Home DNA Testing Market: Overview
Products in the global home DNA testing market are used to identify genes as well as affordable predictive analysis for various specific diseases. These products are gaining wide consumer interest owing to their flexible usage nature. These tests can be undertaken by the consumers right from the comfort of their homes. This factor is anticipated to create numerous lucrative opportunities in the global home DNA testing market in coming years. Furthermore, rising health concerns regarding the early diagnosis of cancer to avail timely treatment is also anticipated to fuel the demand in the global home DNA testing market over the forecast period. Key application segments for the products in the global home DNA testing market include oncology, fitness, COVID-19 kits, virology, diet and nutrition, and ancestry testing, among others.
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Home DNA Testing Market: Key Trends and Avenues
Next generation gene sequencing has emerged as an essential tool for the diagnosis of ovarian as well as breast cancer. Integration of these next gen technologies for the manufacturing of the products in the global home DNA testing market are expected to foster the development of the industry in coming years. Furthermore, products in the global home DNA testing market that offer fitness and wellness genetic testing for patients are also likely to augment and boost the home DNA testing sales in the years to come. Products in the global home DNA testing market include testing kits that extract saliva samples in order to collect patient’s DNA to further analyse the disease and patient’s health conditions. The outbreak of COVID-19 pandemic exponentially boosted the requirement for advanced testing kits aimed at diagnosing the presence of the virus in the patient’s body. This affected the global home DNA testing market positively in the recent couple of years. Moreover, research and development activities aimed at developing effective vaccines for COVID-19 have also propelled the growth in the global home DNA testing market.
Home DNA Testing Market: Competitive Landscape and Key Developments
Some of the most notable key incumbent players operating within the global home DNA testing market are Maj Ancestry, MyHeritage Ltd., Living DNA Ltd., Helic OpCo LLC, FitnessGenes, 23andMe Inc., Gene by Gene Ltd., National Geographic Partners LLC, and Veritas, among others. Players and manufacturers in the global home DNA testing market are engaged in collaborations as well as regional expansions to enter new regional markets and expand their business horizons. For example, Helix announced their partnership with a company called ‘Ginkgo Bioworks’ in April of 2021. This partnership is aimed at providing support to COVID-19 testing in schools across the western region of the United States. Furthermore, a United Kingdom based company known as ‘DNAFit’ entered into collaboration with a Hong Kong based genetic corporation called ‘Prenetics’ in April of 2018. This collaboration was aimed at creating a competent competitor in the global home DNA testing market.
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Home DNA Testing Market: Regional Assessment
Regionally, the North America is anticipated to hold a dominant share in the global home DNA testing market over the forecast period, owing to their well established and technologically advanced healthcare infrastructure. This, coupled with high expenditure on the development of healthcare facilities and infrastructure are likely to emerge as promising drivers for the expansion of the North America home DNA testing market in coming years. Furthermore, rising adoption of novel and cutting edge gene sequencing technologies as well as strong presence of several major industry players are expected to stimulate high growth opportunities in the North America home DNA testing market. Another region estimated to record significant growth in the global home DNA testing market in coming years is Europe. Key factors propelling the high demand in the Europe home DNA testing market can be high healthcare expenditure and efforts on the development of enhanced technological applications in the field of genomics.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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