Global Predictive Genetic Testing & Consumer/Wellness Genomics Market - 2022-2029

Global Predictive Genetic Testing & Consumer/Wellness Genomics Market - 2022-2029

Market Overview

The global predictive genetic testing & consumer/wellness genomics market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Predictive genetic testing is used to predict prospective illness risk in persons who are asymptomatic. Genetic study comprises looking at one's own DNA to see whether there are any mutations or changes in the genes of living organisms.

Market Dynamics

The market for predictive genetic testing & Consumer/ Wellness Genomics has grown significantly over the last decade, due to increasing awareness about of healthy lifestyle. Growing awareness of the benefits of predictive genetic testing will drive the market growth

Growing awareness of the benefits of predictive genetic testing, as well as the development of Next-generation Platform Sequencing (NGS), are projected to drive market expansion throughout the forecast period. Predictive genetic testing aids in the analysis of a hereditary problem in order to provide better treatment and support.

Predictive genetics testing and consumer/wellness genomics are sky-scraping due to growing trends of healthy lifestyles and increased health-care awareness programs. Genetic testing is useful in forecasting future disease risk and provides information and statistics about a child's genetic makeup. Furthermore, testing is useful for persons with a family history of genetic disorders. For example, in a global research study supervised by the Mayo Clinic in the United States, one out of every ten patients who chose predictive genetic testing discovered a genetic risk for a health condition that may be remedied with preventive therapy.

In industrialized countries, genetic illnesses and congenital anomalies affect roughly 2% to 5% of all live births, accounting for 30% of pediatric hospital admissions and about half of all children fatalities. These factors are likely to boost the predictive genetic testing & consumer/wellness genomics market.

Rising genomic research equipment costs is likely to hamper the market growth

However, rising genomic research equipment costs and difficulties in predicting genetic testing and consumer/wellness genomics will constrain market growth to some extent over the projection period. Furthermore, the market's expansion is impeded by a lack of skilled practitioners and insufficient finance.

COVID-19 Impact Analysis

In 2019, the novel coronavirus (COVID-19) rapidly spread across various countries and regions, having a massive impact on people's lives and the global community. It began as a human health issue and has since evolved into a major threat to global trade, economy, and finance. Due to lockdowns caused by the COVID-19 pandemic, many products in the predictive genetic testing & consumer/ wellness genomics market were halted. Furthermore, as the COVID-19 vaccine becomes available, the number of COVID-19 cases is expected to decrease. This has resulted in reopening predictive genetic testing & consumer wellness genomics companies to full capacity. This is expected to aid the market's recovery by the beginning of 2022. After COVID-19 infection cases begin to decline, manufacturers of equipment and machinery must focus on protecting their employees, operations, and supply networks to respond to urgent emergencies and establish new working methods.

Segment Analysis

The predictive genetic testing & consumer genomics segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The predictive genetic testing & consumer/wellness genomics market is divided into two categories based on application: predictive genetic testing & consumer genomics and wellness genomics. Due to the increased frequency of ovarian and breast cancer globally, the breast and ovarian cancer-based predictive testing market is predicted to grow at a substantial CAGR over the forecast period. According to a World Health Organization (WHO) report, 2.3 million women worldwide will be diagnosed with breast cancer in 2020.

More women in the United States are diagnosed with breast cancer than any other type of cancer besides skin cancer. The disease accounts for 1 in 3 new female cancers annually.This year, an estimated 287,850 women in the United States will be diagnosed with invasive breast cancer, and 51,400 women will be diagnosed with non-invasive (in situ) breast cancer. Since the mid-2000s, invasive breast cancer in women has increased by approximately half a percent each year. An estimated 2,710 men in the United States will be diagnosed with invasive breast cancer.It is estimated that 43,780 deaths (43,250 women and 530 men) from breast cancer will occur in the United States. Worldwide, female breast cancer is the fifth leading cause of death. In 2020, an estimated 684,996 women worldwide died from breast cancer.(Source: World Health Organization).

Geographical Analysis

North America region holds the largest market share of the global Predictive Genetic Testing & Consumer/Wellness Genomics market

The North American area is predicted to account for the biggest revenue share over the forecast period because of its strong healthcare infrastructure. Increased awareness of genetic involvement in identifying uncommon ailments and improvements in cloud-based technology in the medical profession are projected to fuel market growth. Increasing research activities for illness therapies, drug development, and clinical testing are also helping to sustain rising demand in the region. The presence of major market participants will also help the region's industry flourish.

Competitive Landscape

The predictive genetic testing & consumer/wellness genomics market is a fiercely competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Helix 23 and Me, Illumina, ARUP Laboratories, Myraid, Fulgent, Seagen, Blueprint Genetics, Impact Genetics, Prevention Genetics, ThermoFisher, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Predictive Genetic Testing & Consumer/Wellness Genomics market globally. For instance, In May 2015, ARUP Laboratories and Labceutics Join Forces to Better Serve the Personalized Healthcare Market

Blueprint Genetics

Overview:

Blueprint Genetics is a company that specializes in genetic testing for inherited disorders. We provide high-quality genetic testing to the global clinical community across 15 medical disciplines with a patient-first philosophy. Blueprint Genetics has offices in Helsinki and Seattle and serves customers in more than 70 countries.

Product Portfolio:

Gene test: More than 3,900 single genes comprise our 14 categories on our test menu. All of the genes were chosen based on curated gene reviews, variant databases (HGMD and ClinVar), the most recent literature, and customer requests. Single gene testing is always available as a Plus analysis (a mix of sequencing and deletion/duplication). In the initial validation, all genes submitted as single gene tests had at least 99.5 percent of the target region covered with 20x depth.