DTC Genetic Testing Market Drivers and Opportunities [2021-2031]
The DTC Genetic Testing Market is expected to register a CAGR of 15.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Test Type (Carrier Testing, Predictive Testing, Ancestry and Relationship Testing, Nutrigenomics Testing). The report further presents analysis based on the Distribution Channel (Online Platforms, Over-the-Counter). The report is segmented by Technology (Targeted Analysis, Single Nucleotide Polymorphism (SNP) Chips, Whole Genome Sequencing (WGS)). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report DTC Genetic Testing Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
DTC Genetic Testing Market Segmentation
Test Type- Carrier Testing
- Predictive Testing
- Ancestry and Relationship Testing
- Nutrigenomics Testing
- Online Platforms
- Over-the-Counter
- Targeted Analysis
- Single Nucleotide Polymorphism Chips
- Whole Genome Sequencing
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
DTC Genetic Testing Market Growth Drivers- Emerging Trends in Genomic Technology and Pricing: As the costs of sequencing decrease and the use of genomic tools, particularly next-generation sequencing (NGS), increases, genetic testing has become easier and cheaper for the end users. As the process of human genome sequencing has become fast and cheap the companies can now give their customers a deep and accurate insight into their genes. Testing which was once extremely expensive, has become relatively cheap and genetic tests are now offered at a very small cost compared to the past. Such technological advancements allow DTC companies to provide services such as ancestry, health risks and lifestyle changes which spurs the market growth.
- Growing Consumer Interest in Tailored Health Services: As people are taking over responsibility for their health, the need for personalized healthcare has increased. There is a greater appetite among the people to know about the genetic chances of them suffering from a disease, how they react to drugs, and what changes in a person’s life could enhance their health. DTC genetic testing provides consumers this tailored information without a doctor’s order or facilitating medical clearinghouse. This alteration in health care towards more of an individualized and prevention approach is aiding the growth of the market especially with the patients being more open to using their genetic information in making health decisions.
- The Rising Focus on Genetic Disorders and Their Mitigation: Moreover, the growing awareness of genetic diseases and emphasis on preventive health care are other key factors supporting the DTC genetic testing services market. More and more people have now come to terms with the risk factors necessary all due to genetic composition especially concerning cancers, heart-related ailments, and current chronic neurological conditions.
- Consumer Health Applications and their Compatibility with. Genetics Test: There is a notable change in the market of DTC genetic testing, the merging of health appendices and genomic data. The major industry players are joining hands with service providers and marketing these applications: fitness, nutrition and wellness apps in order to marry genomic data in everyday health management solutions. For instance, customers will be able to determine their physical workouts or meals to take based on the genetic testing results, which in turn increases the purpose and the quality of genetic testing results.
- Focus on Wellness, Fitness and Nutrition Testing: However, the majority of direct to consumer genetic tests focused on family tree research and mitigating health risks. Nevertheless, there is a growing demand for a different type of product in which more and more manufactures of that type of genetic testing are wellness, fitness, and nutrition genetic tests. Such tests evaluate known genetic variances which are associated with physical activity, body composition, reaction to certain foods, and proper dieting. 23andMe and AncestryDNA even have examples, where they include such tools to address recovery from injuries, proper sports activity, and rationing, which is a part of the overall trend towards wellness.
- Regulatory and Ethical Focus: There is also the issue of regulation of DTC genetic testing today which is less about doing it rightly and more about controlling and safeguarding ethical practices. Over the course of years, the regulation of genetic tests in reference to the consumer market by the Food and Drug Administration (FDA) has escalated. There is also a desire for more data protection as members of the public become increasingly wary about how their genetic data is used. Therefore, corporations have started adopting enhanced measures to protect data and include information on what happens with user data.
- Target New Markets and Sectors: The DTC genetic testing market has been typically limited to developed countries’ consumers especially in America and Europe. However, there is great scope for growth in this type of market due to emerging countries where consumers are becoming health: conscious, and this trend is enormously on the rise. With the prices of the genetic tests getting lower and lower, the demographics are also shifting as younger generations for instance the middle class and younger people will be the ones pushing the growth of the market in countries like China, India, Brazil (and so forth).
- Use of AI and ML: While genetic testing companies have skies of genomic and anatomical data, the amazing fact is that there is now an opportunity to combine data with algorithms through the use of artificial or machine learning. One of the benefits of the use of AI and ML is that they can analyze available data to detect and make predictions about patterns that may not be easily interpretable by human researchers. AI: based applications that build on genetic data along with other health: related indexes for instance lifestyle data can produce optimal solutions and advisories for the consumers.
- Alliances with the Drug and Biotech Sectors: One more possibility is related to the use of genetic tests created to facilitate drug development and precision medicine by working with pharmaceutical and biotech companies. More and more pharmaceutical companies are incorporating genomics into their strategies with the goal of developing therapy targets, and in this case, DTC genetic testing players can greatly assist in this process by providing DNA tests that determine the presence of certain drug reaction biomarkers.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the DTC Genetic Testing Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the DTC Genetic Testing Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Players operating in the market are ANCESTRY, COLOR GENOMICS, EASY DNA, FAMILYTREE DNA (GENE BY GENE), FULL GENOME CORPORATION, HELIX OPCO LLC, IDENTIGENE, KARMAGENES, LIVING DNA, MAPMYGENOME, MY HERITAGE, PATHWAY GENOMICS, GENESIS HEALTHCARE
North America region dominated the DTC Genetic Testing market in 2023.
The DTC Genetic Testing Market is estimated to witness a CAGR of 15.2% from 202#to 2031
Target New Markets and Sectors act as a opportunity for growth of the market in forecast period.
The major factors driving the DTC Genetic Testing market are:
1. Emerging Trends in Genomic Technology and Pricing
2. Growing Consumer Interest in Tailored Health Services
Over-the-counter segment, by distribution channel, dominated the market in 2023.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 DTC Genetic Testing Market - By Test Type
1.3.2 DTC Genetic Testing Market - By Distribution Channel
1.3.3 DTC Genetic Testing Market - By Technology
1.3.4 DTC Genetic Testing Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DTC GENETIC TESTING MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. DTC GENETIC TESTING MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. DTC GENETIC TESTING MARKET - GLOBAL MARKET ANALYSIS
6.1. DTC GENETIC TESTING - GLOBAL MARKET OVERVIEW
6.2. DTC GENETIC TESTING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. DTC GENETIC TESTING MARKET - REVENUE AND FORECASTS TO 2028 - TEST TYPE
7.1. OVERVIEW
7.2. TEST TYPE MARKET FORECASTS AND ANALYSIS
7.3. CARRIER TESTING
7.3.1. Overview
7.3.2. Carrier Testing Market Forecast and Analysis
7.4. PREDICTIVE TESTING
7.4.1. Overview
7.4.2. Predictive Testing Market Forecast and Analysis
7.5. ANCESTRY AND RELATIONSHIP TESTING
7.5.1. Overview
7.5.2. Ancestry and Relationship Testing Market Forecast and Analysis
7.6. NUTRIGENOMICS TESTING
7.6.1. Overview
7.6.2. Nutrigenomics Testing Market Forecast and Analysis
8. DTC GENETIC TESTING MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
8.1. OVERVIEW
8.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
8.3. ONLINE PLATFORMS
8.3.1. Overview
8.3.2. Online Platforms Market Forecast and Analysis
8.4. OVER-THE-COUNTER
8.4.1. Overview
8.4.2. Over-the-Counter Market Forecast and Analysis
9. DTC GENETIC TESTING MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
9.1. OVERVIEW
9.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
9.3. TARGETED ANALYSIS
9.3.1. Overview
9.3.2. Targeted Analysis Market Forecast and Analysis
9.4. SINGLE NUCLEOTIDE POLYMORPHISM (SNP) CHIPS
9.4.1. Overview
9.4.2. Single Nucleotide Polymorphism (SNP) Chips Market Forecast and Analysis
9.5. WHOLE GENOME SEQUENCING (WGS)
9.5.1. Overview
9.5.2. Whole Genome Sequencing (WGS) Market Forecast and Analysis
10. DTC GENETIC TESTING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America DTC Genetic Testing Market Overview
10.1.2 North America DTC Genetic Testing Market Forecasts and Analysis
10.1.3 North America DTC Genetic Testing Market Forecasts and Analysis - By Test Type
10.1.4 North America DTC Genetic Testing Market Forecasts and Analysis - By Distribution Channel
10.1.5 North America DTC Genetic Testing Market Forecasts and Analysis - By Technology
10.1.6 North America DTC Genetic Testing Market Forecasts and Analysis - By Countries
10.1.6.1 United States DTC Genetic Testing Market
10.1.6.1.1 United States DTC Genetic Testing Market by Test Type
10.1.6.1.2 United States DTC Genetic Testing Market by Distribution Channel
10.1.6.1.3 United States DTC Genetic Testing Market by Technology
10.1.6.2 Canada DTC Genetic Testing Market
10.1.6.2.1 Canada DTC Genetic Testing Market by Test Type
10.1.6.2.2 Canada DTC Genetic Testing Market by Distribution Channel
10.1.6.2.3 Canada DTC Genetic Testing Market by Technology
10.1.6.3 Mexico DTC Genetic Testing Market
10.1.6.3.1 Mexico DTC Genetic Testing Market by Test Type
10.1.6.3.2 Mexico DTC Genetic Testing Market by Distribution Channel
10.1.6.3.3 Mexico DTC Genetic Testing Market by Technology
10.2. EUROPE
10.2.1 Europe DTC Genetic Testing Market Overview
10.2.2 Europe DTC Genetic Testing Market Forecasts and Analysis
10.2.3 Europe DTC Genetic Testing Market Forecasts and Analysis - By Test Type
10.2.4 Europe DTC Genetic Testing Market Forecasts and Analysis - By Distribution Channel
10.2.5 Europe DTC Genetic Testing Market Forecasts and Analysis - By Technology
10.2.6 Europe DTC Genetic Testing Market Forecasts and Analysis - By Countries
10.2.6.1 Germany DTC Genetic Testing Market
10.2.6.1.1 Germany DTC Genetic Testing Market by Test Type
10.2.6.1.2 Germany DTC Genetic Testing Market by Distribution Channel
10.2.6.1.3 Germany DTC Genetic Testing Market by Technology
10.2.6.2 France DTC Genetic Testing Market
10.2.6.2.1 France DTC Genetic Testing Market by Test Type
10.2.6.2.2 France DTC Genetic Testing Market by Distribution Channel
10.2.6.2.3 France DTC Genetic Testing Market by Technology
10.2.6.3 Italy DTC Genetic Testing Market
10.2.6.3.1 Italy DTC Genetic Testing Market by Test Type
10.2.6.3.2 Italy DTC Genetic Testing Market by Distribution Channel
10.2.6.3.3 Italy DTC Genetic Testing Market by Technology
10.2.6.4 Spain DTC Genetic Testing Market
10.2.6.4.1 Spain DTC Genetic Testing Market by Test Type
10.2.6.4.2 Spain DTC Genetic Testing Market by Distribution Channel
10.2.6.4.3 Spain DTC Genetic Testing Market by Technology
10.2.6.5 United Kingdom DTC Genetic Testing Market
10.2.6.5.1 United Kingdom DTC Genetic Testing Market by Test Type
10.2.6.5.2 United Kingdom DTC Genetic Testing Market by Distribution Channel
10.2.6.5.3 United Kingdom DTC Genetic Testing Market by Technology
10.2.6.6 Rest of Europe DTC Genetic Testing Market
10.2.6.6.1 Rest of Europe DTC Genetic Testing Market by Test Type
10.2.6.6.2 Rest of Europe DTC Genetic Testing Market by Distribution Channel
10.2.6.6.3 Rest of Europe DTC Genetic Testing Market by Technology
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific DTC Genetic Testing Market Overview
10.3.2 Asia-Pacific DTC Genetic Testing Market Forecasts and Analysis
10.3.3 Asia-Pacific DTC Genetic Testing Market Forecasts and Analysis - By Test Type
10.3.4 Asia-Pacific DTC Genetic Testing Market Forecasts and Analysis - By Distribution Channel
10.3.5 Asia-Pacific DTC Genetic Testing Market Forecasts and Analysis - By Technology
10.3.6 Asia-Pacific DTC Genetic Testing Market Forecasts and Analysis - By Countries
10.3.6.1 Australia DTC Genetic Testing Market
10.3.6.1.1 Australia DTC Genetic Testing Market by Test Type
10.3.6.1.2 Australia DTC Genetic Testing Market by Distribution Channel
10.3.6.1.3 Australia DTC Genetic Testing Market by Technology
10.3.6.2 China DTC Genetic Testing Market
10.3.6.2.1 China DTC Genetic Testing Market by Test Type
10.3.6.2.2 China DTC Genetic Testing Market by Distribution Channel
10.3.6.2.3 China DTC Genetic Testing Market by Technology
10.3.6.3 India DTC Genetic Testing Market
10.3.6.3.1 India DTC Genetic Testing Market by Test Type
10.3.6.3.2 India DTC Genetic Testing Market by Distribution Channel
10.3.6.3.3 India DTC Genetic Testing Market by Technology
10.3.6.4 Japan DTC Genetic Testing Market
10.3.6.4.1 Japan DTC Genetic Testing Market by Test Type
10.3.6.4.2 Japan DTC Genetic Testing Market by Distribution Channel
10.3.6.4.3 Japan DTC Genetic Testing Market by Technology
10.3.6.5 South Korea DTC Genetic Testing Market
10.3.6.5.1 South Korea DTC Genetic Testing Market by Test Type
10.3.6.5.2 South Korea DTC Genetic Testing Market by Distribution Channel
10.3.6.5.3 South Korea DTC Genetic Testing Market by Technology
10.3.6.6 Rest of Asia-Pacific DTC Genetic Testing Market
10.3.6.6.1 Rest of Asia-Pacific DTC Genetic Testing Market by Test Type
10.3.6.6.2 Rest of Asia-Pacific DTC Genetic Testing Market by Distribution Channel
10.3.6.6.3 Rest of Asia-Pacific DTC Genetic Testing Market by Technology
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa DTC Genetic Testing Market Overview
10.4.2 Middle East and Africa DTC Genetic Testing Market Forecasts and Analysis
10.4.3 Middle East and Africa DTC Genetic Testing Market Forecasts and Analysis - By Test Type
10.4.4 Middle East and Africa DTC Genetic Testing Market Forecasts and Analysis - By Distribution Channel
10.4.5 Middle East and Africa DTC Genetic Testing Market Forecasts and Analysis - By Technology
10.4.6 Middle East and Africa DTC Genetic Testing Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa DTC Genetic Testing Market
10.4.6.1.1 South Africa DTC Genetic Testing Market by Test Type
10.4.6.1.2 South Africa DTC Genetic Testing Market by Distribution Channel
10.4.6.1.3 South Africa DTC Genetic Testing Market by Technology
10.4.6.2 Saudi Arabia DTC Genetic Testing Market
10.4.6.2.1 Saudi Arabia DTC Genetic Testing Market by Test Type
10.4.6.2.2 Saudi Arabia DTC Genetic Testing Market by Distribution Channel
10.4.6.2.3 Saudi Arabia DTC Genetic Testing Market by Technology
10.4.6.3 U.A.E DTC Genetic Testing Market
10.4.6.3.1 U.A.E DTC Genetic Testing Market by Test Type
10.4.6.3.2 U.A.E DTC Genetic Testing Market by Distribution Channel
10.4.6.3.3 U.A.E DTC Genetic Testing Market by Technology
10.4.6.4 Rest of Middle East and Africa DTC Genetic Testing Market
10.4.6.4.1 Rest of Middle East and Africa DTC Genetic Testing Market by Test Type
10.4.6.4.2 Rest of Middle East and Africa DTC Genetic Testing Market by Distribution Channel
10.4.6.4.3 Rest of Middle East and Africa DTC Genetic Testing Market by Technology
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America DTC Genetic Testing Market Overview
10.5.2 South and Central America DTC Genetic Testing Market Forecasts and Analysis
10.5.3 South and Central America DTC Genetic Testing Market Forecasts and Analysis - By Test Type
10.5.4 South and Central America DTC Genetic Testing Market Forecasts and Analysis - By Distribution Channel
10.5.5 South and Central America DTC Genetic Testing Market Forecasts and Analysis - By Technology
10.5.6 South and Central America DTC Genetic Testing Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil DTC Genetic Testing Market
10.5.6.1.1 Brazil DTC Genetic Testing Market by Test Type
10.5.6.1.2 Brazil DTC Genetic Testing Market by Distribution Channel
10.5.6.1.3 Brazil DTC Genetic Testing Market by Technology
10.5.6.2 Argentina DTC Genetic Testing Market
10.5.6.2.1 Argentina DTC Genetic Testing Market by Test Type
10.5.6.2.2 Argentina DTC Genetic Testing Market by Distribution Channel
10.5.6.2.3 Argentina DTC Genetic Testing Market by Technology
10.5.6.3 Rest of South and Central America DTC Genetic Testing Market
10.5.6.3.1 Rest of South and Central America DTC Genetic Testing Market by Test Type
10.5.6.3.2 Rest of South and Central America DTC Genetic Testing Market by Distribution Channel
10.5.6.3.3 Rest of South and Central America DTC Genetic Testing Market by Technology
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. DTC GENETIC TESTING MARKET, KEY COMPANY PROFILES
12.1. ANCESTRY
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. COLOR GENOMICS
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. EASY DNA
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. FAMILYTREE DNA (GENE BY GENE)
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. FULL GENOME CORPORATION
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. HELIX OPCO LLC
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. IDENTIGENE
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. KARMAGENES
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. LIVING DNA
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. MAPMYGENOME
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
12.11. MY HERITAGE
12.11.1. Key Facts
12.11.2. Business Description
12.11.3. Products and Services
12.11.4. Financial Overview
12.11.5. SWOT Analysis
12.11.6. Key Developments
12.12. PATHWAY GENOMICS
12.12.1. Key Facts
12.12.2. Business Description
12.12.3. Products and Services
12.12.4. Financial Overview
12.12.5. SWOT Analysis
12.12.6. Key Developments
12.13. GENESIS HEALTHCARE
12.13.1. Key Facts
12.13.2. Business Description
12.13.3. Products and Services
12.13.4. Financial Overview
12.13.5. SWOT Analysis
12.13.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1.Ancestry
2.Color Genomics
3.Easy DNA
4.Familytree DNA (Gene By Gene)
5.Full Genome Corporation
6.Helix OpCo LLC
7.Identigene
8.Karmagenes
9.Living DNA
10.Mapmygenome
11.My Heritage
12.Pathway Genomics
13.Genesis Healthcare
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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