Report Scope & Overview:
The Predictive Genetic Testing & Consumer/Wellness Genomics Market Size was valued at USD 5.73 billion in 2022, and is expected to reach USD 16.35 billion by 2030, and grow at a CAGR of 14% over the forecast period 2023-2030.
A method for forecasting disease risk in asymptomatic patients is predictive genetic testing. This technique entails checking one's Deoxyribonucleic Acid (DNA) for changes to the genes of living things. It delivers accurate sequencing findings from a next-generation platform. It assists in studying genetic disorders in the search for a treatment. Growing consumer awareness of genetic disorders, the availability of genetic test kits directly to consumers (DTC), increased R&D spending, and the trend toward a healthier lifestyle are all important factors propelling the market growth.
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Uses of consumer/wellness genomics and predictive genetic testing
Increasing R&D efforts for new treatments
Growing tendencies of healthy lifestyle
Insufficient resources and a shortage of qualified professionals
The method of genetic testing is complicated
Increase in applications for personalized medicine
Emerging markets for consumer/wellness genomics and predictive genetic testing
Instruments for genetic research are expensive
IMPACT OF COVID-19
The COVID-19 pandemic has expanded drug development and research activity, which is straining the healthcare sector further. Although the pandemic initially had a negative effect on workforces and supply chains, the increasing desire for novel therapies has had a positive effect on market demand overall.
The pandemic has a regional and worldwide impact on predictive genetic testing. Rising cancer incidence, enhanced benefits of Next Generation Sequencing (NGS) in cancer research, participation of new companies with creative ideas, annual growth in the number of start-ups in the genomics industry, and a wide range of applications are all predicted to propel the market. Examples include various single-gene disorders, cancer, and cardiovascular conditions. The consumer/wellness genomics market and predictive genetic testing have benefited from COVID-19 as a result.
VALUE CHAIN ANALYSIS
Over the course of the forecast period, the global predictive genetic testing & consumer/wellness genomics market is anticipated to increase significantly. This can be attributable to elements like the different testing applications and rising R&D expenditures. The value chain analysis for the market consists of five main parts, starting with research and product development, moving on to product manufacturing, distribution, and sales, and concluding with post-marketing surveillance.
By Test Type
In clinical settings and translational research, predictive testing is generally favoured for estimating the risk of diseases like cancer and neurological illnesses. It was able to hold the largest share because of this. The "predict and prevent" paradigm is likely to increase public awareness of early screening initiatives.
The use of tests for cancer susceptibility screening and suitable prognosis was supported by ongoing R&D activities in genetic susceptibility testing by identifying the best treatment plan. The usage of susceptibility testing has accelerated due to the availability of multigene panels for the identification of various gene mutations or variants, which has increased revenue generating. As a result of the growing commercialization of direct-to-consumer genetic tests, consumer genomics is predicted to have profitable growth during the projected period. Users using DTC tests can learn more about their ancestors, family tree, and risk of inheriting diseases.
Predictive genetic testing and consumer genomics market share is dominated by tests that forecast the likelihood of developing breast and ovarian cancer. These tests also generate the highest levels of market revenue. Globally rising rates of breast and ovarian cancer, together with widespread use of gene susceptibility testing, are contributing factors to the growth of this market. According to the nonprofit group Breastcancer.org, 5–10% of breast and ovarian cancer cases in the United States are hereditary and are caused by mutations in the BRCA1 and BRCA2 genes.
Due to the availability of products that cover testing for various disease categories, the market for illness indications is predicted to exhibit similar growth patterns. This area is heavily influenced by predictive and pre-dispositional genetic testing, which helps orthopedic surgeons and doctors identify disease risks before symptoms appear.
By Setting Type
The market for proteomics is anticipated to create the most revenue. Predictive genomic testing and the consumer/wellness genomics industries are expanding as a result of increased R&D spending, high prevalence, increased government funding, personalized medical research, and pharmaceutical discoveries. The market is anticipated to grow in response to applications for clinical diagnostics related to cardiovascular diseases, cancer, infectious diseases, diabetes, neurological disorders, and immunological diseases.
The increased prevalence of lifestyle disorders, which feeds the expansion of the industry, is causing the metabolic testing market to expand at a healthy CAGR. Predictive genomic testing and the consumer/wellness genomics market are expanding as a result of a number of important causes, such as the development of technology, rising healthcare spending, the expansion of the R&D sector, government efforts, and a rise in the standard of living.
For the purpose of identifying inherited disorders in living things, genomic testing kits or panels are marketed. Samples are first collected, and they are then transported to a lab for analysis as part of the detection process. It is anticipated to rise dramatically during the forecasted timeframe. Additional test kits used in testing include those for prenatal and neonatal examinations, diagnostic examinations, examinations for genetic diseases, pharmacogenomic examinations, and examinations for predictive and presymptomatic conditions. The three main growth factors that will push the market to its maximum are growing personalized medical research, rising awareness, and rising genetic condition prevalence.
KEY MARKET SEGMENTS:
By Test Type
Breast & Ovarian Cancer
Diabetic Screening & Monitoring
Urologic Screening/Prostate Cancer Screening
Orthopedic & Musculoskeletal
By Setting Type
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Due to the existence of multiple companies based in the United States, North America dominated the industry in terms of revenue. These companies have a number of patents in the fields of wellness genomics and predictive testing. For the purpose of maintaining their respective market shares and boosting regional revenue production, participants operating herein are implementing a number of growth efforts.
Asia Pacific is predicted to have the highest CAGR since patients there have been benefiting from rising disposable income and healthcare spending. Along with demand expansion, this region's supply potential is anticipated to rise significantly over the next few years. By offering services through distribution partners, prominent participants are gaining access to economies in underdeveloped countries.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Some of the major key players are Abbott Laboratories, Bio-Rad Laboratories Inc., Counsyl, Inc., Agilent Technologies, Bureau Gravimétrique International, Genesis Genetics, ARUP Laboratories, Hoffmann-La Roche Ltd., Illumina, Inc., Myriad Genetics, Inc., Thermo Fisher Scientific, Inc. and Other Players.
Genesis Genetics-Company Financial Analysis
|Market Size in 2022
|US$ 5.73 Billion
|Market Size by 2030
|US$ 16.35 Billion
|CAGR of 14% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• By Test Type (Predictive Testing, Consumer Genomics, Wellness Genomics)
• By Application (Breast & Ovarian Cancer, Cardiovascular Screening, Diabetic Screening & Monitoring, Colon Cancer, Parkinsonism/Alzheimer’s Disease, Urologic Screening/Prostate Cancer Screening, Orthopedic & Musculoskeletal)
• By Setting Type (Proteomic Testing, Metabolic Testing, Genomic Testing)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Abbott Laboratories, Bio-Rad Laboratories Inc., Counsyl, Inc., Agilent Technologies, Bureau Gravimétrique International, Genesis Genetics, ARUP Laboratories
|• Increasing R&D efforts for new treatments
• Growing tendencies of healthy lifestyle
|• Insufficient resources and a shortage of qualified professionals
• The method of genetic testing is complicated
Ans: The Predictive Genetic Testing & Consumer/Wellness Genomics Market Size was valued at USD 5.73 billion in 2022.
Increase in applications for personalized medicine.
Emerging markets for consumer/wellness genomics and predictive genetic testing
Ans: forecast period of Predictive Genetic Testing & Consumer/Wellness Genomics Market is 2023-2030.
Ans: North America is dominate the Predictive Genetic Testing & Consumer/Wellness Genomics Market.
Ans: Instruments for genetic research are expensive.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Predictive Genetic Testing & Consumer/Wellness Genomics Market Segmentation, By Test Type
8.1 Predictive Testing
8.2 Consumer Genomics
8.3 Wellness Genomics
9. Predictive Genetic Testing & Consumer/Wellness Genomics Market Segmentation, By Application
9.1Breast & Ovarian Cancer
9.2 Cardiovascular Screening
9.3 Diabetic Screening & Monitoring
9.4 Colon Cancer
9.5 Parkinsonism/Alzheimer’s Disease
9.6 Urologic Screening/Prostate Cancer Screening
9.7 Orthopedic & Musculoskeletal
10. Predictive Genetic Testing & Consumer/Wellness Genomics Market Segmentation, By Setting Type
10.1 Proteomic Testing
10.2 Metabolic Testing
10.3 Genomic Testing
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Abbott Laboratories
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Bio-Rad Laboratories Inc.
12.3 Counsyl, Inc.
12.4 Agilent Technologies
12.5 Bureau Gravimétrique International
12.6 Genesis Genetics
12.7 ARUP Laboratories
12.8 Hoffmann-La Roche Ltd.
12.9 Illumina, Inc.
12.10 Myriad Genetics, Inc.
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
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