Market Trends of Consumer Genomics Industry
This section covers the major market trends shaping the Consumer Genomics Market according to our research experts:
Genetic Relatedness Expected to Witness High Growth
Genetic relatedness generates a large amount of sequencing and screening data in a massively parallel manner to provide a differential tool for the patient. Several companies in the market give genomic consumer services for a range of genetic disorders and screening of DNA, RNA, and specialized samples.
According to a research article published in Plos One in February 2022, the future of genomic analyses rests in the ability to understand large and ever-growing data. Genetic sequence analysis is mainly suited for determining genetic relatedness, particularly for human identification. Furthermore, according to a report published by the University of Cambridge, in November 2021, compared to normal tests, genome sequencing from a single blood test detects 31% more instances of uncommon genetic diseases. This is expected to impact segmental growth.
Additionally, genetic relatedness has been extensively harnessed in oncology screening. The high incidence of cancers worldwide is expected to drive the studied market. For instance, according to the American Cancer Society, 1,898,160 new cancer cases were projected to occur in 2021 in the United States. Additionally, the unknown cancer incidence is estimated to reach 30.2 million by 2040, as per the International Agency for Research on Cancer (IARC). Thus, genetic screening aids in providing information on whether cancer runs in the family and the risk factors associated with the development of cancers in the future.
Thus, given the factors mentioned above, the genetic-relatedness segment is expected to propel significantly over the forecast period.
North America Expected to Dominate Consumer Genomics Market
North America is expected to dominate the market throughout the forecast period. The presence of high per capita healthcare expenditure, high patient awareness levels, and high prevalence of target diseases contribute to the growth of the market studied in the region. According to the Centers for Disease Control and Prevention data on chronic diseases updated in July 2022, chronic diseases are the leading cause of death and disability every year in the United States. The rising number of chronic diseases in the nation adds to the country's consumer genomics growth.
Additionally, the high concentration of major regional players, along with numerous product approval and launches, is a significant driving factor. For instance, in October 2021, F. Hoffmann-La Roche Ltd launched AVENIO Tumor Tissue CGP Kit, a comprehensive genomic profiling kit to make tailored cancer research more accessible. This kit provides comprehensive genomic profiling of solid tumors from formalin-fixed paraffin-embedded (FFPE) tissue samples. Thus, given the growing cancer incidence and strategies key regional players take, the consumer genomics market is expected to boost.
Given the factors above, the studied market is expected to propel significantly in North America over the forecast period.
