The Global Market for DTC Genetic Testing is projected to exceed US$350 million by 2022
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.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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