The new report by Expert Market Research titled, ‘Global Wellness Genomics Market Growth, Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives in-depth analysis of the global wellness genomics market, assessing the market based on its segments like type, setting type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 4 Billion
- Forecast CAGR (2023-2028): 14%
- Forecast Market Size (2026): USD 8.8 Billion
Increasing information about the use of genetic tests that help in the prediction of gene susceptibility to disease development prior to symptoms is one factor affecting market growth.
Furthermore, the market is being driven by an increase in sales of these products due to an increasing trend among physicians. New platforms in next-generation sequencing technology are helping to improve the accuracy of predictive genetic and consumer genomics kits. Market participants are working on new protocols for launching goods that need little technical assistance and have the highest level of customer satisfaction.
Wellness Genomics Industry Definition and Major Segments
Genomic sequencing or genomics has traditionally been associated with the possibility of disease or death. With genome sequencing becoming more accessible, a growing number of bioinformatics companies are offering services that use DNA-based information to treat ageing, monitor or diagnose wellbeing, or even the sports an individual can participate in based on genetic information, all in the hopes of combining a healthier lifestyle. Genetic information may be used to live a much healthier life. Wellness genomics is the new term for this.
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The wellness genomics market can be divided into:
- Predictive testing
- Consumer genomics
Predictive testing can be further divided into:
- Genetic Susceptibility Test
- Predictive Diagnostics
- Population Screening Programs
Consumer genomics is further segmented into:
- Wellness Genetics
- Nutria Genetics
- Skin and Metabolism Genetics
The setting type is divided into the following:
The wellness genomics market can be broadly categorised based on its applications into:
- Breast and Ovarian Cancer Screening
- Cardiovascular Screening
- Diabetic Screening and Monitoring
- Colon Cancer Screening
- Alzheimer’s Disease
- Prostate Cancer Screening
- Orthopaedic and Musculoskeletal Screening
- Other Cancer Screening
- Other Diseases Screening
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Wellness Genomics Market Trends
The demand for wellness genomics has grown in response to increasing healthcare understanding and a change in population preference for a healthier lifestyle. The global wellness genomics market is expected to be driven by factors such as the government’s and other private regulatory bodies’ increased attention to public health care, increased efficacy & efficiency of genetic testing, and the prevalence of chronic diseases & genetic diseases such as Parkinson’s and cystic fibrosis during the forecast period.
In addition, the growing need to understand one’s family background is driving the global market. However, strict regulatory rules and ethics for genetic testing approval could stifle the market’s growth. North America dominated the industry, followed by Europe. North America’s supremacy can be attributed to a number of factors, including its well-established health-care system, high levels of literacy, the prevalence of chronic diseases, and rapid adoption of emerging technologies.
However, due to a growing population, rising disposable income, rising demand for genetic testing, the prevalence of unhealthy lifestyles, and mounting government involvement in the growth of health care infrastructure, Asia Pacific is expected to expand at a significant pace. Most players in the wellness genomics markets are focused on developing technologically advanced and cost-effective services in order to provide consumers with convenient, easy, and faster testing options. These companies use a variety of strategies to achieve a major position in the global wellness genomics markets, including strategic partnerships, forward and backward integration, new product growth, and mergers and acquisitions.
Key Market Players
The major players in the market are F. Hoffmann-La Roche Ltd., Abbott Laboratories (NYSE: ABT), Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., Qiagen NV, Myriad Genetics, Inc., Siemens AG, Cooper Surgical, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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