Analysis of Retail Genomics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to the latest research by Fact.MR., the Retail Genomics market is set to witness significant growth during 2021-2031. Retail Genomics is the branch in which sequencing, investigation, and analysis of the genome of an individual are included.
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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.
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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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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.
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.
Some of the leading providers of Retail Genomics include
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.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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According to Fact.MR, the growth in nucleic acid sequencing and the necessity for preventive care are fueling the retail genomics market.
23andMe, Color Genomics, Counsyl, Gene by Gene, Laboratory Corporation of America, MyMedLab, Mapmygenome India, and Positive Bioscience are the top players in the Retail Genomics market.
Because of increased R&D activities, rising advanced technology, & widespread commercialization of retail genomics, the US and Canada are expected to hold the largest share of the Retail Genomics sector.
The retail genomics market is likely to be worth US$ 32.11 Billion in 2022.
The retail genomics market has high growth potential due to the surge in mushrooming requirements of personalized medicines.
The manufacturers in the retail genomics industry are likely to find the most opportunities in the North American region.
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