Consumer Laboratory Testing Market Vendors Leveraging Convenience and Privacy of User Diagnostics to Gain Market Share, TMR Study Finds
ALBANY, NY, December 16, 2021 / PRNewswire / – Market research on transparency: The global consumer laboratory testing market is expected to grow at a CAGR of 26% during the period 2021-2031. Convenience for the user and promising results are key propositions for the demand for DTC laboratory tests. Additionally, consumer privacy is propelling the popularity of DTP lab tests for various types such as genetic testing, disease risk assessment testing, CBC, diabetes testing, TSH testing.
Individuals are increasingly involved in decisions about their well-being and are seeking arrangements that allow them greater control over their personal health information. Notable benefits include patient autonomy, empowerment, and rapid access to molecular and immunological tests for infectious and chronic diseases.
The increasing skills of laboratory technicians and promising regulatory frameworks have advanced the scope of results obtained from DTC tests. Consumers are increasingly seeking new technologies in the consumer laboratory testing market for applications in monitoring existing health conditions and accessing personal health characteristics for well-being.
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Key Findings from the Consumer Laboratory Tests Market Research
- Several advantages are driving the acceptance of DTP laboratory tests in developing and developed regions: The growing number of labs and outlets that offer DTP lab tests and even post-test consultations with qualified healthcare professionals are driving the demand for self-administered lab tests. In recent years, the sales prospects in the consumer laboratory testing market have strengthened in both developed and developing economies.
- Consumer-focused genetic testing opens up huge possibilities: The genetic testing segment accounted for a prominent market share in 2020. In addition, genetic counseling following genetic testing directly to consumers has also increased. Additionally, the growing popularity of DTP test kits for ancestry and health and fitness enriches the landscape, TMR analysts observe in a research study of the consumer laboratory testing market.
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- Advances in diagnostic centers to deliver massive revenue gains: Private healthcare providers have enjoyed substantial revenue gains from the increase in the number of stand-alone laboratories offering DTP tests. Diagnostic centers are a major end user, according to a TMR study of the market for direct-to-consumer laboratory tests.
- Role in Mitigating Public Health Crisis Drives Demand for COVID-19 DTP Tests: The provision of COVID-19 testing by DTC is underpinned by the potential benefits of home testing, such as increased access to testing and the elimination of the risk of exposure for individuals and healthcare workers. Most notably, home collection kits are gaining the attention of healthcare providers due to the role of DTP lab tests in alleviating the current public health crisis.
- Suppliers help consumers weigh the potential benefits against the risks: Providing laboratory tests directly to consumers, despite the potential benefits, also presents various risks such as misinterpretation of results, issues of patient data privacy and the quality of the results themselves. Health systems, including regulators, are keen to address these concerns and provide clear advice and information to individuals. This is likely to boost the clinical utility of the products in the consumer laboratory testing market.
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- The adoption of providing laboratory tests directly to consumers builds on the growing trend of testing conducted by consumers or patients to promote their involvement in the decisions that shape their well-being.
- Emphasis by healthcare systems on improving access to personalized medicine expands the possibilities of selling the laboratory tests market directly to consumers
- Advances In Diagnostic Centers And Growing Number Of Telemedicine Kiosks In Developed Economies Underlying Lucrative Avenues, According To TMR Research Report On Consumer Laboratory Testing Market
Regional growth dynamics
- North America is expected to hold a significant share of the consumer laboratory testing market during the forecast period. Government oversight to promote the quality and accuracy of laboratories performing DTCs, as well as the high prevalence of infectious diseases, generate substantial revenue streams.
- Opportunities in the Asia Pacific The direct-to-consumer laboratory testing market is estimated to grow at a significant rate during the forecast period. The pressing need for user-friendly diagnostics and the growing demand for consumer-driven genetic testing has propelled the outlook.
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The TMR Study on the Direct-to-Consumer Laboratory Testing Market presents a detailed examination of competitive dynamics, including a detailed profile of the major players and their offerings. Some of the prominent players are:
- Color genomics
- Lets check
- MyMedLab, Inc.
- Ancestry.com LLC
- DirectLabs, LLC
- EverlyWell, Inc.
- 23andMe, Inc.
- Quest Diagnostics Incorporated
- Corporation of America Holdings Laboratory
Global Consumer Laboratory Tests Market: Segmentation
Consumer Laboratory Tests Market, By Sample Type
Consumer Laboratory Tests Market, By Test Type
- Genetic test
- Disease risk assessment test
- Diabetes test
- TSH test
Consumer Laboratory Tests Market, By End User
- Specialized laboratories
- Diagnostic centers
Consumer Laboratory Testing Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Lin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
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