The Increase In Nucleic Acid Sequencing And Requirement For Preventive Care Will Give Rise To The Retail Genomics Market
Retail Genomics Market Forecast and CAGR
According to the latest research by Fact.MR., the Retail Genomics market is set to witness significant growth during 2021-2031. Retail Genomics the branch in which sequencing, investigation, and analysis of the genome of an individual are included.
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What is Driving Demand for Retail Genomics?
The increase in nucleic acid sequencing and requirement for preventive care will give rise to the Retail Genomics market. Retail Genomics tests usually have no involvement of a medical practitioner. They are used for knowing the family history of related medical symptoms. This information would help the consumer to make better decisions and take preventive care.
There has been a significant reduction in retail genomic test costs in the past decade. The affordability of the tests will attract the consumers to give a boost to the market.
The mass affordability of sequencing has brought a paradigm shift and has led consumers to identify the risk factors and has opened the door for new applications and business models across health insurance, care delivery, and everyday life.
The rise in Personalized Medicine is likely to Augment Retail Genomics Sales
Growth in the personalized medicine market is set to offer an array of opportunities for players operating in the genomics market. Various pharmaceutical companies are increasingly investing in personalized medicine research. Personalized medicine enables medical practitioners to identify the exact needs of a patient and then prescribe medicines and treatments accordingly. This approach guarantees better care outcomes. Moreover, it is expected that advancements in the field of gene therapy have the potential to replace traditional drugs and surgeries by enabling doctors to treat a disorder by inserting a gene into a patient’s cell.
The use of personalized medicine therapy is on the rise as it offers cost savings, patient compliance, drug safety, early detection of diseases, and optimization of therapies. The advent of DNA and gene microarray technologies has revolutionized the field of personalized medicine, making it possible to understand the expression of all genes in the human genome in a single experiment.
Research organizations and even big pharmaceutical companies are increasing their focus on precision medicine for the development of new drugs and disease therapies and clinical testing.
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US and Canada Retail Genomics Market Outlook
The US is one of the largest markets for Retail Genomics globally. The US Retail Genomics market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031.
The U.S. and Canada are expected to be the largest market share of the Retail Genomics market, owing to the factors such as increasing R&D activities, growing advanced technology, and vast commercialization of retail genomics is expected to boost the market in the countries. Also, the presence of more retail genomics companies will lead to the growth of the market in the region. An increase in government initiatives to strengthen genomics projects in Canada is expected to rise the market in the country.
Asia-Pacific Demand Outlook for Retail Genomics
The Asia Pacific is expected to see growth in the retail genomics market in the forecasted period owing to the entry of new players in the region. There are few strong regional players which are expected to boost the market in the given region. The increasing awareness about personalized medicine and improving lifestyle with the help of retail genomics will lead the market growth in the region.
There has been increased funding in the region for research and development which will give rise to new healthcare paradigms including genomic sequencing. Growing awareness and increasing R&D in developing countries like China and Japan about genetic sequencing and the presence of regional players in the countries will boost the market in the region. Also, there have been significant reforms taken by government bodies in the region with will accelerate the market.
Who are the Key Manufacturers and Suppliers of Retail Genomics?
Some of the leading providers of Retail Genomics include
- Color Genomics
- Gene by Gene
- Laboratory Corporation of America
- Mapmygenome India
- Positive Bioscience
- Quest Diagnostics Inc.
- Illumina Inc.
Key players are focusing on new product launches is the prominent strategy of the player to increase their market share. For instance, in 2019 Helix a key player offered a test that looks for two types of cancer and cholesterol.
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- Genetic Relatedness
- Lifestyle, Wellness, & Nutrition
- Reproductive Health
- Personalized Medicine & Pharmacogenetic Testing
- Nucleic Acid Extraction and Purification
By End User
- Diagnostic Centers
- Research Centers and Academic Institutes
- North America
- Latin America
- East Asia
- South Korea
- South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Other Africa
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