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Direct-to-Consumer Genetic Testing Market Estimated to Flourish by 2025

12-22-2017 02:20 PM CET | Health & Medicine

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Direct-to-Consumer Genetic Testing Market Estimated

Direct-to-consumer (DTC) genetic testing refers to genetic tests or services that are directly advertised to consumers and purchased through consumer’ requests. The results of these tests are directly provided to consumers/customers without any participation of the consumers’ health care providers. This type of genetic test is directly marketed to customers/consumers by using print advertisements, television, or the Internet. Many medical device companies are marketing this DTC testing to the public at a realistic price point without consulting with doctors or other medical professionals. Consumers can order genetic testing kits from home by using a website and receive volumes of information relating to their individual genetic profile without visiting a doctor.

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The DTC genetic testing market contains two business models: one-to-one and one-to-many. In the one-to-one model, the results are discussed directly by the companies with the consumer or with the physician. In the one-to-many model, DTC companies will only conduct a genetic test once they receive consent from the consumer and the data is owned by the companies. The companies operating in this market obtain profit from the sales of DTC genetic testing kits to consumers and physicians and the sales of genetic data to pharmaceutical companies. This paradigm shift in business models is identified as one of the key trends behind the growth of the DTC genetic testing market.

The global DTC genetic testing market is expected to grow substantially due to high aging population coupled with growing prevalence of chronic disorders such as type 2 diabetes, cardiovascular diseases (CVDs), diabetic retinopathy, and other chronic diseases. In addition, growing customer awareness about direct-to-consumer genetic testing, along with increasing prevalence of major chronic diseases has resulted in rise in healthcare expenditure and the demand of DTC genetic testing is increase for early diagnosis various diseases are fuel the growth of the direct- to- consumer genetic testing market. However, DTC genetic testing raises a number of issues, including scientific, technical, and clinical issues, along with First Amendment issues of honesty, fidelity to facts, and truth-in-advertising, are limiting the growth of the global market.

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The global DTC genetic testing market is segmented based on service, distribution channel, and region. In terms of service, the market is further segmented into diagnostic screening, prenatal, newborn screening, pre-implantation diagnosis, and relationship testing. The diagnostic screening segment dominates the global DTC genetic testing market as it helps in identifying the gene responsible for chronic diseases such as cancer. This includes carrier screening and hereditary testing that are usually conducted for DTC genetic testing. In terms of distribution channel, the market is classified into direct sales, retail sales, and laboratory sales. The direct sales segment generates high revenue due to pricing strategies.

Geographically, the DTC genetic testing market is distributed over North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each geography market is sub-divided into specific countries such as the U.S., Canada, the U.K., Germany, Brazil, China, India, and GCC countries. North America dominated global DTC genetic testing market because of importance of early diagnosis of for better treatment outcomes, and high level of consumer literacy about diseases. Asia Pacific is projected to be the most attractive market during the forecast period due to rising health care awareness and growing disposable income.

Key players operating in this market are 23andMe, Inc., Laboratory Corporation of America, Myriad Genetics, Inc., Quest Diagnostics, Counsyl, Inc., Gene by Gene, and Positive Bioscience Ltd. In order to gain competitive advantage in the market, these market players are actively involved in various growth strategies such as collaborations, partnerships, agreements, and new product launches.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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