The global predictive genetic testing & consumer/wellness genomics market size is expected to reach USD 12.8 billion by 2028, registering a CAGR of 14% over the forecast period, according to the latest report by Reports and Data. Major factor driving market revenue growth is increasing awareness about utilization of genetic tests globally. Moreover, increasing growth of pharmaceutical companies involved in research of genomics will further enhance market growth.
Predictive genetic testing is used to predict potential disease risk in asymptomatic people. Genetic research entails examining one’s DNA, which may show mutations or modifications in the genes of living organisms.
Growing understanding about benefits of predictive genetic testing and introduction of Next-generation Platform Sequencing (NGS) would propel the market growth going ahead.
Predictive genetics research and consumer/wellness genomics are in high demand as a result of rising healthy lifestyle patterns and increasing health-care awareness initiatives. Genetic testing can help predict potential disease risk and provide knowledge and data about a child’s genetic makeup. Furthermore, these tests are useful in people with a history of genetic disorders. For example, a global research study conducted by the Mayo Clinic in the U.S. found that one out of every ten people who choose predictive genetic testing discovered that they had an inherited risk for a health condition and might benefit from preventive treatment.
However, increasing cost of genomic research equipment as well as difficulty in predictive genetic testing and consumer/wellness genomics will limit the market growth to some extent over the forecast period. Furthermore, the market’s growth is hampered by a scarcity of qualified practitioners and insufficient funding.
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The global Predictive Genetic Testing & Consumer/Wellness Genomics market is expected to register significant growth throughout the forecast period. The pharmaceutical & healthcare sector has register significant revenue growth over the recent past. Technological advancements in the healthcare and medical sector, availability of latest tools and techniques, increasing investments in the healthcare sector and improving healthcare infrastructure are key factors boosting market growth. In addition, rising funds by several public and private sectors, high adoption of POC diagnosis and home care settings, is further fueling market growth.
The current pandemic has been very challenging for all industries including the healthcare and pharma sector. Shortage of medicines, vaccines and others healthcare facilities is expected to open lucrative growth opportunities for market players in going ahead.
The report offers detailed information about recent activities by market players, their market position, financial status, global standing, services and product portfolio along with license agreement. These key players are adopting various strategies such as partnerships, collaborations, merger and acquisitions, and joint ventures to gain robust footing in the market. These players are also investing in research and development activities to come up with enhanced materials and products.
Leading companies operating in the global Predictive Genetic Testing & Consumer/Wellness Genomics market
Myriad Genetics, Inc., Color Genomics Inc., Helix, 23andMe, Inc, Illumina, Inc, Gene by Gene, ARUP Laboratories, Laboratory Corporation of America, Pathway Genomics, Genesis Genetics, BGI, Quest Diagnostics, Thermo Fisher, and WeGene.
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The report further sheds light on market segmentation and regional bifurcation.
Predictive Genetic Testing & Consumer/Wellness Genomics Market Segmentation:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
Application Outlook (Revenue, USD Billion; 2018 – 2028)
Predictive Genetic Testing & Consumer Genomics
Diabetic Screening & Monitoring
Breast & Ovarian Cancer
Urologic screening/ Prostate cancer screening
Parkinsonism / Alzheimer’s Disease
Orthopedic & Musculoskeletal
Other cancer screening
Skin & Metabolism Genetics
Setting Type Outlook (Revenue, USD Billion; 2018 – 2028)
Direct to Consumer
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Key Regional Markets:
Middle East & Africa
Key findings in the report:
Information about key trends, technological developments, growing focus on drug discovery and investments in research and development activities
Detailed insights about manufactures, product portfolios, pricing analysis and financial pricing
Technological developments and detailed analysis in the volatile competitive landscape.
New strategies adopted by new and emerging market players
Estimation about manufactures, sales and import and export dynamics
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