DTC Lab Testing Market Set for $7.92 Billion Valuation by 2030
Meticulous Research® recently published a report entitled "Direct-to-Consumer (DTC) Laboratory Testing Market By Application (Genetic Testing, Diabetes, COVID), Sample Type (Saliva, Urine, Blood) - Global Forecast to 2030."
Market Growth and Projections
The report forecasts the DTC laboratory testing market will reach $7.92 billion by 2030, with a CAGR of 10.9% from 2023 to 2030. Growth is driven by increasing consumer awareness about personal health, as well as the convenience, affordability, and accessibility of at-home DTC tests. Rising healthcare costs and the increased prevalence of chronic diseases also contribute to the market's upward trajectory. Genetic testing, especially for ancestry and genealogy purposes, is gaining popularity, particularly among older populations.
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Industry Challenges
The industry, however, faces several challenges, including concerns over sample quality, regulatory barriers, and limited insurance coverage for DTC testing services. Additionally, DTC companies often have fewer test offerings compared to traditional laboratories, which can restrict consumer choice.
Opportunities for Market Growth
Telehealth services and pharmacogenomic testing present significant growth opportunities for companies in the DTC lab testing market. However, privacy concerns, risks related to the interpretation of test results, and the absence of post-test professional counseling present ongoing challenges.
Segmentation and Market Overview
The DTC laboratory testing market is segmented by application (genetic testing, routine clinical testing, and others) and sample type (blood, saliva, urine). Genetic testing leads the market, driven by the demand for preventive healthcare and ancestry research. Blood samples are commonly used in a wide range of tests, particularly those for chronic diseases.
Regional Insights
North America is the largest regional market for DTC lab testing, followed by Europe and Asia-Pacific. The high prevalence of chronic diseases and higher disposable income levels in North America make it a dominant player in this space.
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Key Players
The key players operating in the global DTC laboratory testing market are Quest Diagnostics Incorporated (U.S.), Laboratory Corporation of America Holdings (U.S.), 23andMe Holding Co. (U.S.), Myriad Genetics, Inc. (U.S.), Everlywell, Inc. (U.S.), DirectLabs, LLC. (U.S.), Ancestry.com, LLC (U.S.), MyMedLab, Inc. (U.S.), ANY LAB TEST NOW (U.S.), Thorne HealthTech, Inc. (U.S.), and LetsGetChecked, Inc. (U.S.).
Other than these, there are several regional players such as Color Health, Inc. (U.S), Laboratoire CERBA (France), MyHeritage Ltd. (Israel), Genova Diagnostics Inc. (U.S.), Gene by Gene, Ltd. (U.S.), Metropolis Healthcare Limited (India), Vitagene (U.S.), SRL Limited (India), Hirotsu Bio Science (Japan), Ambry Genetics Corporation (U.S.), Mapmygenome India Limited (India), FamilyTreeDNA (U.S.), Genera (Brazil), Veritas Intercontinental (Spain), Medichecks.com Ltd. (U.K.), EasyDNA (U.S.) (Subsidiary of Genetic Technologies Limited (Australia), Cerascreen Biotech LLC (U.K.), and Living DNA Ltd (U.K.).
Key questions answered in the report-
- Which are the high-growth market segments in terms of applications, sample type, and region/country?
- What was the historical market size for DTC laboratory testing across the globe?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, opportunities, and challenges in the global DTC laboratory testing market?
- Who are the major players in the DTC laboratory testing market?
- How is the competitive landscape, and who are the market leaders in the global DTC laboratory testing market?
- What are the recent developments in the global DTC laboratory testing market?
- What are the different strategies adopted by the major players in the global DTC laboratory testing market?
- What are the geographical trends and high-growth regions/countries?
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