June 25, 2024
Global Consumer Genomics Market

Consumer Genomics Market Propelled by increasing consumer demand for DNA testing services

Consumer genomics is focused on analyzing DNA variation, genomic sequencing for consumers or public users, and genetic testing services which provide results directly to the consumer. These products and services help understand ancestry composition and trace family relationships, detect gene variants associated with health conditions to make informed lifestyle changes, identify ideal diet and fitness recommendations based on DNA, and assist with reproductive health-related decisions. The global demand for DNA testing services has increased significantly over the years owing to declining prices of testing, growing interest from consumers to understand their genetic makeup and risks of disease.

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 propelling the growth of the Consumer Genomics Market is the increasing consumer demand for DNA testing services. With growing disposable incomes and investments in R&D by market players, the costs of DNA testing have declined substantially over the years making the services accessible and affordable for general public. Sequencing an entire human genome cost around $2.7 billion in 2001, however, the same can now be done at around $600 due to technological advancements. Consumers are increasingly interested in understanding the risks of various health conditions through DNA testing for preventive healthcare and lifestyle management. The direct-to-consumer approach has eased the process helping drive adoption rates. Furthermore, DNA testing has gained relevance in tracing ancestry, family history and finding long-lost relatives which has fueled their demand over the years.

SWOT Analysis
Strength: The global consumer genomics market has extensive growth opportunities due to factors like increasing interest in direct-to-consumer genetic testing.

Weakness: Strict regulations regarding genetic data privacy and security pose challenges for industry players.

Opportunity: Advancing technologies are enabling expanded genetic testing, analysis of more genes, and affordable prices, expanding the customer base.

Threats: Ethical concerns around use of genetic data could negatively impact market growth if not properly addressed.

Key Takeaways
The Global Consumer Genomics Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising awareness and adoption of direct-to-consumer DNA tests. The market size is estimated to reach US$ 1.47 billion in 2024 and projected to surpass US$ 6.25 billion by 2031, expanding at a CAGR of around 19%.

Regional analysis: North America currently dominates the global consumer genomics market, accounting for more than 35% revenue share in 2024. Presence of leading companies, increasing healthcare investments, and growing focus on personalized medicine are major factors driving market growth in the region. Asia Pacific is expected to emerge as the fastest growing regional market, expanding at a CAGR of around 23% till 2031 supported by rising disposable incomes, growing health consciousness.

Key players operating in the global consumer genomics market are Ancestry, 23andMe,Inc., Color Genomics,Inc, Myriad Genetics,Inc, Mapmygenome, Positive Biosciences, Ltd, Futura Genetics, Helix OpCo LLC, MyHeritage Ltd., Pathway Genomics, Veritas, Amgen, Inc., Xcode Life, Diagnomics, Inc., Toolbox Genomics, SomaLogic, Inc., inui Health, AgeCurve, QuickCheck Health, Biomeb, Metabolomic Discoveries GmbH, Illumina, Inc., Genetic Technologies Limited. These players are focusing on new product launches and partnerships with healthcare providers and laboratories to strengthen their market position.

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