Selbyville, DE -- (SBWire) -- 01/15/2019 --The Direct-to-Consumer Genetic Testing market is relatively large, as the demand of Direct-to-Consumer Genetic Testing is increasing in the whole world. And the global output of Direct-to-Consumer Genetic Testing remained a relatively high growth during the last few years; the Direct-to-Consumer Genetic Testing market is up to a double-digit growth, mainly due to the fast development of Automotive industry.
Rising consumer awareness regarding DTC genetic tests in developed as well as developing economies will propel the DTC industry growth in forthcoming years. Key industry players developing DTC genetic tests implement special marketing efforts such as providing discounts on the ancestry and nutrigenomics test that will positively impact sales of DTC tests. For instance, Color Genomics has offered promotional discounts on DTC tests. Moreover, companies such as Ancestry.com are providing heavy discounts on certain occasions such as Black Friday.
Increasing prevalence of genetic diseases globally has proven beneficial for the industry growth as it increases the demand of DTC genetic tests. According to Global Genes, around 7,000 different genetic diseases have been discovered and more are being discovered each day. However, cost of genetic testing is predicted to hamper it's affordability in developing and underdeveloped region that will impede industry growth to some extent.
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Prominent industry players operational in the direct-to-consumer genetic testing market include 23andMe, Ancestry, Color, EasyDNA, Family Tree DNA, Full Genomes, Genesis HealthCare, Helix, Identigene, Karmagenes, Living DNA, MapMyGenome, MyHeritage and Pathway Genomics. Key industry players adopt various strategic initiatives such as acquisitions and new product launch, that enable them in sustaining market competition. For instance, in March 2018, 23andMe received FDA approval for marketing newly developed cancer screening tests that will prove beneficial for the company's growth.
Nutrigenomics segment will grow at 20.3% from 2018 to 2024 Growing preference for nutrigenomics tests amongst the adult population should propel business growth over forecast timeframe. Nutrigenomic tests provide information regarding the patient?s metabolic requirements. Every individual has unique set of genes that influence the metabolism. Defects in the metabolism due to alteration in genes may lead to various genetic metabolic and endocrine disorders that will positively influence the demand for nutrigenomic tests escalating segmental growth.
Single Nucleotide Polymorphism (SNP) segment held 49.5% revenue share in 2017 and it should expand enormously in foreseeable future due to its increasing usage in analyzing the genome. 23andMe majority of companies extensively use SNP chips in providing information regarding carrier status for a genetic disease. Preference is high for SNP technology as it is comparatively affordable than the whole genome sequencing technology.
Germany direct-to-consumer genetic testing market will grow at 18.3% over forecast timeframe owing to growing adoption of technologically advanced DTC genetic tests. Growing prevalence of genetic diseases such as anemia and thalassemia will drive the demand in Germany. For instance, according to The World Bank, increasing prevalence of anemia among the women in reproductive age group of 15-49 years in Germany will escalate demand for DTC genetic tests boosting the industry growth.
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China direct-to-consumer genetic testing market was valued at USD 29.1 million in 2017, as a result of increasing per capita income, healthcare expenditures and awareness regarding DTC genetic test. Rising awareness regarding availability of technologically advanced DTC genetic tests amongst population in China will positively influence the market growth. Furthermore, growing popularity for prenatal and cancer DTC tests along with presence of significant number of DTC genetic test suppliers will positively impact the industry growth.
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Direct-to-Consumer Genetic Testing Market to Witness Growth Acceleration During 2018-2024
This Global Direct-to-Consumer Genetic Testing market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.