CredenceResearch.com has Published New Research Report Title “Direct-To-Consumer (DTC) Genetic Testing Market By Sales Channel (Online Sales, OTC Sales, Doctor’s Office), By Business Model (Genome Data Bank Material Model, Individual Health Planning Model, Comprehensive Genome Tests Model, Medical Precision Tests Model, Restricted Trait Tests Model) - Growth, Future Prospects And Competitive Analysis, 2018 – 2026”
SAN JOSE, Calif., March 13, 2018 (GLOBE NEWSWIRE) -- According to the latest report published by Credence Research, Inc. “Direct-to-Consumer (DTC) Genetic Testing Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global direct-to-consumer genetic testing market was valued at US$ 117.1 Mn in 2017 and expected to reach US$ 611.2 Mn by 2026, expanding at a CAGR of 19.4% from 2018 to 2026.
Market Insights
The global Direct-to-Consumer (DTC) genetic testing market is projected to surge with a double digit CAGR of 19.4% during the forecast period from 2018 to 2026. Rising awareness about genome testing and risk of genetic diseases and increased inquisitiveness about the assessment of lineage and ancestry are the major driving factors for the global market. Over the past 10 years, the global DTC genetic testing market has experienced extensive variations in term of market value due to the regulatory constraints. With rampant commercialization of DTC genetic testing products in the U.S., the market was going to be established until FDA ordered the manufacturers to withdraw the products owing to potential health consequences of test generated results. However, with the revived approval of these products, supported by validating data from the market players in 2015, the DTC genetic testing market is estimated to experience lucrative growth during the forecast period.
Based on the sales channel, the global direct-to-consumer genetic testing market is segmented into on-line sales, OTC sales, and doctor’s office. DTC genetic testing market sales are predominantly driven by on-line sales, wherein the products are made available for sale via the internet. Such products are available through manufacturers’ online portals thus ensuring a vast outreach across boundaries. According to the analysis, on-line sales segment dominated the market in 2017 and expected to retain its dominance during the forecast period.
Based on the business model, the global direct-to-consumer genetic testing market is segmented into genome data bank material, individual health planning, comprehensive genome tests, medical precision tests and restricted trait tests. The currently available DTC services include testing for ancestry data with information related to family lineage, identification of health risks and risk of acquiring hereditary diseases, information pertaining to genomic pattern and knowledge of personal traits. In terms of market value, genome data bank material model dominated the global DTC genetic testing market in 2017 and expected to witness perpetual lead throughout the forecast period.
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Based on the geographical demarcation, North America led the global DTC genetic testing market in 2017 with a market share of over 45%. Increasing awareness about the risk of genetic diseases and growing proactive tendency among the public about prevention and efficient management of chronic diseases mainly drive the North America market. Additionally, inquisitiveness about knowledge of lineage also prominently determine the significant sales in this region. Furthermore, Asia Pacific is estimated to be the fastest growing regional market during the forecast period, growing at a CAGR of above 20%. The growth of this region is mainly attributed to rapid evolution of healthcare infrastructure and increasing awareness about the availability of such tests kits. Key market players in the global DTC genetic testing market include deCODE genetics, Inc., Color Genomics, Inc., Gene By Gene, Ltd., Ancestry.com, Inc., Myriad Genetics, Inc., Genleven Oy, 23andMe, Inc., and CENTOGENE AG.
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