Market Research Report
Direct-to-Consumer (DTC) Genetic Testing
|Published by||Global Industry Analysts, Inc.||Product code||252325|
|Published||Content info||327 Pages
Delivery time: 1-2 business days
|Direct-to-Consumer (DTC) Genetic Testing|
|Published: July 1, 2020||Content info: 327 Pages||
COVID-19 Turbocharges Telemedicine & With it Remote Genetic & Genomic Consultant Services. DTC Genetic Testing to Reach $2.2 Billion
The global market for Direct-to-Consumer (DTC) Genetic Testing is projected to reach US$2.2 billion by the year 2027, trailing a CAGR of 11.5% over the analysis period 2020 through 2027. The pandemic has catalyzed telemedicine and encouraged adoption of newer models of remote care. Rising demand for telemedicine services holds a strong potential to push-up genetic counseling in community care centers. New studies reveal that over 55% of patients undergoing genetic counseling via videoconferencing are likely to undergo genetic testing. Growing incidence of cancer and rise in excess mortality due to COVID-19 induced disruptions in timely care will result in increased adoption of Direct-to-Consumer (DTC) genetic testing in the coming years. In addition to being cheap, DTC genetic testing also eliminates a clinical visit which is desirable in COVID-19 times.
Genetic testing kits, for in-home use provide the user with real-time information for determining genetic ancestry, identifying susceptibility to a particular disease, prediction of medical risks, response of the body to a particular drug, earlier detection of diseases, and better management of health. The concept of direct-to-consumer (DTC) genetic testing has undergone noteworthy changes since its availability in the mid-2000s. Some of the main spotlights in the market have been disruptions in pricing structure, emergence of new business models and availability of plethora of options. Favored by entry of various players and fierce competition along with technological advancements, prices of these genetic tests have plunged notably. Players such as Helix have taken cue from Apple and introduced app stores for genetic testing. The business model is embraced by various start-ups in the US and Europe. Some of the players are offering diet and fitness recommendations, tests for a specific disorder, and options to measure epigenetic, representing chemical modifications to the DNA correlating with factors like ageing and smoking. The substantial demand for these test kits has prompted various players to foray into the market and offer advanced products to gain share.
The market in the long-term will be driven by new advancements, increasing prevalence of various genetic disorders like Alzheimer's, cystic fibrosis and cancer. In addition, more than 300 million individuals globally are suffering from rare diseases. These cases create the need for genetic tests for timely detection of genetic diseases. Despite concerns regarding data privacy and validity of results, DTC genetic testing continues to garner significant attention among consumers and is anticipated to eventually collide with conventional healthcare systems. The growth of DTC genetic testing market will be facilitated by increasing adoption of personalized medicine for treating genetic diseases along with rising disposable income, healthcare expenditures and user awareness. A large number of people will be using these tests to get genetic information for analyzing genetic predisposition to various diseases. Other growth driving factors for the DTC genetic testing market include ageing population who display a tendency towards taking interest in their own healthcare, a fact compounded by the availability of genetic tests that can identify gene variations that enhance the risk of various old-age diseases, including Alzheimer's; decreasing cost of ordering DTC genetic tests; and the privacy and anonymity that the technology offers.