Home DNA Testing Market Forecast and CAGR
According to latest research by Fact.MR, home DNA testing market is set to witness steady growth during 2021-2031. Demand for home DNA testing market will witness steady recovery in short-term, with optimistic growth outlook in the long-run.
The increase in demand to identify genes for covid19 infection will provide momentum to the industry, however, stringent requirements by regulatory bodies for product approvals is likely to hinder the market growth.
What is Driving Demand for Home DNA Testing?
The home DNA testing is popular now more, as it can be carried out within the comfort of the homes Such products are translating into incremental opportunities for companies in the DNA test kits market.
Home based DNA testing provides affordable predictive analysis of the disease specially, benefitting the rise in health concerns for cancer patients.
Moreover, manufacturers are developing genetic testing for wellness and fitness of patients around the globe which us likely to propel market growth. DNA testing kits helps to take saliva samples too which gives a stance to collect further extract DNA samples from it for further analysis of the disease.
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Advancements in sequencing techniques likely to Augment Home DNA Testing Market
Next generation sequencing has now been an important tool for diagnosis of patients with breast and ovarian cancer.
Moreover, NGS testing provides advantage of simultaneously detecting multiple genetic variations public and personal entities has supplemented the expansion of high output technology, later on enhancing demand for his or her various reagents.
For example, in March 2018, the German analysis Foundation funded USD seventeen.3 million to four new German sequencing centers to equip them with NGS technology.
The COVID-19 pandemic has caused a havoc in the entire world. The healthcare crisis has brought an exceptional impact on businesses across all the industries. During the outbreak, healthcare industries are hugely impacted due to the global restrictions.
However, the need for vaccination was the most important factor at the need of hour. Ongoing research and development for COVID19 vaccine increased which in turn favored the growth of home DNA Testing market.
US and Canada Home DNA Testing Market Outlook
The healthcare system of the U.S. is well-known for its advanced structure and spending. The U.S. has the benefit of catering to leading biotechnology sector market players over other countries and hence dominating the home DNA testing market.
The US home DNA testing market is set to trend on the historic pattern of bust and boom during the assessment period 2021-2031. The country is home to some of the biggest pharma and biotechnology companies worldwide, and is set to expand their business with high returns.
U.S and Canada is one of the largest markets for home DNA testing globally.
The countries have the highest rate of research and development among all the other countries resulting in a key region for the home DNA testing market.
Furthermore, well-established infrastructure, increasing adoption of novel sequencing technologies, and increasing healthcare expenditure are expected to fuel the home DNA testing market in this region.
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Europe Demand Outlook for Home DNA Testing
Germany and UK are the most leading countries of the Europe region where spending on healthcare infrastructure is likely to be seen high. This creates opportunity for steady demand of home DNA testing market to boost in long run.
Furthermore, it manufacturers and suppliers is to expand their business through merger and acquisitions and develop advanced technology applications for genomics and capture Asia-pacific regions.
For instance, in April 2018, U.K.-based DNAFit collaborated with Prenetics, a Hong Kong-based genetic corporatio, to create a dent in the highly competitive global market for DNA test kits.
Who are the Key Manufacturers and Suppliers of Home DNA Testing?
Some of the leading manufacturers and suppliers of Home DNA Testing include
- Maj Ancestry
- 23andMe Inc.
- MyHeritage Ltd
- Gene by Gene Ltd
- Living DNA Ltd
- National Geographic Partners LLC
- Helix OpCo LLC
Key manufacturers are escalating their business through developments, collaborations and geographic expansions in emerging regions. For instance, April 08, 2021, Helix announces partnership with Ginkgo Bioworks to support back to school covid-19 testing across the western U.S.
An Adaptive Approach to Modern-day Research Needs
Home DNA Testing Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Sample Type
- Cheek Swab
- Diet & Nutrition
- COVID 19 Kits
- Ancestry Testing
By Distribution Channel
- Online stores
- Retail Stores
- North America
- Latin America
- Rest of Europe
- South Asia
- Rest of South Asia
- East Asia
- South Korea
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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