In 2018, North America held the major share of global market for predictive genetics testing and consumer wellness genomics i.e. US$ 2.3 Bn and is anticipated to maintain its dominance during the forecast period owing to the presence of several U.S. based players. These companies held several patents linked to predictive genetic testing and consumer wellness genomics. Market participants assume growth projects to maintain their share and contribute to greater income in the region. For instance, in January 2019, Lark Health and 23andMe collaborated to integrate genetic information from 23andMe database with Lark’s Wellness Program using Artificial Intelligence (AI). This is in association with Diabetes Prevention Program (DPP) recognized by Centers for Disease Control and Prevention (CDC). The partnership aims at giving personalized AI coaching to 23andMe and Ancestry customers to manage diabetes and prevent the risk of type-2 diabetes in susceptible people using their unique genetic information.
Some of the leading competitors in the market are F. Hoffmann-La Roche Ltd, Myriad Genetics, Inc, Thermo Fisher Scientific, Inc., CooperSurgical, Inc., Abbott Laboratories Inc., Agilent Technologies, Inc., BGI Group, Bio-Rad Laboratories Inc., Illumina, Inc., ARUP Laboratories Inc., 23andMe Inc., and Ancestry.com LLC, among others.
Healthcare industry strategy
- Healthcare organizations will need to address declining employee engagement
- Tech companies will play a more influential role in healthcare
- Healthcare providers will monitor key performance indicators (KPIs) around Medicare and Medicare Access and CHIP Reauthorization Act of 2015 (MACRA)
- Healthcare organizations will continue to utilize artificial intelligence.