New Delhi, July 14, 2019: DTC Genetic Testing Market size is set to exceed USD 2.5 billion by 2025; according to a new research report by Global Market Insights.
Increasing prevalence of rare genetic disorders globally coupled with extensive applications of direct-to-consumer genetic testing in early detection of cancer and other genetic disorder will foster DTC genetic testing market growth in near future. Moreover, technologically advanced DTC genetic tests that provide improved accuracy, efficacy and sensitivity should increase its adoption rendering significant positive impact on industry growth.
Surging demand for personalized and altered drugs in developed region is a prominent factor that will fuel DTC genetic testing market growth. DTC tests enable consumers to gain valuable insights on genetic information with little or no intervention from healthcare professionals. These tests provide better understanding on likelihood of acquiring life-threatening conditions such as cancer, Alzheimer’s, diabetes and other genetic ailments. Extensive applications of DTC genetic testing will rise its demand thereby, augmenting business growth over the forecast time period. However, high cost of DTC genetic testing kits coupled with identified defects in direct-to-consumer genetic tests may hinder the business growth to some extent.
Nutrigenomics testing segment held more than 170 million revenue in 2018 and is expected to witness robust growth in near future. Nutrigenomic tests study patient’s DNA to analyze intricate relationship between nutrition, gene and health. It provides better understanding on how each individual respond differently to supplements and food they consume. Increasing demand to personalized nutrition and desire to stay fit will propel the segment growth over forecast timeframe.
Whole genome sequencing technology segment is anticipated to witness more than 14.5% CAGR during the analysis timeframe. The segmental growth is attributed to increasing applications of whole genome sequencing technology for DTC genetic testing. Decreasing cost of genome sequencing coupled with technological advancements in the field of genome sequencing will further propel the usage of whole genome sequencing method in the near future.
North America DTC genetic testing market is estimated to witness 14.7% CAGR in forthcoming years. Growth is attributed to increasing prevalence of genetic diseases and high awareness amongst people pertaining to DTC genetic tests. Moreover, rising prevalence of cancer in the region will augment demand for DTC genetic tests for early diagnosis. Strong foothold of industry players providing innovative solutions will exceed demand for DTC genetic tests in the forthcoming future.
Some of the key players operating in global DTC genetic testing market are EasyDNA, 23andMe, Ancestry, Color, Full Genomes, Genesis HealthCare, Helix, Identigene, Karmagenes, Living DNA, MapMyGenome, Family Tree DNA, Pathway Genomics and MyHeritage. Industry players emphasize on strategic expansion through mergers and acquisitions collaborations that enables them to strengthen their market position and improvise on existing product portfolio. For instance, in May 2019, MyHeritage launched MyHeritage DNA Health+Ancestry test. This strategy aimed at expansion of company’s product portfolio.
Corporate Comm India (CCI Newswire)
