Home > Pressrelease > DTC Genetic Testing Market size to exceed $4.2bn by 2028
DTC Genetic Testing Market size to exceed $4.2bn by 2028
- Published Date: April 20, 2022
Direct-to-Consumer (DTC) Genetic Testing Market size is set to surpass USD 4.2 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing demand for personalized direct-to-consumer genetic testing services and rising incidences of genetic disorders worldwide are few aspects expected to drive the market progress. Surging income level in developing economies and rising public awareness regarding direct-to-consumer genetic tests will foster the market expansion.
Increasing prevalence of genetic disorders will fuel the market progression
Rising incidences of genetic disorders such as cystic fibrosis, sickle cell, hemochromatosis, Huntington’s disease, diabetes, cancer, Alzheimer’s disease, and others in developed and developing countries will spur the direct-to-consumer genetic testing market value. Moreover, some people are inclining towards direct-to-consumer testing for gathering medical information about themselves and their ancestry to understand regarding genetic disorders. Such scenarios increase the demand for direct-to-consumer genetic testing.
Rising public awareness regarding genetic tests will upsurge the market growth
Predictive testing segment exceeded USD 293 million in 2021, as predictive DTC genetic tests have recently experienced high preference owing to the increasing prevalence of genetic diseases. Growing demand for predictive testing is attributed for its identification of specific disease mutations in an affected family member. Additionally, predictive tests help in providing information about a person’s risk of developing disorder and help in making decisions about its medical care that enhances the overall market development.
Furthermore, tumor DNA sequencing is often used to detect genetic variation in cancer cells. For instance, to identify and detect breast cancer, the BRCA 1 and BRCA 2 genes are tested and diagnosed using predictive testing method. Therefore, raising awareness for detecting cancer cells will augment the industry statistics.
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:
Increasing use of single nucleotide polymorphism chips will influence the business landscape
The direct-to-consumer genetic testing market from single nucleotide polymorphism chips segment crossed USD 750 million in 2021. This is attributed to advancement in technology for genetic testing to detect and study genetic variation. The single nucleotide polymorphism chips are usually DNA microarrays for testing genetic variation at hundreds of thousands of specific locations across the genome. For instance, researchers majorly focus on single nucleotide polymorphism to predict an individual’s reaction to drugs and environmental factors such as toxins, and threat of developing specific diseases. Similarly, this technique can also be used to study and track the inheritance of disease genes among the family members. Such scenarios will boost market share.
High preference for primary care by over-the-counter services will propel the industry outlook
DTC genetic testing market from over-the-counter segment is projected to witness over 13.2% CAGR from 2022 to 2028, owing to rising demand for primary care. Over-the-counter genetic tests are accessible at pharmacies and are aimed to identify a person's risk of acquiring certain health disorders. Several factors including increased awareness among patients, affordability as well as easy availability have fostered the market revenue.
Highly competitive DTC genetic testing market in Europe will stimulate to industry expansion
Europe industry accounted for more than 26% business share in 2021. This is due to the rising demand for personalized direct-to-consumer genetic services without a medical intermediary. Further, health related, and non-health related genetic tests are also available directly to consumers in a personalized medium. In Europe, companies are guided to obey the General Data Protection Regulation (GDPR) to ensure consumers personalized genetic data is protected under European data protection law. For instance, 23andMe follows GDPR compliance through their robust data privacy and security protections by maintaining transparency. Hence, such aspects fuel the overall regional business scenario.
Major leaders are focusing on strategies & launching innovative products to capture a higher market share
Some of the prominent industry leaders operating in the direct-to-consumer genetic testing industry include 23andMe, Inc., Ancestry, Color Genomics, EasyDNA, Family Tree DNA, Full Genome Corporation Inc., Helix OpCo LLC, Karmagenes SA, Living DNA Ltd., Mapmygenome, Identigene, Pathway genomics, Genesis Healthcare Co., MyHeritage, 24 Genetics, Biomimic Skincare, DNA Forensics Laboratory Pvt. Ltd., and DNA Diagnostic Center. These industry players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.
For instance, in March 2022, HealthPartners and Helix launched myGenetics, a DNA testing program that help families better understand their genetic health. This will help the company to access genetic data in a cost-effective manner. And will also strengthen their global leadership position in the industry.
Explore More on Related Topics: