Predictive Genetic Testing & Consumer/Wellness Genomics Market Research Trembling Revenue by 2027
According to MRFR analysis, the global predictive genetic testing & consumer/wellness genomics market is expected to register a CAGR of 13.9% from 2021 to 2027 and hold a value of over USD 3,400 million by 2027
The global predictive genetic testing & consumer/wellness genomics market is driven by several factors, such as increased use of predictive genetic testing in various applications and growing trends of healthy lifestyle patterns. Moreover, increasing pharmaceutical R&D investments, especially in the biopharmaceutical and pharmaceutical industry, will drive market growth. For instance, according to the Congressional Budget Office (CBO) of the US, the pharmaceutical R&D spending had increased from USD 38 billion in 2000 to USD 83 billion in 2019. Moreover, there was a 60% increase in new drug approvals by FDA from 2010 to 2019 compared to the past decade.
The industry players are focusing on new product development and obtaining product approvals from the regulatory bodies for more penetration in the global predictive genetic testing & consumer/wellness genomics market. For example, Thermo Fisher Scientific Inc. (US) provides its CRISPR-cas9 101, CRISPR Design Tool, CRISPR gRNA, CRISPR Protein, CRISPR mRNA, and CRISPR Plasmids, which offers multidimensional genetic application. Agilent Technologies offers its advanced sample Quality Control (QC), Next Generation Sequencing (NGS) library prep and target enrichment, microarrays, CRISPR, PCR/qPCR, bioreagents, and data analysis solutions, including interpretation and reporting. Furthermore, the key players are involved in strategic agreements and acquisitions to augment their market positions. For instance, FamilyTree DNA (California), AncestryDNA (US), 23andMe, Inc. (US), and MyHeritage (Israel).
Some of the key market players are 23andMe, Inc. (California), Myriad Genetics, Inc. (US), F.Hoffmann-La Roche Ltd. (Switzerland), Abbott Laboratories (US), Genesis Genetics (US), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US), Bureau Gravimétrique International (China), Bio-Rad Laboratories Inc. (US), Illumina, Inc. (US), Counsyl, Inc. (California), ARUP Laboratories (US), and others.
The global Predictive Genetic Testing & Consumer/Wellness Genomics Market has been segmented into test type, application, and setting type.
Based on type, the market has been segmented into predictive testing, consumer genomics, and wellness genomics. Due to its diverse uses across industries such as breast and ovarian cancer, colorectal cancer, Alzheimer’s disease, multiple endocrine neoplasia type 2, and hemochromatosis, the predictive segment held the largest market share in 2020.
Based on application, the market has been segmented into breast & ovarian cancer, cardiovascular screening, diabetic screening & monitoring, colon cancer, Parkinsonism/Alzheimer’s diseases, urologic screening/prostate cancer screening, orthopedic & musculoskeletal, and others. The breast and ovarian cancer segment held the highest share in 2020 due to its affordable price, Direct-to-Customer service (D2C), and providing both the data such as medical decisions and family planning. Moreover, the rising prevalence in the US is leading the market forward.
Based on setting type, the market has been segmented into proteomic testing, metabolic testing, and genomic testing. Due to many applications such as cancer, infectious illnesses, diabetes, neurological disorders, immunological diseases, cardiovascular diseases, and other clinical diagnostic applications, the proteomic testing segment had the highest share of the market in 2020.
North America is likely to dominate the predictive genetic testing & consumer/wellness genomics market, owing to increasing investments in pharmaceutical R&D, the presence of key companies, and the well-established healthcare infrastructure in the region. For example, the National Institutes of Health (NIH) budget for medical research in 2020 was USD 42 billion, up 7% from the previous year’s budget. This contributed to the market’s worth in terms of growth.
Europe is likely to account for a significant share in the predictive genetic testing & consumer/wellness genomics market due to supportive government healthcare policies and rising pharmaceutical R&D investments. For example, the EU established the Horizon 2020 funding initiative for science R&D and innovation, which provided over USD 90 billion in funding from 2014 to 2020. This has a big impact on the market in the region.
Due to factors such as increasing healthcare infrastructure, rising prevalence of genetic illnesses, and a high percentage of the senior population in the region seeking efficient therapies, Asia-Pacific is expected to be the fastest-growing regional market during the forecast period. Furthermore, global key players’ initiatives to expand operations in the region are also boosting the growth of the predictive genetic testing & consumer/wellness genomics market.
Moreover, the market’s growth in the Rest of the World is slower compared to the other regions due to less research efforts due to deteriorating economies. However, government initiatives to support domestic pharmaceutical production are expected to fuel the market’s growth.
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