Global Predictive Genetic Testing & Consumer/Wellness Genomics Market: Snapshot
The use of genetic test, as pre-symptomatic testing of diseases, has gained popularity in predicting future risks by providing information on an individual’s chromosomes and genetic mutations. Predictive genetic testing is relatively new but rapidly emerging arena in public health practices, especially in developed nations. It is increasingly being used to guide nutritional strategies and training outcomes for a number of disorders. Common disorders include Huntington's disease, cystic fibrosis, phenylketonuria, Down's syndrome, breast cancer, and sickle cell anemia. Usually conducted in healthy persons, it involves identifying certain genetic traits that may cause disease in later years of life. Some of the most common types of predictive genetic testing can be genetic susceptibility testing, predictive diagnostic, and population screening. They may be useful in persons who have family history of some treatable genetic disorders. Consumer genomics usually involves the application of whole genome sequencing essentially to classify individuals in various risk types for a variety of diseases. While wellness genomics is used to assist persons to take appropriate health decisions that promotes their wellness and help in maintenance of better health. It typically includes various genotypic and clinical information. Coupled with preventive medicines, wellness and consumer genomics form a key role in guiding health and wellness decisions in various populations.
The offerings of predictive genetic testing and consumer/wellness genomics market is expected to play a seminal role in the ultimate discovery of personalized therapies and medicines. World over, several direct-to-consumer (DTC) genetic testing and healthcare providers offer genetic testing products and services that are not essentially focused on disease risk but offer information that are being used by individuals, to offer information, with different levels of scientific validity, to guide their decision in fitness, diet, and athletic ability.
The type of genetic testing which is employed to diagnose or predict the gene mutation or genetic changes linked to a disease is called predictive genetic testing. It is usually used in a symptomatic person to check future risks. The branch of genomics concerned with the sequencing and interpretation of the individual is called consumer genomics, while the one which predicts the genetic factors contributing to healthy living is called wellness genomics. This type of testing enables a person to make good lifestyle changes and choices.
The rising health care awareness and shifting population preference toward a healthy lifestyle have led to the expansion of the market for predictive genetics testing & consumer/wellness genomics. Factors such as the rising attention of the government and other private regulatory bodies toward public health care, increased effectiveness & quality of genetic testing, prevalence of chronic diseases & genetic diseases such as Parkinson’s & cystic fibrosis are expected to drive the global predictive genetics testing & consumer genomics market during the forecast period. Furthermore, the rising need to understand one’s family history is propelling the global market as well. However, stringent regulatory rules and ethics for the approval of genetic testing could limit the market’s development through 2025.
In terms of test type, the global predictive genetics testing & consumer/wellness genomics market can be categorized into the predictive testing, consumer genomics, and wellness genomics segments. Predictive testing can be further divided into the genetic susceptibility testing, predictive diagnostic, and population screening sub-segments. On the basis of application, the global market can be split into the following groups: cancer screening, cardiovascular screening, musculoskeletal screening, diabetic screening, Parkinson’s / Alzheimer disease screening, and others.
Geographically, the global predictive genetics testing & consumer/wellness genomics market is distributed over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America held a major market share, followed by Europe. The dominance of North America can be ascribed to to factors such as its well-established health care infrastructure, high awareness level, prevalence of chronic diseases, and high adoption of new technologies. However, Asia Pacific is anticipated to grow at a significant rate due to the growing population, rise in disposable income, increasing demand for genetic testing, prevalence of unhealthy lifestyles, and mounting government intervention in the development of health care infrastructure. Also, the market in this region has been observed to be targeted by multiple established players, as countries such as China and India are projected to be favorable markets for new entrants in the wellness genomics sector.
Most players in the predictive genetics testing & consumer/wellness genomics market are focused on developing technologically advanced and cost-efficient services in order to offer comfortable, easy, and quicker testing solutions to customers. To gain a significant position in the global predictive genetics testing & consumer/wellness genomics market, these companies adopt various policies including strategic alliances, forward & backward integration, new product development, and mergers & acquisitions. For instance, several pharmaceutical industries are entering into partnerships with genomic companies, diagnostic laboratories, and government organizations. Intermountain Healthcare and Syapse announced a collaboration in May 2014, which enables oncologists to access different technologies related to cancer genomics.
Key players operating in the global predictive genetics testing & consumer/wellness genomics market include ARUP Laboratories, Genesis Genetics, Pathway Genomics, Color Genomics Inc., BGI, and Myriad Genetics, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.