Global Direct-to-Consumer Genetic Testing Market to Reach Worth USD 340 Mn by 2022: Rising Awareness about Genetic Diseases to Drive the Market Growth
According to the latest report published by Credence Research, Inc. “Direct-to-Consumer Genetic Testing: Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the direct-to-consumer genetic testing market was valued at USD 70.2 Mn in 2015, and is expected to reach USD 340 Mn by 2022, expanding at a CAGR of 25.1% from 2016 to 2022.
Browse the full report Direct-to-Consumer Genetic Testing: Market Growth, Future Prospects and Competitive Analysis, 2016-2022 report at http://www.credenceresearch.com/report/direct-to-consumer-genetic-testing-market
Market Insights
Conventionally, genetic tests have been made available only through healthcare providers at recommendations from physicians. Direct-to-consumer (DTC) genetic testing is defined as genetic teats marketed directly to individuals through agencies such as internet, pharmacies and others. DTC genetic testing market is predominantly driven by growing awareness in public about genetic diseases, growing tendency to take proactive role in personal healthcare and the ongoing trend of understanding ancestral origins.
Since 2010, the prices of genome testing solutions have observed a sharp decline in prices and the market is mostly concentrated in the hands of a few market players. The utilization of genomic data is yet not perfected, however increasing researches and growing availability of these solutions will pave way for further improvements in the business dynamics. On the other hand, notable risks such as vulnerability to misleading outcomes from unproven or invalid diagnosis, taking improper precautions or health decisions sans involvement of physician assistance and the associated repercussions may hold back the pace of this market. Another challenge to the market growth is potential risk of invasion of genetic privacy through unauthorized use of consumer data.
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Genetic data services are roughly categorized into two sections namely, genome reading and interpretation of genomic data. The current market players mostly offer services that club the two categories into a single product. However some players have a differentiated their portfolio by offering DNA genotype as an individual product. Companies offering DTC genetic tests have varied portfolio and have varied revenue sources.
The global DTC genetic testing market is highly concentrated, with a handful of companies offering testing solutions. Some of the major players offering direct-to-consumer genetic testing solutions are 23andMe, MD Revolution, GeneByGene, DNA DTC, Genetrainer, Myriad Genetics, Genecodebook Oy and others.
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