Direct-To-Consumer (DTC) Genetic Testing Market Report 2022: Increase in Willingness to Use Direct to Consumer Genetic Testing Drives Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 21, 2022--
The “Direct-To-Consumer (DTC) Genetic Testing Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030” report has been added to ResearchAndMarkets.com’s offering.
The market is projected to grow at a CAGR of 19.5% during the forecast period of 2022 to 2030.
Selective Role of FDA
In general, direct-to-consumer tests for non-medical, general wellness, or low risk medical purposes are not reviewed by the FDA before they are offered. Direct-to-consumer tests for moderate to high risk medical purposes, which may have a higher impact on medical care, are generally reviewed by the FDA to determine the validity of test claims.
The FDA verifies that whether the test can measure accurate or reliably, whether the measurement is measured at certain health stage & finally the company’s claim about the test. Also the test accuracy is measured along with descriptive recording of information. As a matter of policy, the FDA generally does not review some types of tests, called laboratory developed tests (LDTs) that are created and performed in a single laboratory, if they are offered to patients only when prescribed by a health care provider.
Privacy is a concern
65% of individuals are willing to use home Direct to consumer genetic testing services. Privacy is one of the main concerns, specifically the potential sharing of data with third parties including consumer health, pharmaceutical & insurance companies. Almost all of the respondents willing to use the service have concerns about a company owning their DNA profiles.
In submitting a sample for processing, individuals provide sensitive information not only about themselves but about family members with whom they share a genetic link. Leakage of such data could negatively impact these individuals across a range of areas including employment prospects, relationships and insurance premiums. Cyber security breaches database password & server hacking, storage device theft, and human error or oversight by data custodians themselves represents a threat here.
Increase in willingness to use Direct to consumer Genetic testing
Rising public awareness and acceptance of genetic testing is steadily growing. A national survey revealed that awareness in the US grew drastically, and a social media survey found that 47% of users were familiar with the direct to consumer concept. Across many sectors there is a clear rise in customers seeking tailored products & experiences, with an increasing willingness to pay for the identification & addressing of unique needs.
Customers are expressing willingness to undergo testing & pay for genetic testing services. According to a recent survey held in the U.S. 10 sample of 2,000 participants 33% of individuals stated that they would be willing to pay for & use advice provided by a direct to consumer’s genetic testing company.
- Online Sales
- OTC Sales
- Doctor’s Office
- Genome Data Bank Material Model
- Individual Health Planning Model
- Comprehensive Genome Tests Model
- Medical Precision Tests Model
- Restricted Trait Tests Model
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Direct-To-Consumer (DTC) Genetic Testing market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Direct-To-Consumer (DTC) Genetic Testing market?
- Which is the largest regional market for Direct-To-Consumer (DTC) Genetic Testing market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Direct-To-Consumer (DTC) Genetic Testing market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Direct-To-Consumer (DTC) Genetic Testing market worldwide?
Key Topics Covered:
2. Executive Summary
3. Direct-To-Consumer (DTC) Genetic Testing Market: Business Outlook & Market Dynamics
4. Direct-To-Consumer (DTC) Genetic Testing Market: By Sales Channel, 2020-2030, USD (Million)
5. Direct-To-Consumer (DTC) Genetic Testing Market: By Business Model, 2020-2030, USD (Million)
6. North America Direct-To-Consumer (DTC) Genetic Testing Market, 2020-2030, USD (Million)
7. UK and European Union Direct-To-Consumer (DTC) Genetic Testing Market, 2020-2030, USD (Million)
8. Asia Pacific Direct-To-Consumer (DTC) Genetic Testing Market, 2020-2030, USD (Million)
9. Latin America Direct-To-Consumer (DTC) Genetic Testing Market, 2020-2030, USD (Million)
10. Middle East and Africa Direct-To-Consumer (DTC) Genetic Testing Market, 2020-2030, USD (Million)
11. Company Profile
- 23 and Me
- Colour Genomics
- Gene by Gene
- Laboratory Corporation of America
- Mapmygenome India
- Positive Bioscience
- Quest Diagnostics
- Request A Test
- Sonora Quest Laboratories LLC
- Xcode Life Sciences
For more information about this report visit https://www.researchandmarkets.com/r/d7qh9q
View source version on businesswire.com:https://www.businesswire.com/news/home/20221221005341/en/
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INDUSTRY KEYWORD: HEALTH GENETICS
SOURCE: Research and Markets
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PUB: 12/21/2022 09:10 AM/DISC: 12/21/2022 09:11 AM