Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Direct-To-Consumer (DTC) Genetic Testing - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The Direct-To-Consumer (DTC) genetic testing market is witnessing a significant surge, with a projected Compound Annual Growth Rate (CAGR) of 13% from 2024 to 2030. This remarkable growth trajectory is set to catapult the market valuation from USD 1.91 billion in 2023 to an estimated USD 4.48 billion by the end of the decade. Key factors propelling this advancement include the rising occurrence of genetic disorders, heightened consumer awareness surrounding personal health and genetics, as well as an uptick in product approvals across the globe.
Market Dynamics
Recent statistics reveal a connection between 5 to 10% of all cancer cases and inherited faulty genes, emphasizing the urgency for proactive health management through genetic testing. Direct-to-consumer genetic testing stands at the forefront of empowering individuals with crucial knowledge about their genetic predisposition to diseases, particularly cancer. This empowerment enables decisive preventive measures, significantly driving the DTC genetic testing market forward.
Moreover, regulatory frameworks, like those established by the FDA for direct-to-consumer genetic health risk (GHR) testing, not only enhance the credibility of these tests but also encourage innovation. The result is a competitive market that is expected to drive advancements in testing accuracies, consumer awareness, and improve health outcomes through proactive disease management strategies.
Segment Analysis
Within the technology sphere of the market, genome sequencing is predicted to harness a significant revenue share thanks to its ability to provide a detailed analysis of an individual's genetic code, offering comprehensive insights into genetic predispositions to diseases, ancestry, and various traits. This method's burgeoning popularity is grounded in consumers' escalating demand for extensive genetic information.
Regional Insights
North America emerges as the dominant player in the DTC genetic testing market in 2023, propelled by numerous factors including a heightened occurrence of genetic diseases and groundbreaking technological innovations in genetic sequencing. For instance, the United States alone accounts for an estimated 30,000 individuals living with cystic fibrosis, showcasing the necessity for and potential impact of genetic testing in the country.
Key Players in the Market
The DTC genetic testing market landscape is augmented by key industry participants including 23andMe, Color Health, Inc., Ancestry, and Quest Diagnostics amongst others. These companies collectively push the boundaries of genetic testing innovation and drive market growth through strategic developments and acquisitions.
The burgeoning direct-to-consumer genetic testing market reflects an era of unparalleled growth and potential, driven by an ever-increasing cognizance of genetics in health and disease management. Its trajectory is set to redefine personalized healthcare, with North America leading the charge in this global market expansion.
Companies Featured
- 23andMe
- Color Health, Inc.
- Ancestry
- Easy DNA
- Quest Diagnostics
- 24Genetics
- Full Genome Corporation
- FamilyTreeDNA
- Helix OpCo LLC
- Genesis Healthcare
- MyHeritage
- Pathway genomics
- Identigene
- Mapmygenome
- Karmagenes
For more information about this report visit https://www.researchandmarkets.com/r/jeqfin
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