Selbyville, Delaware, March 02, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on DTC genetic testing market which estimates the global market valuation for direct-to-consumer genetic testing will cross US$ 3.4 billion by 2028. Technological progress and consequent development of advance direct-to-consumer genetic testing solutions, and growing income level in developing countries such as China and India will trigger the market growth over forthcoming years.
Rising demand for service personalization in developed countries of North America and Europe will augment DTC genetic testing industry growth over 2020 to 2026. Technologically upgraded tests with less turnaround time and ease in sample collection and transport has resulted in high demand for direct-to-consumer genetic testing.
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Some major findings of the DTC genetic testing market report include:
- Increasing public awareness about the availability of direct-to-consumer genetic testing.
- Factors such as increasing number of R&D procedures, increasing incidence of genetic disorders, and escalating demand for cost-effective and quick genetic testing methods.
- Increasing demand for personalized genetic services such as nutritional genomics, predictive testing, and ancestry testing will flourish the direct-to-consumer genetic testing industry.
- Latin America DTC genetic testing market size will expand threefold by the end of projected timeline from that of 2019 attributed to the increasing income levels in developing countries such as Brazil and Mexico.
Rising income level in developing countries such as India and China are anticipated to boost the DTC genetic testing market growth during 2020 to 2028. The testing kits are relatively expensive that hampers its demand in emerging economies with comparatively low-income levels. However, currently there has been an increase in the per capita income of China and India. Also, favorable regulatory scenario and increasing awareness about genetic testing among people will drive the market demand over the foreseeable future.
The predictive testing accounted for more than USD 200 million in 2019 and will witness considerable growth during 2020 to 2028. The growth of the segment is driven by the increasing prevalence of genetic and other chronic disorders.
The whole genome sequencing market accounted for around 12% CAGR during the forecast period. Whole genome sequencing technology is utilized in the genetic tests provided by various companies and offers a summary of most of the variation existing in an individual’s genome. However, the WGS technology is comparatively expensive and this may slow down its usage.
Browse key industry insights spread across 161 pages with 126 market data tables & 10 figures & charts from the report, “Direct-To-Consumer Genetic Testing Market Share & Forecast, 2020 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/direct-to-consumer-dtc-genetic-testing-market
The online platforms segment accounted for around 75% of total market share in 2019. Growing internet usage and ease of marketing online is expected to boost the segment growth over the projected timeline.
Asia Pacific DTC genetic testing market is projected to witness around 13% CAGR over the forecast period. Changing lifestyle preferences, rising incidence of genetic disorders and chronic diseases is anticipated to boost the regional growth. Moreover, government in countries such as India and China have taken certain initiatives to reduce the cost of the available genetic tests, thereby propelling the regional market growth.
Some of the prominent DTC genetic testing market participants are Ancestry, Color Genomics, Easy DNA, FamilytreeDNA (Gene By Gene), Full Genome Corporation, Helix OpCo LLC, Identigene, Karmagenes, Living DNA, Mapmygenome, MyHeritage, Pathway genomics, Genesis Healthcare, and 23andMe. These industries are implementing various inorganic and organic growth strategies to expand their product offerings and harness maximum share in the market.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Direct-to-consumer (DTC) genetic testing industry 360⁰ synopsis, 2015 - 2028
2.1.1. Business trends
2.1.2. Test type trends
2.1.3. Technology trends
2.1.4. Distribution channel trends
2.1.5. Regional trends
Chapter 3. DTC Genetic Testing Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2028
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising public awareness in North America
3.3.1.2. Increasing income level in emerging economies
3.3.1.3. Growing incidences of genetic disorders globally
3.3.1.4. Increasing demand for service personalization in North America and Europe
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of DTC genetic testing
3.3.2.2. Defects in the DTC testing kits
3.4. Growth potential analysis
3.4.1. By test type
3.4.2. By technology
3.4.3. By distribution channel
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. Europe
3.5.2.1. UK
3.5.2.2. Germany
3.5.2.3. France
3.5.2.4. Italy
3.5.2.5. Spain
3.5.3. Asia Pacific
3.5.3.1. Japan
3.5.3.2. China
3.5.3.3. India
3.5.3.4. Australia
3.5.4. Latin America
3.5.5. Middle East and Africa
3.5.6. Data Privacy concerns
3.6. Value Chain Analysis
3.7. DTC genetic testing – pricing analysis, 2019
3.8. Porter’s analysis
3.9. Company share analysis, 2019
3.10. Competitive landscape, 2019
3.10.1. Strategy dashboard
3.11. PESTEL analysis
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, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.