GLOBAL CONSUMER GENOMICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Market Challenges And Opportunities

Global Consumer Genomics Market Drivers:

• Rising Interest in Personalized Healthcare: Rising global interest in personalized and precision medicine approaches is expected to drive the growth of the market over the forecast period. As genetics and genomics research uncovers new links between DNA and diseases, consumers are showing a significant appetite to learn about their own genetic predispositions and risk factors. They want to know which lifestyle changes or medical interventions may improve their health based on their unique genetic blueprint. Services that can analyze genomic data and provide tailored insights, recommendations and risk reports regarding nutrition, drug response, ancestry, and other traits are gaining popularity. Even preventive healthcare is becoming more personalized with direct-to-consumer testing. As the medical community continues to make progress in incorporating genetics and "omic" data into clinical practice, consumers will want to learn how their DNA impacts their health in potentially actionable ways. This growing demand for self-knowledge and personalized solutions based on one's own DNA code will be a key influencer of consumer genomics adoption in the coming future.
• Advancing Technology: The consumer genomics market has been rapidly evolving over the past few years due to significant advancements in genetic testing technology. Earlier, genetic testing required vials of blood and cost thousands of dollars, but now it can be done through simple at-home saliva collection kits and for a fraction of the cost. The reduction in sequencing costs has made genetic testing accessible to everyday consumers. Next generation sequencing techniques have enabled analyzing of a person’s entire genome in a much faster and more affordable way As the technology matures further and tests become quicker and easier, it will drive more consumers to undergo genetic screening for various health, ancestry, and other traits. Testing through saliva is also perceived as less invasive, which improves customer experience. Technology is shortening the timeline from DNA collection to report generation. All of these factors are making genomics a reality for mass consumers and mainstreaming the once complex field in the average household.
• Increasing product launch: Increasing products by key players in the market is expected to drive the growth of the market over the forecast period. For instance, in February 2020, Nebula Genomics, a personal genomics company, announced the launch of direct-to-consumer whole genome
• Falling Cost of Genomic Sequencing: As genomic technologies continue to advance rapidly, the cost of sequencing an entire human genome has plummeted tremendously over the past decade. Where it used to cost hundreds of millions of dollars to sequence just one genome back in 2000, state-of-the-art sequencing machines and improved laboratory techniques have brought the cost down to just a few thousand dollars in recent years. Several companies are now offering direct-to-consumer DNA testing kits that allow customers to learn about their ancestry or uncover genetic insights related to health traits and conditions for under a hundred dollars. This dramatic cost reduction has made consumer genomics accessible to a much wider population and fuelled its adoption across both developed and emerging markets. Lower costs are encouraging more people to try direct-to-consumer testing out of curiosity to learn more about their DNA or to assist with medical investigations, especially as the price difference with traditional clinical testing continues to narrow. Barring any regulatory hurdles, the consumer market is expected to continue growing as sequencing and genotyping costs decrease further in the coming years, driving up volumes.

Global Consumer Genomics Market Opportunities:

• Untapped growth potential in emerging markets: The global consumer genomics market is witnessing significant growth driven by untapped potential in emerging markets. Countries in Asia, Africa, Latin America, and the Middle East are increasingly adopting direct-to-consumer genetic testing as their populations gain financial stability and willingness to invest in healthcare. With greater awareness about genetics role in chronic diseases and family history, consumers in developing nations are actively seeking personal DNA tests to gain deeper knowledge about their ancestry, inherited health conditions, and traits.
• Novel application areas like ancestry and lifestyle tests: Consumer genomics is increasingly becoming popular with the advent of advanced yet affordable DNA testing kits that can provide valuable personal insights. Ancestry and lifestyle tests have helped drive significant growth in the global consumer genomics market in recent years. By offering ancestry tests that trace one’s ethnic origins and genealogy going back several generations, companies are able to appeal to inherent curiosity about our genetic history and family roots. Being able to see visually how much Scandinavian or Jewish heritage runs in one’s DNA through updated family trees has captured people’s imaginations. Furthermore, lifestyle tests that analyze genetic samples to assess personal health risks and provide customized nutrition or fitness recommendations based on our DNA are enabling preventive healthcare based on our unique biology.
• Integration of Imaging Technologies: Continued advancements in imaging technologies like high-resolution computed tomography (CT) scans and positron emission tomography (PET) scans offer opportunities for improved pre-operative planning, precise tumor localization, and accurate staging of lung cancer. These technologies enhance the success of surgical interventions. For instance, on May 17, 2023, Koninklijke Philips N.V., a global medical device company, announced the launch of an AI-powered CT system to accelerate routine radiology and high-volume screening programs.
• Increasing adoption of inorganic growth strategies such as collaboration: Increasing adoption of inorganic growth strategies such as collaboration by the key players in the market is expected to drive the growth of the market over the forecast period. For instance, in July 2018, GSK, a pharmaceutical company, and 23andMe, a consumer genetics and research company, announced an exclusive four-year collaboration that will focus on the research and development of innovative new medicines and potential cures, using human genetics as the basis for discovery. The collaboration will combine 23andMe’s large-scale genetic resources and advanced data science skills with the scientific and medical knowledge and commercialization expertise of GSK.

Global Consumer Genomics Market Restraints:

• Accuracy and reliability concerns: Accuracy and reliability concerns are one of the major factors restraining the growth of the global consumer genomics market. While direct-to-consumer genetic testing offers health and ancestry related insights to consumers, there are lingering doubts over the precision and dependability of results produced by some companies. This uncertainty arises due to various scientific as well as technical challenges in accurately analyzing DNA samples and interpreting genetic variants.
• Regulatory issues: Regulatory issues continue to restrain the growth of the global consumer genomics market. With rapid innovations in genetic testing, concerns around privacy and fair usage of personal genomic data have increased. There are varying regulations around the use of direct-to-consumer genetic testing results and data storage across different countries and regions.