September 05, 2019
Global direct-to-consumer (DTC) genetic testing market is predicted to cross US $2.5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The study cites that lately there has been an increase in the instances of genetic disorders such as haemophilia, sickle cell anemia, Tay Sachs disease, thalassemia, Huntington’s disease, and cystic fibrosis. Growing cases of such genetic diseases will foster the demand for DTC genetic testing as it provides detailed information regarding genetic variations leading to such disorders.
Rising healthcare expenditures owing to the increase in the disposable income around the globe will amplify the growth of DTC genetic testing market. The U.S. health protection agency, CDC claims that the year 2017 registered heavy surge in the number of consumers opting for DTC genetic testing. Though high incomes, greater awareness, and low cost will aid the market outlook, but the defects in testing kits will impede the market growth to some extent over the forecast period.
Based on the type of test, DTC genetic testing market from ancestry & relationship testing segment is anticipated to witness 13% growth over the analysis timeframe, owing to the ability of the test to provide accurate and detailed in knowledge regarding individual’s ethnic background. Recent advancements in the field claim to link health-related genetic testing with ancestry testing, thereby promoting segmental growth.
Considering the technology spectrum, targeted analysis segment contributed more than 37% revenue share in 2018, claims the report. The technology is extensively used for genome analysis and is specific, scalable, and cost-effective. This technology is preferred over other available technologies owing to its several known advantages.
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In terms of regional landscape, North America DTC genetic testing market is presumed to observe 14% growth over the forecast period, pertaining to supportive regulatory framework. The presence of high-quality DTC genetic tests can be attributed to the regulatory directives laid by FDA and other such authorities. Growing adoption of personalized medication in Canada and U.S will further augment the regional market growth.
The key players operating in DTC genetic testing market comprise of EasyDNA, Full Genomes, Color, Family Tree DNA, Identigene, Karmagenes, 23andMe, Helix, Pathway Genomics, Ancestry, Genesis Healthcare, MyHeritage, MapMyGenome, and Living DNA among others. These companies are collaborating with other players and focusing on launching new products to expand their regional outreach.