Regulatory Guidelines and High Instrument Cost Hinder Consumer Genomics Market Growth
According to a recent report by Reports and Data, the global Consumer Genomics Market is expected to reach USD 6.58 Billion by 2027. The market growth is driven by an increased demand for knowledge of consumers' ancestry and a decrease in the cost of genetic procedures.
The market is experiencing a surge in demand due to significant advancements in technology, innovative machine development, and increased spending on research. Government initiatives to promote market growth, the trend of personalized medicine, and the integration of genomic data by healthcare and research companies also play a role in driving market demand. However, the high cost of genomic instruments and regulatory guidelines pose challenges to the market's growth.
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The report predicts that the continued advancement of genomics will have significant economic, environmental, ethical, legal, and social implications that will garner public and policymaker attention. Healthcare and research companies are working to integrate genomic data to personalize treatments for life-threatening diseases such as cancer.
The COVID-19 pandemic is also expected to drive market growth, as biopharmaceutical innovators are investigating the virus's genome to develop viable vaccines.
The report suggests that the reduction in sequencing costs has made whole genome sequencing more affordable and attractive to pharmaceutical and biotechnology companies, which will impact the market's growth. Polymerase chain reaction (PCR) is also driving market demand due to its simplicity, speed, sensitivity, and potential for cloning, sequencing, and analysis.
The growing trend of linking ancestors with consumer genetic tests available directly through the internet is also driving the market's growth. These tests analyze consumers' raw DNA to gain information about hereditary diseases and drug response.
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North America is witnessing market growth due to increasing research funding, government initiatives in genomics, advanced healthcare facilities, and changing regulations for reimbursement and usage.
Key participants in the market include 23andMe, Ancestry, Mapmygenome, Gene By Gene, Color Genomics, and MyHeritage, among others.
The report segments the global Consumer Genomics market based on product and services, technology, application, and region. The product and services segment includes consumables, services, system, and software. The technology segment includes sequencing, PCR, nucleic acid extraction and purification, microarray, and others. The application segment includes diagnostics, genetic relatedness, ancestry, lifestyle, wellness, & nutrition, reproductive health, sports nutrition & health, personalized medicine & pharmacogenetic testing, and others. The regional segment includes North America, Europe, Asia Pacific, Latin America, and MEA.
In conclusion, the global Consumer Genomics market is expected to grow significantly in the coming years due to advancements in technology, government initiatives, and increasing demand for personalized medicine and genetic testing. However, challenges such as high costs and regulatory guidelines may hinder the market's growth.
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