DUBLIN, Nov. 7, 2022 /PRNewswire/ — The “Global Direct-To-Consumer Genetic Testing Market By Test Type, By Technology chips, Targeted Analysis, Whole Genome Sequencing, By Sample, By Distribution Channel, By Region Competition Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Direct-To-Consumer (DTC) Genetic Testing Market stood at USD 1,254.69 million in 2021 and is expected to grow at a CAGR of 8.97% during the forecast period.
The rising prevalence of rare genetic diseases is expected to drive the market expansion. Rising demand for personalized genetic services, as well as increased public awareness around the world, are expected to aid market growth. The Direct-To-Consumer (DTC) genetic testing industry is fragmented, with a few dominant players and other small start-up companies offering superior quality Direct-To-Consumer (DTC) genetic tests at lower costs, which will address affordability issues and positively impact the market growth. The COVID-19 pandemic boosted the direct-to-consumer genetic testing market.
During the pandemic, technological advancements have paved the way for new business opportunities in direct-to-consumer genetic testing. The rise in the prevalence of chronic diseases, as well as the introduction of personalized testing kits for niche therapeutic areas, are assisting in the rapid expansion of direct-to-consumer genetic testing. Such service adoption and change has increased demand for such kits. The availability of these kits on online platforms will also have a positive impact on the market statistics.
Rising demand for personalized direct-to-consumer genetic testing services will boost the market expansion
The growing popularity of pharmacogenetics will benefit the statistics of the direct-to-consumer genetic testing industry. Pharmacogenetics is a well-known example of gene-based personalization, in which genetic polymorphisms dictate the choice of medicinal treatment that benefits business momentum.
Furthermore, consumer comprehension is used to evaluate and regulate personalized tests. The service provider provides descriptive information about the analytical and clinical validity of the tests, which increases the demand in the industry. These personalized tests are also less expensive than traditional genetic tests. Furthermore , personalized direct-to-consumer genetic test results can be obtained quickly using simple and non-invasive methods. These previously mentioned factors will propel the overall …