Genetic Fortune Telling Market Size, Share, Opportunities, COVID-19 Impact, And By Application (Familial Health, Development Of New Treatments For Untreatable Diseases, Direct-To-Consumer Genetic Testing, Genetic Report Cards, Disease Prediction), And By Geography - Forecasts From 2021 To 2026

A breakthrough in guessing a serious disease by reading a person’s DNA has now become a reality. Researchers at the Broad Institute which is formed by the collaboration of MIT and Harvard are working to improve human health using Genomics to advance the understanding of the biology and treatment of human diseases. Soon newborns will be getting their “Genetic Report Cards” which will contain full genetic profiling and will provide information regarding future disease risks, chances of getting hooked to bad habits like alcohol addiction or tobacco.

Also, the parents of the newborns will be able to know about the newborn’s intelligence level, whether the child will be dumb or smarter than average. Hence the entry of the DNA/genetic fortune telling in the forecasted period will boost the growth of the market. With the adoption of this technology, the likelihood of the predictions being true is near perfection. Key players include Helix, 23andMe, Myriad Genetics, UK Biobank, and Broad Institute. One of the major drivers of the global genetic fortune telling market includes the huge genetic studies being carried worldwide. Also, growing interest in early disease detection and potential application of genetic information in the clinical trials of the preventive drugs will provide benefit to many pharmaceutical companies as they can easily pick up the volunteers who are at high chance of getting sick and can test the efficacy of the drugs with high accuracy. However, issues such as increased risks of genetic discrimination may hamper the growth of the genetic fortune telling market. Region-wise, North America may have a significant market share due to the early adoption of inventions accompanied by the presence of the key market players in this region.

People are opting for it on account of curiosity

It is one of the most prevalent reasons for people seeking genetic fortune-telling and people usually did it out of curiosity. Consumers are more curious about their ancestry or health risks and have a fear to know whether they have genetic links to progressive diseases like macular degeneration or Parkinson’s. Consumers initially request such tests out of curiosity because the information obtained can be directly correlated to potential health issues and problems. For instance, in companies such as 23andMe where the genetic information is compiled once but access to it is provided on an ongoing basis and so the results can be continuously matched against whatever new genetic findings come out. Therefore, genetic testing for people curious about their ancestry and health has become a mass-market product complete with mass-market advertising.

Application insight

There are many reasons why people seek out genetic testing, people have a family history of conditions and need to know their chances of acquiring the disease throughout their lifetime. People in their childbearing years commonly seek genetic counseling to learn about the risk of pregnancy and how to have a healthy baby. The demand for consumer DNA genetic testing is growing on account of the increasing prevalence of genetic diseases globally. For instance, the estimated incidence of Down syndrome, a type of mental retardation caused by extra genetic material in the chromosome, is between 1 in1000 to 1 in 1,100 live births globally. Furthermore, the result of this type of testing can potentially lead to important health decisions. As more companies are attempting to broaden the scope of their business using the latest advances in genetics and with the rising investment in this industry widen up the growth opportunities in the coming years. According to the American Cancer Society, approximately 20% of ovarian cancer cases, particularly high-grade serious tumors are estimated due to inherited mutations. The inherited mutation is estimated to be the cause of approximately 5%-10% of all cancers. Similarly, according to the World Health Organization, approximately 3.7 million new cancer cases are reported every year in Europe. Tobacco and alcohol consumption has been steadily growing which increases the risk of getting cancer. As a result, the companies are investing aggressively in the launch of the new products and to improve their existing technology to meet the growing demand for diagnosing the genetic causes of cancer.

Geographically North American region is holding a significant share in the market

Early adoption of advanced technologies and high investments in R&D across the healthcare sector in countries like the U.S. and Canada is the major driver of the consumer DNA testing market in the North American region. Growth in the discovery of genes associated with hereditary disease owing to rapid technological innovations is surging the number of genetic tests available in North American countries. According to the Canadian Organization for Rare Disorders, around 7000 diseases are classified as rare disease that affects 1 in 12 or nearly 3 million individuals in Canada at present. However, growing privacy concerns is restraining the growth of the market in the region as consumers are feeling particularly sensitive about their health information. Also, major market players like Ancestry and 23andMe have witnessed a significant fall in revenue, according to the company’s recent interviews, the notable population has already been sold tests, and there is no reason for them to buy a second test. Due to a fall in direct-to-consumer genetic tests, both companies have also laid off ten to fifteen percent of their workforce, showing a situation of market saturation in the region.

Competitive Insights

Prominent key market players in the Genetic Fortune Telling Market include Helix OpCo LLC, 23andMe, Inc., Myriad Genetics, Inc., UK Biobank, Broad Institute, Bayer AG, and Ancestry, among others. The research study on the genetic fortune telling market examines the current market trends related to demand, supply, and sales, in addition to the recent developments. The analysis presents in-depth both quantitative and qualitative information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall genetic fortune telling market environment. Major market players in the global genetic fortune telling market have been covered along with their relative competitive position and strategies.

Genetic Fortune Telling Market Scope:

Segmentation:

• By Application
  • Familial health
  • Development of new treatments for untreatable diseases
  • Direct-to-consumer genetic testing
  • Genetic profiling of a newborn (Genetic report cards)
  • Disease prediction

• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • United Kingdom
    • France
    • Others
  • Middle East and Africa
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Others