DNA Test Kits Market is anticipated to grow over 21% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “DNA Test Kits Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global DNA Test Kits Market is anticipated to grow over 21% CAGR from 2019 to 2030.
This substantial growth in the DNA test kits market can be attributed to the rising demand for DNA kits for ancestry testing, increasing awareness among people regarding the use of DNA test kits for disease risk assessment, increased popularity of direct-to-consumer testing and the growing number of research laboratories for DNA testing. According to the MIT Technology Review, around 12 million people have had DNA analyzed with direct-to-consumer genetic genealogy tests. Out of these, most people are from the U.S., which suggests that around 1 in 25 American adults now have access to personal genetic data. These are factors are expected to contribute significantly to market growth.
Other factors including reasonable prices of the DNA kit tests that have a significant impact on both companies as well as research laboratories processing samples are also fueling market growth. For instance, key industry players such as 23andMe, Inc., Ancestry, MyHeritage Ltd., and Living DNA offer DNA test kits that range between US$69 and US$199, contributing to market growth with more and more people getting access to the DNA test kits for varied applications.
Privacy concerns associated with genetic data of consumers and the lack of professional genetic counseling are factors hampering DNA test kits market growth. Protection of genetic information saved on private servers of companies has threats from hacking, which poses a major challenge in the industry. There is a lot to be known about the genetic study but people are getting such knowledge through the internet, further having a negative impact on market growth. Moreover, there is a need for professional genetic counselors that will properly guide and provide full and correct knowledge about the genetic study.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, DNA Test Kits Market by Sample Type (Saliva, Cheek Swab), by Application (Health & Fitness, Diet & Nutrition, Ancestry Testing, Disease Risk Assessment) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/DNA-test-kits-market/179
Asia Pacific is estimated to account for the highest CAGR in the DNA test kits market over the forecast period owing to the inorganic strategic developments by top industry players in China, Japan, and other Asian countries. Along with this, the presence of several startups in the region is also impacting market growth. Moreover, there is an increase in awareness among people regarding the use of genetic information to help diagnose disease risks. As a result, the DNA Test Kits market is likely to expand in the region during the forecast period.
The prominent players in the DNA test kits market include Ancestry, 23andMe, Inc., MyHeritage Ltd., Gene by Gene, Ltd., Living DNA Ltd., Full Genomes Corporation, Inc, Helix OpCo LLC, Veritas , FitnessGenes, and HomeDNA.com, among others.
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