DTC Genetic Testing Market is projected to reach a value of $3 billion by 2030

According to the report published by Virtue Market Research, the Global DTC genetic testing Market was valued at $0.98 billion in 2022 and is projected to reach a market capitalization of $3 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 15%. The growing public interest in disease risk assessment and personal health management is reflected in the Direct-to-Consumer (DTC) genetic testing industry's compound annual growth rate (CAGR) on a global scale. DTC genetic testing gives people access to genetic knowledge that was previously only accessible through healthcare professionals, enabling them to make better decisions about their health and well-being.

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The increased need for individualized healthcare solutions has an enormous impact on direct-to-consumer (DTC) genetic testing. Demand for genetic testing services that are customized to individual needs is arising as a result of consumer willingness to pay for personalized diagnostic and therapeutic choices. This is especially true in the field of pharmacogenetics, where the best treatment plan for a certain patient is chosen by taking genetic differences into account. Additionally, consumers are learning more about customized testing and looking for details on the reliability of the provider's conclusions from a clinical and scientific standpoint. Another element influencing demand for genetic testing services is the expanding practice of using genomic data to support clinicians in treatment decisions. Genomic information can be used to categorize cancers according to their mutations and direct the choice of the best treatment options. Because of a molecular diagnosis, this has led to some patients avoiding expensive and invasive procedures, emphasizing the potential advantages of individualized genetic testing for healthcare.

The COVID-19 outbreak has helped the direct-to-consumer genetic testing market since it has opened up new business opportunities due to technological advancements. The rise in chronic disease prevalence and the availability of specialized testing kits for certain therapeutic objectives have both contributed to the DTC genetic testing market's quick growth. Demand for these kits has increased as a result of the need for remote healthcare options and changes in healthcare services. The public's rising awareness of the availability of DTC genetic testing in both developed and developing countries is another factor driving market expansion. The DTC genetic testing market is likely to continue to increase in the future as a result of rising income levels in developing countries. Additionally, prospects for market expansion are provided by the requirement for service personalization. However, the short-term market expansion may be hampered by the rising cost of DTC genetic testing. Despite this, it is predicted that demand for DTC genetic testing will continue to be driven by the use of promotional offers and discounts by industry players like 23andMe. Testing kit flaws could hinder market expansion, but the creation of higher-quality tests by both established and up-and-coming businesses is anticipated to alleviate affordability issues and have a positive impact on the market expansion.

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Segmentation Analysis:
The Global DTC genetic testing Market segmentation includes:

By Test Type:
• Carrier Testing, Predictive Testing
• Ancestry & Relationship Testing
• Nutrigenomic Testing
• Skincare Testing

Ancestry & relationship testing, carrier testing, nutrigenomic testing, predictive testing, and skincare testing are the several test types that make up the global direct-to-consumer genetic testing industry. Ancestry and connection testing accounted for more than 40% of the market share in 2022, making it the most popular segment. Due to the declining cost of genetic ancestry tests and the rising interest in ancestry testing in industrialized nations like the United States, the demand for ancestry testing has increased significantly in recent years. Genetic genealogy, often known as ancestry testing, enables people to research their family tree using historical records and to determine their ancestry by comparing their DNA to those from archaeological dig sites. With FamilyTreeDNA's Familial Finder DNA testing to find DNA matches and family relationships, the market has seen substantial growth. Ancestry testing is predicted to continue rising because of its increasing popularity and the rise in businesses providing this service, which helps the direct-to-consumer genetic testing market as a whole. In the upcoming years, growth is also anticipated in other market sectors like carrier testing, nutrigenomic testing, predictive testing, and skincare testing.

By Technology
• Single nucleotide polymorphism (SNP) chips
• Targeted analysis
• Whole Genome Sequencing (WGS)

Three technological categories make up the direct-to-consumer genetic testing market: whole-genome sequencing (WGS), focused analysis, and single nucleotide polymorphism (SNP) chips. One of these, whole-genome sequencing technology, is anticipated to dominate the market in 2022 and bring in around USD 212 million in revenue. The identification of chromosomal regions connected to genetic influences on various phenotypes and high-resolution genomic selection are two benefits of whole-genome sequencing. It generates a significant amount of data quickly and efficiently while capturing both tiny and large variants and detecting causal variants. The main applications of this technology include the detection of numerous ailments, pharmacogenomics and drug trials, familial genetic diseases, and unique tumor morphologies. These numerous uses have increased the demand for whole-genome sequencing technology, which is anticipated to propel the market as a whole.

By Distribution Channel
• Online Platform
• Over the counter

The distribution of tests into online platforms and over-the-counter tests is used to segment the global market for direct-to-consumer genetic testing. With the use of healthcare apps and internet usage set to rise in the future years, the online platforms market is anticipated to experience considerable expansion. Online marketplaces provide customers with a variety of product options, facilitating access and convenience while reshaping the market environment. Companies that sell DTC genetic testing kits prefer online distribution channels because they give customers access to a large worldwide market, which supports industry growth. Over-the-counter testing, on the other hand, is anticipated to have a large market influence because it provides an ease to customers who prefer to buy products from physical locations.

Regional Analysis:
The direct-to-consumer genetic testing market is composed of the North American, European, Asian-Pacific, Latin American, Middle Eastern, and African areas. With more than 39% of the market in 2022, North America was the market leader and is anticipated to remain so due to arising internet usage and awareness in its densely populated regions. Europe is made up of Germany, France, the United Kingdom, the Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, and the remainder of the continent.

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Latest Industry Developments:
• In October 2021, 23andMe announced the passing of a new law in the state of California that protects consumer's genetic data privacy. Working in tandem with the Coalition for Genetic Data Protection, 23andMe has championed this legislation in California, Utah, and Arizona. This legislation serves as a model for genetic privacy legislation nationwide. 23andMe is committed to providing transparency and choice to its clients and is pleased to bring more protections to the forefront.

• In May 2022, the franchise network of ANY LAB TEST NOW® is growing by one more location. Sean and Sarah Toney have entered new territory with the opening of a new ANY LAB TEST NOW® in St. Louis, Missouri market after serving Texans for nearly 15 years at seven locations.

• In June 2021, international laboratory testing business Eurofins will purchase DNA Diagnostics Center ("DDC") (The Company). The successful partnership between DDC and GHO Capital ("GHO"), a specialized European investor in global healthcare, led to this deal.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.