Global Direct-to-Consumer Genetic Testing Market to Reach $6,604.5 Million by 2031
The existing gene and cellular therapies mostly treat the symptoms of the disease. However, there was an impending need to identify the root causes of any disease and then treat them with the right medicine.
According to the European Organization for Rare Diseases (EURORDIS), currently, there are about 5,000 to 7,000 existing rare diseases such as cystic fibrosis, hemophilia, and muscular dystrophy affecting 6-8% of the European population. In the European Union (EU), approximately 75% of the rare diseases affect children, amongst which about 80% of the rare diseases are based on genetics, thereby increasing the clinical burden.
Direct to consumer genetic testing (DTC-GT) broadly refers to the tests that are marketed directly to the consumers. DTC-GT tests are sold directly to the consumer without the involvement of a healthcare professional or health insurance company. The data produced by genetic testing can have several utilizations making each a different revenue model.
The shift from passive to empowered consumers has provided new avenues for businesses to respond across several sectors, including those in the genetic testing sphere. The inherent accessibility of DTC-GT is a major benefit that allows consumers to have the authority to access their own genetic information and receive personalized insights as well as recommendations. DTC genetic testing provides the consumers with the opportunity to understand their ancestry origins, health associated risk factors, probability about the occurrence of any genetic or hereditary diseases, as well other recreational interests such as skin and fitness characteristics, and muscle composition.
According to the latest report by CRI Report, titled ‘Global Direct-to-Consumer Genetic Testing Market – Analysis and Forecast (2021-2031)’, the global direct-to-consumer genetic testing market accounted for $1,155.9 million in 2020 and is expected to be $6,604.5 million by 2031. The market is anticipated to grow at a CAGR of 17.30% during the forecast period of 2021-2031.
Companies Mentioned in the Report:
• 23andme Inc.
• 24Genetics
• Ancestry.com LLC
• Atlas Biomed
• Color Genomics
• DNAfit
• Gene by Gene
• Chengdu Twenty-Three Rubik’s Cube Biotechnology Co., Ltd.
• EasyDNA
• Mapmygenome
• MyHeritage Ltd.
• Laboratory Corporation of America Holdings
• Myriad Genetics, Inc.
• Konica Minolta, Inc.
• XCODE Life
Key Questions Answered in this Report:
• What are the major market drivers, challenges, and opportunities in the global direct-to-consumer genetic testing market?
• What are the key development strategies implemented by the major players in order to sustain in the competitive market?
• Which is the dominant product type developed by the leading and emerging of direct-to-consumer genetic testing market?
• What are the key technologies that have been used by leading players in the global market for the development of consumer genetic tests?
• How is each segment of the market expected to grow during the forecast period 2021-2031? The segments are:
o product type
o technology
o distribution channel
o geography
• Which companies are anticipated to be highly disruptive in the future, and why?
• What are the regulations for the development of direct-to-consumer genetic testing?