The global consumer genomics market can be segmented into two major categories: health and ancestry. The health segment dominates the market, accounting for more than 70% share. This is because people are increasingly adopting consumer genomics services to gather health insights from their genetic makeup. It helps understand risks for conditions like cancer, diabetes, heart disease etc. and enable timely preventive measures.

PEST Analysis
Political: Regulations around data privacy and direct-to-consumer genetic testing influence the market. Favorable regulations are expected to boost adoption.
Economic: Rising disposable incomes coupled with increasing health awareness is fueling consumer spending on preventive healthcare including genetic testing.
Social: Greater acceptance towards personalized healthcare is driving market growth. Consumers want to understand their genes to gain health insights.
Technological: Continuous decline in genome sequencing costs and rapid advancements in technologies like AI and cloud computing are making tests more affordable and accurate. This encourages market expansion.

Key Takeaways
The Global Consumer Genomics Market Size is expected to witness high growth over the forecast period due to increasing awareness about genetic makeup and its role in health.

Regional analysis: North America dominates with around 40% share owing to early adoption of DTC genetic testing and awareness levels among population. Europe follows due to growing health and disease prevention focus. Asia Pacific is witnessing fastest growth led by China, India due to improving economic conditions, expanding middle class and uptake of Western lifestyles.

Key players operating in the consumer genomics market are 23andMe, Ancestry, MyHeritage, Gene By Gene, Color Genomics, Myriad Genetics, Mapmygenome, Positive Biosciences, Futura Genetics and Helix OpCo LLC. 23andMe and Ancestry dominate owing to their strong brands and rich ancestry datasets. they continue investing to enhance health service offerings and reports.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it