Predictive Genetic Testing and Consumer Genomics Market Research 2024-2034
Dublin, Jan. 23, 2025 (GLOBE NEWSWIRE) -- The "Predictive Genetic Testing and Consumer Genomics Market by Test, Application, by End-User, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global predictive genetic testing and consumer genomics market size was estimated to be USD 4.77 billion in 2023 and is expected to reach USD 17.16 billion by 2034 with a CAGR of 12.34% during the forecast period 2024-2034
The consumer genomics and predictive genetic testing market is expected to grow due to expanding direct-to-consumer (DTC) genetic testing, consumer interest in personalized healthcare, consumer awareness of early disease detection and prevention, and strategic alliances and collaborations.
The global predictive genetic testing and consumer genomics market size was estimated to be USD 4.77 billion in 2023 and is expected to reach USD 17.16 billion by 2034 with a CAGR of 12.34% during the forecast period 2024-2034
The consumer genomics and predictive genetic testing market is expected to grow due to expanding direct-to-consumer (DTC) genetic testing, consumer interest in personalized healthcare, consumer awareness of early disease detection and prevention, and strategic alliances and collaborations.
For instance, in August 2024, FDA approval of Illumina's TruSightT Oncology (TSO) Comprehensive test is poised to be a significant driver in the predictive genetic testing and consumer genomics market. This in vitro diagnostic (IVD) test, capable of analyzing over 500 genes, enhances the ability to identify actionable biomarkers in solid tumors, thereby facilitating targeted therapy options and clinical trial enrollment.
By being approved as a companion diagnostic (CDx) for patients with neurotrophic tyrosine receptor kinase (NTRK) gene fusions, the TSO Comprehensive test exemplifies the expanding role of genomic profiling in personalized medicine, meeting the growing demand for precision oncology. This advancement not only highlights the increasing reliance on genetic testing for tailored therapeutic strategies but also reflects the broader trend of integrating comprehensive genomic tools into clinical practice, significantly boosting market potential.
North American region is anticipated for the highest revenue share during the forecast period owing to the presence of advanced healthcare infrastructure, high adoption of predictive genetic testing, significant investments in genomics research, and the strong presence of key market players like 23andMe and Myriad Genetics.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the increasing healthcare expenditure, growing awareness of genetic testing, expanding middle-class population, and supportive government initiatives for precision medicine and genomics in countries like China, India, and Japan.
For instance, in April 2024, MassMutual, a top mutual life insurance provider in the US, and Genomics plc (Genomics), a healthcare company transforming health through the power of genomics, announced the next phase of their innovative partnership, which will allow more eligible MassMutual policyowners to learn about their health and take proactive steps to make decisions that could help them live longer, healthier lives.
By test, the predictive testing segment accounted for the highest revenue-grossing segment in the global predictive genetic testing and consumer genomics market in 2023 owing to the increasing demand for early detection and prevention of diseases, particularly hereditary conditions such as cancer and cardiovascular diseases, as well as advancements in genetic technologies like next-generation sequencing.
For instance, in August 2024, Myriad Genetics declared that the sale of its EndoPredict business unit to Eurobio Scientific, a French provider of in-vitro diagnostics and life sciences solutions, had been completed. EndoPredict is a predictive diagnostic tool that helps patients identify those who can safely forego chemotherapy by predicting their chance of return of breast cancer. Myriad Genetics has granted Eurobio Scientific the exclusive license to sell Polaris in-vitro diagnostic (IVD) kits in international markets as part of this initiative. Additionally, the consumer genomics segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising consumer interest in personalized healthcare, increased awareness of genetic testing, and the expanding availability of direct-to-consumer genetic testing kits from companies like 23andMe and AncestryDNA.
By application, the breast & ovarian cancer segment accounted for the highest revenue-grossing segment in the global predictive genetic testing and consumer genomics market in 2023 and is predicted to grow at the fastest CAGR during the forecast period owing to the high prevalence of these cancers and the increasing use of predictive genetic tests, such as BRCA1 and BRCA2, to assess cancer risk and guide preventive healthcare decisions.
For instance, 23andMe announced in July 2024 that it would be collaborating with 20 eminent lung cancer advocacy institutes to begin a comprehensive study aimed at advancing lung cancer research. The primary goal of the Lung Cancer Genetics Study is to gain a better understanding of the genetic makeup of individuals with lung cancer in order to enhance patient care, guarantee a decrease in risk, and enhance detection of the disease.
By end-user, the hospitals segment accounted for the highest revenue-grossing segment in the global predictive genetic testing and consumer genomics market in 2023 owing to the wide adoption of predictive genetic testing in hospitals for early disease diagnosis and management, supported by advanced laboratory infrastructure and access to a large patient pool.
For instance, in April 2024, Nigeria-based Syndicate Bio has agreed to use MSK-ACCESS powered by SOPHiA DDMTM, according to a statement released by SOPHiA GENETICS, a cloud-native software provider in the healthcare industry and a pioneer in data-driven medicine. Syndicate Bio is the first laboratory in Africa to use the SOPHiA DDMTM Platform to perform the MSK-ACCESS assay. It is also the first business to offer liquid biopsy and comprehensive genomic profiling to patients across the continent.
By putting this innovative technology into practice, SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio will continue to improve global health equity through their ongoing efforts. Additionally, the ambulatory surgical center segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing shift toward outpatient settings for genetic testing services, offering cost-effective, quick, and accessible testing options for patients outside traditional hospital environments.
genetic testing, consumer genomics, direct-to-consumer testing, DNA sequencing, personalized medicine, genetic counseling, ancestry testing, carrier screening, pharmacogenomics, hereditary disease risk, whole-genome sequencing, molecular diagnostics, genotyping technologies, health genomics, predictive analytics, clinical genomics, genome editing, bioinformatics tools, nutrigenomics, polygenic risk scores
#GeneticTesting, #ConsumerGenomics, #DNATesting, #PersonalizedMedicine, #GeneticCounseling, #AncestryTesting, #CarrierScreening, #Pharmacogenomics, #HereditaryRisk, #GenomeSequencing, #MolecularDiagnostics, #HealthGenomics, #PredictiveMedicine, #ClinicalGenomics, #Genotyping, #GenomeEditing, #Bioinformatics, #Nutrigenomics, #GenomicsMarket, #PolygenicRiskScores
International Conference on Genetics and Genomics of Diseases
Award Nomination: genetics-conferences.healthcarek.com/award-nomination/?ecategory=Awards&rcategory=Awardee
Award registration: genetics-conferences.healthcarek.com/award-registration/
For Enquiries: genetics@healthcarek.com
Get Connected Here
---------------------------------
---------------------------------
No comments:
Post a Comment