DTC Genetic Testing Market to hit USD 4.2 Billion by 2028, Says Global market insights inc.
Global Market Insights, Inc
4 min read
Global Market Insights, Inc
DTC Genetic Testing Industry is anticipated to register around 15% CAGR between 2022 and 2028 due to growing demand for personalized skin care has increased the demand for skincare genetic testing.
Selbyville, Delaware, April 21, 2022 (GLOBE NEWSWIRE) --
Direct-To-Consumer genetic testing market value is projected to reach USD 4.2 billion by 2028, according to a new research report by Global Market Insights Inc. Rising demand for personalized DTC genetic services along with technological advancements will foster the industry progression.
Increasing awareness regarding DTC genetic tests in North America will spur the industry statistics. As key market players manufacturing DTC tests take special efforts in marketing their tests kits in the region. They offer promotional discounts on DTC tests available at online and retail platforms that strengthens its market position. Also, the companies advertise through several media and advertising agencies. Such factors surge the level of awareness amongst the population regarding genetic tests.
DTC genetic testing market from skincare testing segment is estimated to show around 19% CAGR during the forecast period. The demand for skincare DNA testing has increased as several manufactures have launched simple and easy-to-use kits. Additionally, many DNA kits are available in the market that provides a detailed skin wellness reports based on one’s skin genetic profile. These test shows several major concerns such as fine lines, skin elasticity, sun wrinkles, protection, and collagen quality. Therefore, by examining, an individual’s skin genetic profile one can use related beauty routines and grooming. Furthermore, the cost of these kits has been decreased to some extent in recent years, to make them accessible to a larger number of consumers. Such scenarios will boost the segment expansion.
Some major findings of the DTC genetic testing market report include:
Increasing awareness regarding direct-to-consumer genetic testing in developing and developed economies will boost the market demand.
Rising incidences of genetic disorders globally will influence the business landscape.
Key industry players such as 23andMe and Ancestry have focused their efforts on developing superior quality DTC tests ensuring the availability of accurate and efficient DTC tests.
Autonomous and straightforward transaction permits genetic tests to be accessible to anyone willing to pay, thereby fostering the market growth.
North America market held significant revenue share in 2021 and is poised to grow noticeably during the forecast timeframe.
Browse key industry insights spread across 190 pages with 255 market data tables & 12 figures & charts from the report, “Direct-To-Consumer Genetic Testing Market Analysis By Test Type (Carrier Testing, Predictive Testing, Ancestry & Relationship Testing, Nutrigenomic Testing, Skincare Testing), Technology (Targeted Analysis, Single Nucleotide Polymorphism (SNP) chips, Whole Genome Sequencing (WGS)), Distribution Channel (Online Platforms, Over-the-Counter), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
DTC genetic testing market from targeted analysis segment accounted for 36% revenue share in 2021. This is attributed to increasing advancements in technology for diagnosis of various diseases. Additionally, targeted analysis is used for determining the defects in genes that are responsible for a particular disorder. Targeted genotyping is a low-cost technology that is utilized in the discovery of information related to genetic risk of disease, as well as in the technical ability to accurately measure an individual's gene pool. The demand for targeted analysis technologies will also rise in response to the growing demand for personalised medicine among those suffering from genetic diseases.
DTC genetic testing market from online platform segment is estimated to show around 15.8% CAGR during the analysis timeframe. The online platforms have gained popularity due to increase in usage of internet. It offers convenience in purchasing testing kits for people who cannot buy kits from pharmacies. Also, it provides choices between range of genetic testing kits that are available on online platforms globally. Further, many direct-to-consumer (DTC) genetic companies such as Ancestry and 23andMe, have made significant marketing efforts to promote their direct-to-consumer genetic tests through online channels and provide genetic reports via online platforms. Such scenarios will propel the overall segment demand.
Asia-Pacific direct-to-consumer genetic testing market held over 19% revenue share in 2021. With the increasing adoption of novel technologies, awareness programs, and lower costs, the market for DTC genetic test kits is expected to grow significantly over the coming years. Developing countries such as India as well as other developed countries such as Japan and South Korea, show the potential to provide profitable growth opportunities. As these nations are well versed with technological information with high-speed internet connections and vast broadband services. It also has the infrastructure to support the growing number of consumer and clinical genetic testing options. Therefore, above-mentioned aspects will drive the regional market revenue.
Some of the prominent business players operational in direct-to-consumer industry include 23andMe, Inc., Ancestry, Color Genomics, Easy DNA, Family Tree DNA, Full Genome Corporation Inc., Helix OpCo LLC, Karmagenes SA, Living DNA Ltd., Mapmygenome, 24 Genetics, DNA Diagnostic Center, and Genesis Healthcare.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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