SELBYVILLE, Delaware, December 11, 2018
SELBYVILLE, Delaware, December 11, 2018 /PRNewswire/ --
The U.S. direct-to-consumer genetic testing market accounted for more than 91% revenue share of total North American industry in 2017 and will show robust growth over the analysis period. The growth is attributed to the rising incidences of genetic diseases in the country, high awareness among people regarding genetic testing as well as technological advancements. Moreover, regulatory support for direct to consumer genetic testing coupled with high healthcare spending will boost the business growth over the forecast timeline.
Global Direct-to-Consumer (DTC) Genetic Testing Market will surpass USD 2.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing incidences of genetic and rare disorders worldwide coupled with wide applications of direct-to-consumer genetic testing in early detection and prevention of oncology as well as other genetic diseases will drive the DTC genetic testing market growth in the coming years. Rising awareness among patients pertaining to early disease diagnosis will result in timely treatment and reduced mortality rate. Additionally, technological innovations in direct-to-consumer genetic testing to offer enhanced efficiency, high sensitivity and accuracy will serve to be a significant impact rendering factor. Moreover, increasing adoption of carrier testing at a very early stage of pregnancy will further augment the business growth during forecast period.
Increasing demand for service personalization in developed regions such as North America and Europe is the key factor that will drive the direct-to-consumer (DTC) genetic testing industry growth. These tests enable consumers to know their genetic information without involvement of physicians and other healthcare professionals. DTC testing allows consumers to determine genetic predisposition to diabetes, cancer, Alzheimer's and other genetic diseases in order to enable precautionary preparation for healthcare. This will surge the demand for DTC genetic tests thereby augmenting industry growth over the forecast period. However, the high cost involved in direct-to-consumer genetic testing kits coupled with defects in the DTC genetic tests may hamper the industry growth in the foreseeable future.
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Predictive testing segment held USD 110.8 million revenue in 2017 and will witness robust growth in the coming years. Predictive tests enables identification of genetic mutation before actual manifestation resulting in early disease diagnosis. Diagnosis of chronic disease such as cancer at an early stage can make significant improvements in the lives of cancer patients resulting in reduced morbidity, greater probability of surviving and less expensive treatment. As per the Institute for Health Metrics and Evaluation (IHME), approximately 8.9 million cancer deaths were noted during 2016, wherein more than 5% of all the cancers globally were caused due to inheriting genetic mutation. Growing prevalence of cancer globally will augment the segment growth over the analysis timeframe.
Targeted analysis technology segment accounted for considerable revenue share in 2017 and is projected to show lucrative 17.6% CAGR during the forthcoming years. The segmental growth is attributed to growing advancements in technology for diagnosis of various chronic diseases. Increasing adoption of targeted analysis in genetic testing for cardiomyopathy to assess coding regions of more than 50 genes will further boost the market growth. Hence, availability of such advanced technologies will accelerate the segment growth during the forecast period.
Browse key industry insights spread across 150 pages with 99 market data tables & 8 figures & charts from the report, "Direct-to-Consumer (DTC) Genetic Testing Market Size By Test Type (Carrier Testing, Predictive Testing, Ancestry & Relationship Testing, Nutrigenomics Testing), By Technology (Targeted Analysis, Single Nucleotide Polymorphism (SNP) Chips, Whole Genome Sequencing (WGS)), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Australia, South Korea, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2018 - 2024"in detail along with the table of contents:
Japan direct-to-consumer genetic testing market held considerable revenue in 2017 and is estimated to grow at 18.2% CAGR by 2024. Increasing government investment in R&D, rapid technological advancements, availability of new tests as well as large patient pool in the country will surge the demand for DTC genetic testing in early disease diagnosis. Furthermore, increasing prevalence of cancer and other genetically inherited diseases coupled with increasing healthcare expenditure will further drive the Japan DTC genetic testing market.
Some of the key industry players operating in global direct-to-consumer genetic testing market are 23andMe, Ancestry, Color, EasyDNA, Family Tree DNA, Full Genomes, Genesis HealthCare, Helix, Identigene, Karmagenes, Living DNA, MapMyGenome, MyHeritage and Pathway Genomics. Industry players primarily focus on strategic expansion through mergers, collaborations and acquisitions that help the players to strengthen their market position and enhance existing product portfolio. For instance, in August 2017, Pathway entered into a distributorship agreement with Medikonia wherein its products would be made available in Hong Kong through Medikonia, a solution-based service provider operating in Hong Kong. This strategy aimed at expanding the geographic scope of the company.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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