Global Direct-to-Consumer Testing Industry Forecasted to Grow at 12.5% CAGR, Reaching $3.2 Billion by 2029

    Author microcapwatchPosted on Categories BiotechTags , , ,

    Global Direct-to-Consumer Testing Industry to Double, Reaching $3.2 Billion by 2029 from $1.6 Billion in 2023, Driven by Growing Consumer Demand and Technological Advancements, Latest BCC Research Study Finds

    BOSTON, June 5, 2024 /PRNewswire/ — DTC testing allows individuals to access genetic, health, and wellness information directly, without the need for a healthcare provider. From ancestry analysis to health risk assessments, consumers can now explore their genetic blueprint with ease. The industry has witnessed a surge in demand for services related to ancestry, nutrition, fitness, and even personalized skincare recommendations.

    BCC Research LLC Logo

    Market Expansion and Revenue Surge

    According to the latest BCC research study, the demand for Direct-to-Consumer Testing Industry: Global Markets expected to grow from $1.6 billion in 2023 and will reach $3.2 billion by the end of 2029 at a compound annual growth rate (CAGR) of 12.5% from 2024 through 2029.

    The report gives detailed information about the direct-to-consumer (DTC) testing market, with predictions for 2029 and key player market shares. It covers the market size based on different types of tests, such as genetic, biomarker-based, and microbiome tests, excluding at-home pregnancy, fertility, and COVID-19 tests. It also breaks down the market by applications like health and wellness, ancestry, and disease risk assessment, and by distribution channels, including online and retail stores.

    Some Interesting Facts about Health and Medical Insurance Providers

    • The strict and varied regulations in Europe have slowed down the growth of the direct-to-consumer testing market there.
    • Ensuring data privacy is crucial for companies in the direct-to-consumer market, as breaches can result in significant financial penalties.
    • The decreasing costs of genetic sequencing have made DTC tests more affordable, helping the market to grow.

    To discover more insights and information about Direct-to-Consumer Testing Industry: Global Markets, click here for further exploration.

    Factors contributing to this growth include:

    1. Rising Consumer and Physician Awareness: People are becoming more curious about their genetic heritage and health predispositions. DTC testing companies are capitalizing on this curiosity by offering accessible and affordable testing kits.
    2. Decreasing Costs of Genetic Sequencing: the process of analysing and interpreting DNA is becoming less expensive. This makes genetic tests more affordable and accessible to more people.

    Request a Sample Copy of the Direct-to-Consumer Testing Industry: Global Markets  

    Report Synopsis        

    Report Metrics

    Details

    Base year considered

    2023

    Forecast Period considered

    2024-2029

    Base year market size

    $1.6 Billion

    Market Size Forecast

    $3.2 Billion

    Growth Rate

    CAGR of 12.5% for the forecast period of 2024-2029

    Segment Covered

    Test Type, Application, Distribution Channel

    Regions covered

    North America, Europe, Asia-Pacific, Rest of the World (RoW)

    Countries covered           

    U.S., Canada, U.K., France, Germany, Italy, Spain, Switzerland, Denmark, Norway, Poland, Belgium, Austria, the Netherlands, Sweden, Russia, Lithuania, Latvia, Hungary, Slovakia, China, India, Japan, Australia, South Korea, Singapore, Malaysia, New Zealand, Thailand, the Philippines, Vietnam, Indonesia, South America, Middle East and Africa

    Key Market Drivers

     

    • Rising Consumer and Physician Awareness
    • Decreasing Costs of Genetic Sequencing

    Market Segmentation 

    The DTC testing market can be categorized into various segments:

    • Test Type

      The types of direct-to-consumer (DTC) tests include genetic tests, which analyze your DNA; biomarker-based tests, which measure specific biological indicators related to health; and microbiome tests, which examine the microorganisms in your body.
    • Applications

      Direct-to-consumer (DTC) tests can be used for various purposes. They include health and wellness testing to monitor your overall health, ancestry and genealogy testing to trace your family history, and carrier screening to check for genetic conditions you might pass to your children. They also assess your risk for certain diseases, help determine how you might respond to medications (pharmacogenetic testing) and provide a complete analysis of your DNA (whole genome sequencing). Other DTC tests cover various additional health-related insights.
    • Distribution Channel

      Direct-to-consumer (DTC) tests can be bought through two main channels: online and retail. You can purchase them on the internet from company websites or other online stores, or you can find them in physical retail stores like pharmacies and health shops.

    This report on direct-to-consumer testing industry: global markets provide comprehensive insights and analysis, addressing the following key questions:

    1. What is the projected market size and growth rate of the direct-to-consumer testing market?

      •  The global direct-to-consumer testing market is expected to grow at a compound annual growth rate (CAGR) of 12.5% to reach $ 3.2 billion by 2029 from $1.8 billion in 2024.
    2. What are the key factors driving the growth of the direct-to-consumer testing market?

      •  The direct-to-consumer testing market’s drivers are rising consumer and physician awareness, decreasing genetic sequencing costs, and emerging economies.
    3. What segments are covered in the direct-to-consumer testing market?

      •  The direct-to-consumer testing market is segmented based on test type, application, distribution channel, and region.
    4. By test type, which segment will dominate the market by the end of 2029?

      •  The genetic DTC tests segment will dominate the market by the end of 2029.
    5. Which region has the highest market share in the direct-to-consumer testing market?

      •  North America holds the highest share of the market.

    Some of the Key Market Players Are:

    • 23ANDME INC.
    • ANCESTRY
    • GENETIC TECHNOLOGIES LTD.
    • EVERLYWELL INC.
    • LABORATORY CORPORATION OF AMERICA HOLDINGS
    • MAPMYGENOME
    • MICROBIOME LABS
    • MYHERITAGE LTD.
    • QUEST DIAGNOSTICS INC.
    • VIOME LIFE SCIENCES INC.

    Directly Purchase a copy of the report with BCC Research.

    For further information or to make a purchase, please get in touch with [email protected].  

    About BCC Research

    BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

    Contact Us

    Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA

    Email: [email protected],

    Phone: +1 781-489-7301

    For media inquiries, email [email protected] or visit our media page for access to our market research library.

    Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

    Logo: https://mma.prnewswire.com/media/2183242/BCC_Research_Logo.jpg

     

    Cision View original content:https://www.prnewswire.com/news-releases/global-direct-to-consumer-testing-industry-forecasted-to-grow-at-12-5-cagr-reaching-3-2-billion-by-2029–302164630.html

    SOURCE BCC Research LLC

    Featured image: Depositphotos © wavebreakermedia

    Disclaimer