Evaluating the Direct-To-Consumer (DTC) Genetic Testing Market’s Growth Prospects from 2024 to 2033
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How is the Growth Rate of the Direct-To-Consumer (DTC) Genetic Testing Market Estimated for 2024-2033?
In recent years, the size of the direct-to-consumer (DTC) genetic testing market has seen a significant increase. It is projected to expand from $1.57 billion in 2023 to $1.83 billion in 2024, with a compound annual growth rate (CAGR) of 16.6%. The substantial growth observed during the historic period can be ascribed to factors such as the interest in ancestry and heritage research, health and wellness trends, marketing and consumer education efforts, the desire for privacy and control over genetic data, as well as affordability and accessibility.
In the forthcoming years, the direct-to-consumer (DTC) genetic testing market is anticipated to experience a significant expansion. The market is set to reach $3.32 billion by 2028, with an impressive compound annual growth rate (CAGR) of 16.1%. Several factors contribute to the expected growth during the forecast period, including an increase in testing options, the merging with individualized medicine, partnerships with the health and wellness sectors, breakthroughs in genetic studies, along with governmental backing and controls. The forecast period will witness prominent trends such as an extension in testing services and panels, consumer educational endeavours, regulatory adherence and supervision, genomic information investigation and contributions, as well as reduction in pricing and improved accessibility.
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What Key Drivers Are Propelling the direct-to-consumer (dtc) genetic testing Market’s Growth?
The escalating rate of diseases and disorders traceable through genetics is forecasted to boost the growth trajectory of the direct-to-consumer (DTC) genetic testing market. A genetic disorder, caused by DNA anomalies referred to as mutations, encompasses different categories such as single-gene, multifactorial and chromosomal disorders. Through DTC genetic testing, an increase in awareness regarding genetic disorders can be achieved, assisting in predicting health trajectories and providing tailored health information, which is useful in making decisions to minimize disease risks. MedlinePlus, a digital information source provided by the United States National Library of Medicine, reported in 2021 that Syndrome A affects about 1 in 200,000 Americans each year and currently about 100,000 children battle Syndrome B. Also, it was reported that in 2020, Syndrome C claimed the lives of nearly 12,000 people globally and an estimated 1% of people in the United States bear the burden of disorder D in their lifetimes. Moreover, as per data from the World Health Organization (WHO) issued in February 2022, birth abnormalities lead to the death of 240,000 neonates in the first 28 days of life annually, whereas an additional 170,000 children aged between one month and five years die due to birth defects which includes heart abnormalities, neural tube defects, and Down syndrome. Therefore, the increasing incidents of diseases and disorders with genetic transmission capabilities continue to drive the DTC genetic testing market’s growth.
What Are the Distinct Segments of the Direct-To-Consumer (DTC) Genetic Testing Market?
1) By Type: Carrier Testing, Predictive Testing, Ancestry And Relationship Testing, Nutrigenomic Testing, Other Types
2) By Sample: Saliva, Urine, Blood
3) By Technology: Single Nucleotide Polymorphism Chips, Whole Genome Sequencing, Targeted Analysis
4) By Business Model: Health Planning Model, Comprehensive Genome Tests Model, Medical Precision Tests Model, Restricted Trait Tests Mode
5) By End User: Laboratories, Blood Banks, Nursing Homes, Hospitals, Imaging Centers, Home Care, Cosmetics, Other End-User
Which New Trends Are Making Waves in the Direct-To-Consumer (DTC) Genetic Testing Market?
Prominent corporations within the direct-to-consumer (DTC) genetic testing sector are concentrating their efforts on investing in genetic research to maintain their market standing. Such investments equip genetic testing firms with the requisite financial resources to perform research, advance technology, broaden their market footprint, assure compliance and propel innovation. For instance, in November 2022, Redcliffe Labs, an Indian diagnostic centers & diagnosis labs, reported their intention to allocate an additional $10 million (equivalent to around Rs 81 crore) for expanding its genetic and specialized testing range. The aim of this investment is to elevate the firm’s genetic testing ability, touching on areas like prenatal, oncology, neurology, nephrology, and pharmacogenomics. The company has previously channeled $6 million into genetics and specialized testing, with a keen interest in next-gen technologies within the diagnostic field.
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Which Regions Are Significant to the Growth of the Direct-To-Consumer (DTC) Genetic Testing Market?
North America was the largest region in the direct-to-consumer (DTC) genetic testing market share in 2023. Asia-Pacific was the second-largest region in the global direct-to-consumer (DTC) genetic testing market. The regions covered in the direct-to-consumer (dtc) genetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Direct-To-Consumer (DTC) Genetic Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the direct-to-consumer (dtc) genetic testing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Direct-To-Consumer (DTC) Genetic Testing Market Include
1. Direct-To-Consumer (DTC) Genetic Testing Market Executive Summary
2. Direct-To-Consumer (DTC) Genetic Testing Market Segments
3. Direct-To-Consumer (DTC) Genetic Testing Market Size And Template Market Growth Rate
4. Key Direct-To-Consumer (DTC) Genetic Testing Market Trends
5. Major Direct-To-Consumer (DTC) Genetic Testing Market Drivers
……
25. Key Mergers And Acquisitions In The Direct-To-Consumer (DTC) Genetic Testing Market
26. Top Direct-To-Consumer (DTC) Genetic Testing Companies
27. Direct-To-Consumer (DTC) Genetic Testing Market Opportunities And Strategies
28. Direct-To-Consumer (DTC) Genetic Testing Market, Conclusions And Recommendations
29. Appendix
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