Direct-to-Consumer Genetic Testing Market will surge at 18%+ CAGR up to 2024
Jan 16, 2019
Germany DTC Genetic Testing Market will achieve 18.3% CAGR over the forecast time-frame owing to growing adoption of technologically advanced DTC genetic tests and rising prevalence of genetic diseases such as anemia and thalassemia.
Sellbyville, United States - January 16, 2019 /MarketersMedia/ —
U.S. direct-to-consumer genetic testing market accounted for more than 91% revenue share of total North America Market in 2017 and will show robust growth over the analysis period. The growth is attributed to the rising incidences of genetic diseases in the country, high awareness among people regarding genetic testing as well as technological advancements. Moreover, regulatory support for direct to consumer genetic testing coupled with high healthcare spending will boost the business growth over the forecast timeline.
Global Direct-to-Consumer Genetic Testing Market will hit USD 2.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing incidences of genetic and rare disorders worldwide coupled with wide applications of direct-to-consumer genetic testing in early detection and prevention of oncology as well as other genetic diseases will drive the DTC genetic testing market growth in the coming years. Rising awareness among patients pertaining to early disease diagnosis will result in timely treatment and reduced mortality rate. Additionally, technological innovations in direct-to-consumer genetic testing to offer enhanced efficiency, high sensitivity and accuracy will serve to be a significant impact rendering factor. Moreover, increasing adoption of carrier testing at a very early stage of pregnancy will further augment the business growth during forecast period.
Nutrigenomics segment will grow at 20.3% from 2018 to 2024 Growing preference for nutrigenomics tests among-st the adult population should propel business growth over forecast time-frame. 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 segment growth.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/3033
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.
Predictive testing segment held USD 110.8 million revenue in 2017 and will witness robust growth in the coming years. Predictive tests enables identification of genetic mutation before actual manifestation resulting in early disease diagnosis. Diagnosis of chronic disease such as cancer at an early stage can make significant improvements in the lives of cancer patients resulting in reduced morbidity, greater probability of surviving and less expensive treatment. As per the Institute for Health Metrics and Evaluation (IHME), approximately 8.9 million cancer deaths were noted during 2016, wherein more than 5% of all the cancers globally were caused due to inheriting genetic mutation. Growing prevalence of cancer globally will augment the segment growth over the analysis timeframe.
Japan direct-to-consumer genetic testing market held considerable revenue in 2017 and is estimated to grow at 18.2% CAGR by 2024. Increasing government investment in R&D, rapid technological advancements, availability of new tests as well as large patient pool in the country will surge the demand for DTC genetic testing in early disease diagnosis. Furthermore, increasing prevalence of cancer and other genetically inherited diseases coupled with increasing healthcare expenditure will further drive the Japan DTC genetic testing market.
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.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/3033
Some of the key industry players operating in global direct-to-consumer genetic testing market are 23andMe, Ancestry, Color, EasyDNA, Family Tree DNA, Full Genomes, Genesis HealthCare, Helix, Identigene, Karmagenes, Living DNA, MapMyGenome, MyHeritage and Pathway Genomics. Industry players primarily focus on strategic expansion through mergers, collaborations and acquisitions that help the players to strengthen their market position and enhance existing product portfolio. For instance, in August 2017, Pathway entered into a distributorship agreement with Medikonia wherein its products would be made available in Hong Kong through Medikonia, a solution based service provider operating in Hong Kong. This strategy aimed at expanding the geographic scope of the company.
Read Our Exclusive Blog @ http://allnewsmyway.com/
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/direct-to-consumer-dtc-genetic-testing-market
Source URL: https://marketersmedia.com/direct-to-consumer-genetic-testing-market-will-surge-at-18-cagr-up-to-2024/471303
Source: MarketersMedia
Release ID: 471303
More News
'We're still cold paying £300 a month energy bills'
Redditch residents say they are worried they will not be able to afford heating.
AI boom could trigger market shocks, Bank of England boss warns
Andrew Bailey says the central bank is watching the waves of cash being invested in artificial intelligence "very carefully".
Trump’s New Tariffs Get a Familiar Day in Court
For the third time in less than two years, the Trump administration returned to court on Wednesday to defend its power to wage a punishing global trade war.
Bessent Settled Tax Issue That Had Put Him at Odds With I.R.S.
The Treasury Secretary had previously taken a position on his taxes that contradicted the views of the tax agency that he now oversees.
The AI telling farmers when to harvest
Will farmers want AI tools to help judge when to pick fruit, or is their own intuition enough?
Vape tax comes into effect - but prices won't rise yet
Vaping is about to becoming more expensive due to a new tax on products.
Mattel Chief Named Co-C.E.O. of Combined Paramount and Warner Bros.
Ynon Kreiz, who will work alongside David Ellison at the merged company, helped turn Barbie into a blockbuster movie.
Trump Dangles Alaska Gas Project as Part of Korean Investment Package
The long-delayed project, which the developer has not yet formally greenlit, would deliver Alaskan gas to Asian markets but take several years to construct.
See how Brazil's ethanol industry is now tied to cattle
For decades, Brazil has been a major ethanol producer, traditionally using sugarcane. More recently, production of ethanol derived from corn has been on the rise and one protein-rich byproduct used for animal feed is in high demand and being exported to several countries worldwide, including China.
Google Wants Hollywood to Stop Being So Afraid of Technology
100 Zeros, a collaboration between Google and Range Media Partners, aims to give the tech giant a foothold in movies, TV and emerging forms of entertainment.
Condé Nast C.E.O. Leaves to Run Mattel
Roger Lynch, who has led the publisher for more than seven years, will become the chief executive of the toy company, he said Wednesday.
How to Listen to Your Favorite Music, Online or Off the Grid
Streaming services can introduce you to a wonderland of nearly unlimited audio, but downloading your digital collection has advantages.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.