Predictive Genetic Testing & Consumer/Wellness Genomics Market Size, Share, Growth, And Industry Analysis By Type (Predictive Testing, Consumer Genomics, and Wellness Genomics) By Application (Breast & Ovarian Cancer, Cardiovascular screening, Diabetic Screening & Monitoring, Colon Cancer, Parkinsonism / Alzheimer’s Disease and Other diseases) Regional Forecast By 2031

Updated On: 08 April 2024

Predictive Genetic Testing & Consumer/Wellness Genomics Market Report Overview

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The global predictive genetic testing & consumer/wellness genomics market size was USD 4217.3 million in 2022, as per our research, the market is expected to reach USD 10,294.84 million in 2031, exhibiting a CAGR of 13.64% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to predictive genetic testing & consumer/wellness genomics market growth and demand returning to pre-pandemic levels once the pandemic is over. 

In an asymptomatic person, predictive genetic testing uses genetic information to estimate future probabilities of developing certain diseases. DNA analysis in genetic testing reveals any mutations or gene changes by analyzing the subject’s DNA.

The expansion of the market will be accelerated by increasing consumer awareness of the benefits of predictive genetic testing and the introduction of Next-generation Platform Sequencing (NGS). Predictive genetic testing is used to understand a hereditary problem better and provide better care.

COVID-19 Impact: The Potential Urge for Covid-19 Vaccine Research had Hampered the Market Growth

The severe effects of the COVID-19 pandemic have had a substantial negative influence on people’s health worldwide. There is a connection between the aftermath and the tremendous social and economic burden on people everywhere. While prominent policymakers are putting new frameworks into place and industries are embracing cutting-edge expansion methods to stay relevant, people are dealing with various mental trauma. Globally, the increase in cases has sparked mental and financial problems, particularly for the elderly. In addition, the global populace has been dealing with difficulties brought on by losing livelihoods and choosing family care to deal with the effects. Developing a vaccine for COVID-19 is the central area of concentration, which diverts attention from other markets.

Latest Trends

"The Increasing Use of Testing in Clinical Trials and Translational Research to Fuel the Market Expansion."

The worldwide market segment with the largest revenue share in recent years was predictive genetic testing. Testing is being used more frequently in clinical trials and translational research, which is the cause of the surge. The market segment has grown faster thanks to research and development initiatives in predictive genetics for deciphering complex genes. Susceptibility tests have become more popular, which has increased revenue. It is due to the availability of multigene panels for detecting different gene mutations or variants. Consumer genomics is anticipated to expand at a profitable rate over the projection period due to the quick commercialization of direct-to-consumer genetic diagnostics. DTC tests allow users to gain additional information about their ancestors, family tree, and disease risk. Consumer gene testing businesses are taking proactive measures to increase public awareness of genetic testing. As a result, genealogy testing, one of consumer genomics’ most crucial applications, has piqued the interest of both clinicians and consumers.

Predictive Genetic Testing & Consumer/Wellness Genomics Market Segmentation

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• By Type Analysis

According to type, the predictive genetic testing & consumer/wellness genomics market can be segmented into predictive testing, consumer genomics, and wellness genomics. Among these, predictive testing is projected to experience rapid growth through 2031.

• By Application Analysis

Based on application, the market can be divided into breast & ovarian cancer, cardiovascular screening, diabetic screening & monitoring, colon cancer, parkinsonism / alzheimer’s disease, urologic screening/ prostate cancer screening, orthopedic & musculoskeletal, other cancer screening, and other diseases. Breast & ovarian cancer is expected to hold the most significant predictive genetic testing & consumer/wellness genomics market share in the upcoming years.

Driving Factors

"Novel Alliances to Boost the Market Expansion"

The growing number of partnerships between the leading suppliers operating in the genomics industry will be a significant growth-inducing element, as will the expanding application scope of predictive genetic testing. Through innovative alliances, businesses may provide customers with complete, workable solutions, increasing the customer adoption rate. These collaborations between government agencies and research organizations make entry into the field of predictive genetic testing more likely. Federal regulatory agencies’ growing reservations about the accuracy of genetic tests boost market development. These issues assist manufacturers and doctors in improving the effectiveness of the treatment, which in turn increases the sales of such consumer-focused items.

"Increased Global Awareness to Propel the Market Growth"

One of the key factors fueling the market’s revenue growth is the rise in public awareness of the use of genetic tests. Additionally, a surge in pharmaceutical companies conducting genome research is anticipated to improve market growth prospects. The predictive genetic testing & consumer/wellness genomics market is expected to grow over the forecast period due to increasing awareness of the advantages of predictive genetic testing and the advancement of Next-generation Platform Sequencing (NGS). Government funding of R&D projects targeted at lowering the cost of genomics through technological progress is also anticipated to stimulate industry expansion. Additionally, it is expected that ongoing research projects targeted at comprehending the origins of particular diseases and the gene’s family tree would create new business opportunities.

Restraining Factors

"Predictive Genetic Testing Systems and their Numerous Components were Prohibitively Expensive, which Limited the Market’s Growth"

The growth of consumer genomics and predictive genetic testing markets may be constrained by the high costs involved with predictive genetic testing systems and the different components that make up these systems. Small and medium-sized businesses and academic institutions have a difficult time purchasing these. Additionally, companies typically require several predictive genetic tests to maximize efficiency and throughput, which raises costs.

Predictive Genetic Testing & Consumer/Wellness Genomics Market Regional Insights

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"U.S. to Dominate Market Owing to Novel Alliances"

Between 2022 and 2031, predictive genetic testing & consumer/wellness genomics will be dominated by North America. Factors driving the market growth in this region include owing to novel alliances.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The increasing global awareness fuels the expansion of regional markets.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• 3andMe, Inc. (U.S.)
• Thermo Fisher Scientific, Inc. (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Myriad Genetics, Inc (U.S.)
• Agilent Technologies (U.S.)
• Abbott Laboratories (U.S.)
• ARUP Laboratories (U.S.)
• Counsyl, Inc. (U.S.)
• Genesis Genetics (U.S.)
• Illumina, Inc. (U.S.)
• Bio-Rad Laboratories Inc. (U.S.)
• BGI (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.