Direct-To-Consumer (DTC) Genetic Testing Market Demand, Analysis And Outlook 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Direct-To-Consumer (DTC) Genetic Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The direct-to-consumer (DTC) genetic testing market size has grown rapidly in recent years. It will grow from $1.57 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to curiosity about ancestry and heritage, health and wellness trends, marketing and consumer education, privacy and control over genetic data, affordability and accessibility.

The direct-to-consumer (DTC) genetic testing market size is expected to see rapid growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to expanding test offerings, integration with personalized medicine, collaborations with health and wellness industries, advancements in genetic research, government support and regulations. Major trends in the forecast period include expanding test offerings and panels, educational initiatives for consumers, regulatory compliance and oversight, genomic data research and contributions, price reduction and accessibility.

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Market Drivers and Trends:

The rising prevalence of diseases and disorders with genetic transmission capabilities is expected to propel the growth of the direct-to-consumer (DTC) genetic testing market going forward. Genetic disorder refers to an illness caused by changes (mutation) in a person's DNA and it includes single-gene, multifactorial and chromosomal disorders. Direct-to-consumer genetic testing promotes awareness of various genetic disorders that helps in making predictions about health and provides personalized information about an individual's health, disease risk, and other traits, thus, helps in taking effective health and lifestyle decisions to reduce the disease risk. For instance, according to MedlinePlus, a US-based online information service provided by the United States National Library of Medicine, in 2021, syndrome A is identified in about 1 in 200,000 Americans each year and currently around 100,000 kids suffer from syndrome B, whereas, it is estimated that nearly 12,000 people died globally from syndrome C in 2020 and approximately 1% of people in the United States develop disorder D during their lifetimes. Furthermore, in February 2022, according to the World Health Organization (WHO), a Switzerland-based agency of the United Nations responsible for international public health, birth abnormalities cause 240,000 new-borns to pass away in the first 28 days of life each year and an additional 170,000 children between the ages of 1 month and 5 years die as a result of birth abnormalities which includes heart defects, neural tube defects, and Down syndrome (a genetic disorder). Therefore, the rising prevalence of diseases and disorders with genetic transmission capabilities is driving the growth of the direct-to-consumer (DTC) genetic testing market.

Major companies operating in the direct-to-consumer (DTC) genetic testing market are focusing on investing in genetic research to sustain their position in the market. Investments provide the necessary financial backing for genetic testing companies to conduct research, enhance technologies, expand market reach, ensure compliance, and drive innovation. For instance, in November 2022, Redcliffe Labs, an India-based diagnostic centers & diagnosis labs, has announced its plan to invest an additional $10 million (around Rs 81 crore) towards the expansion of its genetic and specialized testing portfolio. This investment is intended to further develop the company's genetic testing capabilities, including areas such as prenatal, oncology, neurology, nephrology, and pharmacogenomics. The company has already invested $6 million in genetics and specialized testing coverage and is focused on next-generation technologies in the diagnostics space.

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Major Key Players of the Market:

Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Konica Minolta, Inc., Genesis HealthCare, Inc., Ancestry.com LLC, Myriad Genetics, Inc., Fulgent Genetics, Inc., Sonora Quest Laboratories LLC, Prenetics Limited, 23andMe Holding Co., Color Health Inc., Living DNA Limited, MyHeritage Ltd., Victorian Clinical Genetics Services, Dante Labs S.r.l., Helix OpCo LLC, Gene by Gene, Ltd., Gene by Gene, Ltd., EasyDNA Ltd., Pathway Genomics Corporation, Full Genomes Corporation, Identigene LLC, Mapmygenome Labs Pvt. Ltd., Positive Bioscience Inc., Xcode Life Sciences Private Limited, 24Genetics S.L., Direct Laboratory Services, LLC, Karmagenes SA, Request A Test Ltd., Any Lab Test Now, LLC

Direct-To-Consumer (DTC) Genetic Testing Market 2024 Key Insights:

• The direct-to-consumer (DTC) genetic testing market size is expected to see rapid growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Rising Disease Prevalence Spurs Growth In Direct-To-Consumer Genetic Testing Market
• Major Players Bolster Dtc Genetic Testing Market Through Strategic Genetic Research Investments
• North America was the largest region in the direct-to-consumer (DTC) genetic testing market share in 2023

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