Reports and Data has published a novel research report on “Predictive Genetic Testing & Consumer/Wellness Genomics Market Size, Share & Analysis, By Type (On-Premise, Cloud Based), By Application (Predictive Genetic Testing & Consumer Genomics, Wellness Genomics), By Setting Type (Clinic, Direct To Consumer, Hospital), And By Region Forecast To 2028.”
Increasing awareness about utilization of genetic tests and integration of predictive genetic testing with advanced technology are factors expected to drive market growth.
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The global predictive genetic testing & consumer/wellness genomics market size is expected to reach USD 12.8 billion by 2028, registering a CAGR of 14% over the forecast period.
Major factor driving market revenue growth is increasing awareness about utilization of genetic tests globally. Moreover, increasing growth of pharmaceutical companies involved in research of genomics will further enhance market growth.
Predictive genetic testing is used to predict potential disease risk in asymptomatic people. Genetic research entails examining one’s DNA, which may show mutations or modifications in the genes of living organisms.
Growing understanding about benefits of predictive genetic testing and introduction of Next-generation Platform Sequencing (NGS) would propel the market growth going ahead.
Predictive genetics research and consumer/wellness genomics are in high demand as a result of rising healthy lifestyle patterns and increasing health-care awareness initiatives. Genetic testing can help predict potential disease risk and provide knowledge and data about a child’s genetic makeup. Furthermore, these tests are useful in people with a history of genetic disorders. For example, a global research study conducted by the Mayo Clinic in the U.S. found that one out of every ten people who choose predictive genetic testing discovered that they had an inherited risk for a health condition and might benefit from preventive treatment.
However, increasing cost of genomic research equipment as well as difficulty in predictive genetic testing and consumer/wellness genomics will limit the market growth to some extent over the forecast period. Furthermore, the market’s growth is hampered by a scarcity of qualified practitioners and insufficient funding.
Some of the key companies operating in the global Predictive Genetic Testing & Consumer/Wellness Genomics market are:
Myriad Genetics, Inc., Color Genomics Inc., Helix, 23andMe, Inc, Illumina, Inc, Gene by Gene, ARUP Laboratories, Laboratory Corporation of America, Pathway Genomics, Genesis Genetics, BGI, Quest Diagnostics, Thermo Fisher, and WeGene.
The pharma and healthcare sector is rapidly growing in the recent past and is expected to register substantial revenue share over the forecast period of 2028. Factors such as technological developments in the healthcare and pharma field, improving healthcare infrastructure and increasing healthcare expenditure are key factors boosting market growth. The market dynamics have completely changed after the outbreak of COVID-19 pandemic. Increasing prevalence of various chronic diseases, high occurrence of diabetes, cancer and cardiovascular disorders and rising number of accidents across the globe are fueling growth of the global Predictive Genetic Testing & Consumer/Wellness Genomics market. In addition, increasing investments in research and development activities, high adoption of personalized medicines and ongoing research on drug discovery are further boosting market growth.
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The report is curated using extensive primary and secondary research which is thoroughly evaluated by industry experts and professionals. Advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, and investment return analysis are used to obtain the report data. This data is represented through various diagrams, graphs, tables, and charts to help the reader understand the market dynamics accurately. The report also provides information about each market player, its global position, business expansion plan financial status, license agreement, and product and services portfolio.
Some Key Highlights in the Report:
- The predictive genetic testing segment accounted for largest revenue share in the global market in 2020.
- The breast & ovarian cancer based predictive testing segment is expected to register a significant CAGR during the forecast period due to rising prevalence of ovarian and breast cancer globally.
- The Direct To Consumer (DTC) segment is expected to hold largest market share over the forecast period due to growing awareness related to DTC genetic tests.
- North America region is expected to account for largest revenue share over the forecast period due to robust healthcare infrastructure.
- Revenue from the Asia Pacific predictive genetic testing & consumer/wellness genomics market is projected to grow at a significantly high rate due to the favorable government and private investments on genomics-related pharmaceutical R&D.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global predictive genetic testing & consumer/wellness genomics market on the basis of type, application, setting type, and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Predictive Testing
- Consumer Genomics
- Wellness Genomics
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Predictive Genetic Testing & Consumer Genomics
- Diabetic Screening & Monitoring
- Colon Cancer
- Breast & Ovarian Cancer
- Urologic screening/ Prostate cancer screening
- Cardiovascular screening
- Parkinsonism / Alzheimer’s Disease
- Orthopedic & Musculoskeletal
- Other cancer screening
- Other diseases
- Wellness Genomics
- Skin & Metabolism Genetics
- Nutria Genetics
- Others
Setting Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Clinic
- Direct to Consumer
- Hospital
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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