FREMONT, Calif., Aug. 12, 2021 /PRNewswire/ -- The premium market intelligence report published by BIS Research on the title Global Direct-to-Consumer Genetic Testing Market highlights that the market is projected to reach $6.60 billion by 2031. The study also highlights that the market is set to witness a CAGR of 17.30% during the period 2021-2031. The growth of the market is aided by rising government initiatives for the implementation of large sequencing initiatives coupled with the increasing requirement of genetic testing, including the current COVID-19 pandemic.
The global direct-to-consumer (DTC) genetic testing market consists of companies providing genetic testing services without the involvement of healthcare professionals. The DTC genetic testing companies offer genetics testing services for ancestry, health and wellness, and entertainment. Recent trends regarding extensive funding from various investors for the promotion of genetic testing are significantly propelling the market. Also, owing to the emerging concept of consumer empowerment, the global direct-to-consumer genetic testing market is witnessing a massive influx of new entrants in the industry.
To gain a holistic view of the market, data from different segments of the market has been analyzed minutely. These segments include technology, business channel, product type, market share analysis, growth share analysis, and region. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study.
The premium market intelligence by BIS Research additionally throws a spotlight on the opportunities existing in the market, including the higher adoption of genetic tests for early diagnosis of various chronic conditions such as cancer, prenatal screening, and infectious diseases, and increasing awareness among consumers regarding preventive healthcare.
The business channel and product analysis of the global market includes data analysis on the satisfaction level of different kits and services offered by the leading and emerging companies. The study is majorly centered on the sub-segments and micro-segments of the different product markets, such as ancestry, health and wellness, and entertainment.
To emphasize the dominance of the single nucleotide segment over whole genome sequencing under the technology category of direct-to-consumer genetic testing market in 2020 and 2031, Nitish Kumar Singh, Principal Analyst, BIS Research, states, "The reason for market growth can be attributed to the large-scale research and development along with several sequencing initiatives taken globally. The increasing disease burden, including the current COVID-19 pandemic, has led to large capital investments by key players along with the conscious efforts of the manufacturers to ensure data safety and quality of the results obtained after the test."
Key insights are drawn from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants, and vendors. The key players profiled in the report include 23andme, Inc., Ancestry.com LLC, 24Genetics, Atlas Biomed, Color Genomics, DNAfit, Gene by Gene, 10.9 Chengdu Twenty-Three Rubik's Cube Biotechnology Co., Ltd., Easy DNA, Mapmygenome, Laboratory Corporation of American Holdings, Myriad Genetics, Inc., Konika Minolta, Inc., and XCODE Lifescience, Inc.
The study also offers strategic recommendations that can help organizations track various products, trends, and technologies that are changing the market dynamics. The recommendations by BIS Research also offer bespoke research services to help organizations meet their objectives.
How can market intelligence on direct-to-consumer genetic test add value to an organization's decision-making process?
Aid in development
Help in targeting a segment for launching a new product
Offer detailed information on the future perspective of the emerging as well as established players
Offer go-to-market strategies for the different source type
Support in diversifying the product portfolio based on risk and progression of technology
Help in analyzing technological substitutes and compare the specifications
Offer tailor-made solutions based on the throughput of different consumers
Aid in understanding the technology requirement
Assist in exploring the newer application
Support in analyzing the competitors' funding scenario
Support in understanding the involvement of government health organizations such as the National Institute of Health (NIH)
Aid in understanding the new trends in the industry
Insightful Questions Covered to Enable Companies take Strategic Decisions
What are the major market drivers, challenges, and opportunities in the global direct-to-consumer genetic testing market?
What are the key development strategies implemented by the major players in order to sustain in the competitive market?
Which is the dominant product type in the direct-to-consumer genetic testing market?
What are the key technologies that have been used by leading players in the global market for the development of consumer genetic tests?
How is each segment of the market expected to grow during the forecast period 2021-2031? The segments are:
Which companies are anticipated to be highly disruptive in the future, and why?
What are the regulations for the development of direct-to-consumer genetic tests?
BIS Research, a premium market intelligence company, offers in-depth insights and consulting to Fortune 500 companies. We are established and known for tracking the growth of deep technologies across key industry verticals and the subsequent challenges and opportunities associated with deep tech across markets, applications, and products.
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