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New York, August 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Global Direct-to-Consumer Genetic Testing Market: Focus on Direct-to-Consumer Genetic Testing Market by Product Type, Distribution Channel, Mapping of 15 Countries and Competitive Landscape – Analysis and Forecast, 2021-2031 “- https://www.reportlinker.com/p06129776/?utm_source=GNW
• Product type: ancestry, health and wellness, and entertainment
• Technology – Targeted Analysis, Single Nucleotide Polymorphisms (SNPs) and Whole Genome Sequencing (WGS)
• Distribution channel – Online channel and over-the-counter sales channel
Regional segmentation
• North America – United States, Canada
• Europe: Germany, France, Italy, United Kingdom, Spain and rest of Europe
• Asia-Pacific: China, Japan, Australia, India and South Korea
• Latin America: Brazil, Mexico and the rest of Latin America
• Rest of the world
Market growth drivers
• Growing number of genetic tests directly intended for consumers
• Reduced cost of sequencing
• Increased funding for research in molecular biology
• Increased awareness and acceptance of personalized medicines globally
Market challenges
• Protection of genomic data
• Uncertain regulatory standards for genetic testing directly to consumers
• Ethical and social issues
Market opportunities
• Massive reach for the adoption of genomic medicine in emerging countries
• Capitalize on the high prevalence of genetic disorders
• Growth in emerging countries
Key companies profiled
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 addressed in this report:
• What are the major market drivers, challenges, and opportunities in the global consumer genetic testing market?
• What are the main development strategies implemented by the main players in order to remain in the competitive market?
• What is the type of dominant product developed by the leading and emerging market for genetic testing intended for consumers?
• What are the key technologies that have been used by major players in the global market for the development of consumer genetic testing?
• How is each market segment expected to grow during the forecast period 2021-2031? The segments are:
o product type
technology
o distribution channel
o geography
• Which companies are expected to be very disruptive in the future, and why?
• What are the regulations for the development of genetic tests intended directly for consumers?
Market Snapshot
BIS Research healthcare experts have found that the direct-to-consumer genetic testing market is one of the growing markets, which is expected to grow at a CAGR of 17.30% during the forecast period, 2021 -2031. The growth of the direct-to-consumer genetic testing market has been mainly attributed to the main drivers of this market, such as the increasing number of genetic tests aimed directly at consumers, the increase in funding for research in the field of molecular biology. and increasing awareness and acceptance of personalized medicine globally. However, genomic data protection, ethical and social issues, and lack of regulatory standards are some of the factors that are expected to hold back the growth of the market.
The decrease in costs and time required for genetic sequencing has increased the acceptance of DTP genetic testing among consumers. DTC genetic testing companies offer these genetic tests to their consumers through online and over the counter (OTC) channels, which has made these tests readily available to consumers around the world.
The market is favored by the increase in research activities based on technologies based on next generation sequencing. The technology has been segmented into targeted analysis, whole genome sequencing and single nucleotide polymorphisms.
The entire genome sequencing segment is expected to grow at the highest CAGR of 17.37% during the forecast period 2021-2031. This increase is mainly attributed to a large amount of research and development carried out due to the COVID-19 pandemic and regulatory approvals obtained by key companies for genetic testing based on health risks.
In the research report, the market is segmented on the basis of product type, technology, distribution channel, and region. Each segment covers the market snapshot over the projected years, market revenue tilt, underlying patterns and trends using analyzes on the obtained primary and secondary data.
Competitive landscape
With growing consumer awareness and intense market penetration, companies such as 23andme, Inc., Ancestry.com, LLC, and Color Genomics have become pioneers and significant competitors in this market.
Other key players in the market are 24Genetics, Easy DNA, DNAfit, and My Heritage Ltd., among others.
The growing demand for complex and customized sequencing techniques, the increase in genetic testing services, and the growing research to treat and diagnose genetic and infectious diseases have opened up opportunities for companies to expand their product portfolios, increase availability. facilitating automation and developing new genetic solutions for the general public by adopting different strategic approaches. Some of the strategies followed by contributors are new product launches and improvements, agreements, collaborations, partnerships, acquisitions and expansions.
For example, in 2020 Eastern Biotech & Life Sciences launched Genoplan, which offers advanced genetic testing analyzing hundreds of medical, health and wellness categories.
As the industry is new and currently unregulated, skepticism arises among government organizations and customers about the validity of test results. Despite good acceptance in some countries, few countries still require genetic counseling to be part of their traditional genetic testing.
Companies can work with doctors and genetic counselors to analyze genetic test results or to pre-test advice to clients. It could also lead to opening a new market distribution channel, thus increasing the sales of these genetic tests.
The market for direct-to-consumer genetic testing has gained wide acceptance in North America and parts of Europe, such as the UK, as well as a few parts of Asia-Pacific. Companies exploring regions such as UAE, China, South Korea and EU5 can open up a lot of business opportunities. Established players as well as new entrants should focus on defining the regulatory landscape of different countries and pave the way for entry into the regulated market, thereby gaining consumer confidence. Global expansion will cause the market to explode.
In addition, key established market players should work with governments to organize education and awareness programs for consumers and genetic counselors for effective interpretation of the results, providing consumers with a sense of empowerment, this which will certainly contribute to the growth of the market. consumer awareness and training of general practitioners or genetic counselors, there is a good chance of misinterpretation of results and inappropriate use of tests.
Professional consumer support will help consumers better understand the results and transform the reach of healthcare for consumers.
Covered countries
• North America
• WE
• Canada
• Europe
• Germany
• Italy
• France
• Spain
• UK
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Rest of the world
Read the full report: https://www.reportlinker.com/p06129776/?utm_source=GNW
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