Genomics is Estimated to Witness High Growth Owing to Increasing Adoption of Direct-to-Consumer Genetic Testing
Genomics refers to the study of genes and their functions. It involves the sequencing and analysis of genomes to understand how their variations contribute to health. Genomics has wide applications across various sectors including healthcare, agriculture, biotechnology, forensics and more. Advances in DNA sequencing technologies have enabled the advent of whole genome sequencing, which allows mapping and studying all genes in an individual's genome at an affordable cost. This has support the increased adoption of direct-to-consumer genetic testing services that allow people to gain insights into their health risks and ancestry. The global genomics Market is estimated to be valued at US$ 46.2 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers of the genomics market size is the increasing adoption of direct-to-consumer genetic testing. Direct-to-consumer genetic testing refers to genetic tests that individuals can purchase without involving a healthcare provider. Popular types of direct-to-consumer tests include those for ancestry, health risks and traits. The ease of access and reduced costs compared to clinical testing has supported increased consumer demand for such tests over the recent years. According to a report by Grand View Research, the direct-to-consumer genetic testing market is estimated to witness a CAGR of 11.8% from 2022 to 2030. Growing consumer awareness about the health benefits of genetic screening is another factor supporting market growth.
SWOT Analysis
Strength: Genomics has application in the field of precision medicine and diagnostics. Genomics help understand DNA and genes which helps treat diseases better. Genomics aid in detection of genetic disorders. Weakness: Genomics is expensive to implement which restricts its adoption. Data privacy and security are also concerns with genomics data. Opportunities: Developing nations are expected to increase investment and adoption of genomics in healthcare. Integration of genomics with AI will create more opportunities. Threats: Stringent regulatory policies could hamper research in genomics. Ethical issues and data privacy regulations pose threats. Lack of skilled workforce is a challenge.
Key Takeaways
The global Genomics market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 46.2 Billion.
Regional Analysis: North America region currently dominates the market due to presence of major players and increasing healthcare expenditure. Also, growing awareness regarding precision medicine favors market growth in the region. Asia Pacific region is expected to grow at fastest pace due to improving healthcare infrastructure and increasing focus of key players in countries like China and India.
Key players operating in the Genomics market are R1 RCM, Oracle, Optum, AdvantEdge Healthcare, McKesson Corporation, Change Healthcare, 3M, Experian plc, Conifer Health Solutions, and GE Healthcare. These companies are focusing on new product launches, strategic partnerships and mergers to strengthen their market position. For instance, in 2022 Oracle acquired health data analytics company Cerner to expand in healthcare IT market.
Get more insights on this topic: https://www.newswirestats.com/genomics-market-size-and-outlook-2023-2030/
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