The global consumer genomics market deals with direct-to-consumer genetic testing kits that allow individuals to trace their family history, ancestral heritage, health conditions and other personal attributes through DNA analysis. Such DNA test kits provide raw DNA data that can be analyzed by user-friendly online DNA analysis platforms in order to compile easy-to-understand reports. They assist consumers in learning about previously unknown family histories and health risks through simple DNA sampling techniques. The increasing demand for personalized medicine and prevention of hereditary diseases is a major driver for the growth of consumer genomics.
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 key trends:
One of the key trends in the global consumer genomics market is the increasing adoption of direct-to-consumer genetic test kits. Earlier, genome sequencing required specialized laboratories and hospitals but the continued advancement of DNA sequencing technologies has now made home DNA testing quite affordable and convenient. Many people are opting to learn about their ancestry, health predispositions and traits through mail-in DNA kits from reputed companies. Another major trend is the integration of artificial intelligence in DNA analysis. AI is helping compilation of user-friendly personalized reports by identifying meaningful patterns in the huge amounts of genomic data. It is also enabling new applications like genetic-based dieting and fitness recommendations.
Porter’s Analysis
Threat of new entrants: The threat is moderate as developing tests requires huge investments and research. However, direct-to-consumer models provide easier entry compared to traditional clinical channels.
Bargaining power of buyers: The power is high due to availability of many players providing personalized genetic reports and tests. Customers can easily compare and choose low-cost options.
Bargaining power of suppliers: The power is moderate as most players source genomic sequencing equipment and technologies from few global suppliers. However, developing own panels allows flexibility.
Threat of new substitutes: The threat is low as no direct substitutes currently exist for personal genomics. However, the continuous technological advancements remain a threat.
Competitive rivalry: The competition is high due to presence of numerous international and regional players offering unique value propositions and business models.
Key Takeaways
The Global Consumer Genomics Market Size is expected to witness high growth.
Regional analysis shows North America dominated the market in 2021 due to early adoption of advanced technologies by major players. However, Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing awareness and disposable incomes in emerging countries.
Key players operating in the Consumer Genomics market are Ancestry, Gene By Gene, Ltd. 23andMe,Inc., Color Genomics,Inc, Myriad Genetics,Inc, Mapmygenome, Positive Biosciences, Ltd, Futura Genetics, Helix OpCo LLC, MyHeritage Ltd., Pathway Genomics, Veritas In July 2022, 23andMe partnered with Anthropic to develop more accurate and personalized disease risk reports using AI.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it