MCP-6897: DIRECT-TO-COSNUMER (DTC) GENETIC TESTING – A GLOBAL STRATEGIC BUSINESS REPORT
March 17, 2017 – Convenience, Privacy, and Cost Benefits Drive Proliferation of Direct-to-Consumer (DTC) Genetic Testing, According to New Report by Global Industry Analysts, Inc.
GIA launches a comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Direct-to-Consumer (DTC) Genetic Testing market. The global market for DTC Genetic Testing is projected to exceed US$350 million by 2022, driven by declining costs of tests, ease of ordering a test, and growing prominence of personalized medicine.
A relatively new and growing concept, Direct-to-Consumer Genetic Testing is a form of genetic testing service which makes possible for an individual to obtain personal genetic information without needing to go through a healthcare provider. Genome sequencing time and costs have come down from billions of dollars at the turn of the century to the current level of few thousand dollars. Various benefits of DTC testing that are driving its adoption include convenience of tests, privacy of genetic data and promotion of proactive healthcare. Advancements in technology over the years not only reduced time taken for genomic sequencing, but also reduced costs involved in conducting tests, leading to the surging popularity of DTC genetic testing.
Future growth in the market will be driven by the growing prominence of personalized medicine, an umbrella term which includes vital healthcare as well as therapeutic goals. Personalized medicine has the potential of transforming how medicine is practiced. Utilization of genetic information, in the context of healthcare might enable medical practitioners to better manage diseases, which not only benefits an individual, but also the economy and society at large. Another important growth driver is the emergence of the modern proactive patient with increased awareness about various health issues, for whom the ability to order tests from within the confines of one’s home (without requiring a doctor visit) offers savings, both in terms of time as well as healthcare costs. Despite the strong growth expected for the DTC genetic testing market, key growth impeding factors includes lack of governmental regulation, possibility of misinterpreting genetic information, misuse of data and ethical issues, among others.
As stated by the new market research report on Direct-to-Consumers (DTC) Genetic Testing, the United States represents the largest market worldwide. Increased awareness about genetic diseases, growing tendency among general public to identify early and either prevent or provide management of various chronic diseases, as well as technical and scientific advancements made in the field of medicine and science in general represent key growth drivers in the country. Asia-Pacific is poised to grow at the fastest CAGR of over 31% through the analysis period driven by growing awareness among consumers about various genetic tests offered, and the rising affordability of the middle class enabling them to order these tests.
Major players covered in the report include 23andMe Inc., Ancestry.com LLC, Any Lab Test Now, Color Genomics Inc., Counsyl Inc., Direct Laboratory Services LLC, Gene by Gene Ltd., Laboratory Corporation of America® Holdings, Mapmygenome India Limited, Positive Bioscience Inc., Quest Diagnostics Inc., Request A Test Ltd., Sonora Quest Laboratories LLC and Xcode Life Sciences, among others.
The research report titled "Direct-to-Consumer (DTC) Genetic Testing: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, regulatory overview, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for major geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, and Rest of World.
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