U.S. DTC Wellness Testing Market Critical Insight and To Witness Substantial Growth

by bis on Feb 14, 2023 Finance 408 Views

DTC wellness tests are promoted directly to consumers via commercials, televisions, and internet, thereby resulting in increased awareness related to DTC products. Consumers can get the information about the test that they have ordered through the company’s online portal without visiting any physician or through the insurance companies. Major companies such as LabCorp, Quest Diagnostics, and Everlywell, Inc. have dedicated their efforts to developing reliable consumer-facing wellness testing services.

The U.S. DTC wellness testing market is projected to reach $4,946.3 million by 2032 from $878.9 million in 2022, at a CAGR of 18.86% during the forecast period 2022-2032. The growth in the U.S. DTC wellness testing is expected to be driven by the shift of the healthcare industry in the U.S. from being physician-focused to being consumer-focused. In addition, the rise in awareness related to DTC wellness testing among consumers and growing consumer convenience are driving the demand for the U.S. DTC wellness testing market during the forecast period.

Market Segmentation:

Segmentation 1: by Test Type
•    Micronutrients
•    Hormones
•    COVID-19 DTC Test
•    Food Sensitivity
•    Food Intolerance
•    Infectious Disease Tests
•    Other Test Type

Among the test type of the U.S. DTC wellness testing market, the micronutrients segment dominated in the year 2021. This is due to an increasing number of consumers undertaking vitamin tests and rising awareness among consumers related to DTC wellness testing.

Segmentation 2: by Offering Type
•    Test Panel
•    Test Strips
•    Digital Monitoring Instruments
•    Other Offering

Among the offering type of the U.S. DTC wellness testing market, the test panel segment dominated in the year 2021, owing to an increasing number of test panels by the companies in the DTC wellness testing space focused on various tests.

The technologies powering molecular diagnosis of DTC wellness testing in the U.S. are in a state of rapid evolution to aid in overcoming challenges associated with the utilization of these tests, including the improvement of clinical utility. These rapidly advancing DTC testing techniques are primed to revolutionize medical diagnostics and treatment for the better. Not only are these tests becoming more useful in a broader range of clinical paradigms among consumers at home, but they are also assisting in a more exploratory view to cater to a holistic approach toward the treatment of various chronic and acute diseases. In addition, consumers have access to various testing panels for men’s and women’s health, general wellness, food or allergen sensitivities, and women’s health test panel.

Segmentation 3: by Distribution Channel
•    Online
•    Over-the-Counter (OTC)

Among the distribution channel of the U.S. DTC wellness testing market, the online segment dominated in the year 2021. Online channels held the major share, owing to the rising internet penetration, awareness about DTC testing, and increasing number of companies involved in manufacturing kits for wellness in the U.S. The products are available to the consumer on the company’s website, from where they can purchase the required test. Online sales have been a major proponent of the industry, providing easy access and multiple options. The companies are forming strategic partnerships with e-commerce giants. For instance, in September 2021, Nordstrom collaborated with Viome Life Sciences, Inc. to embrace its wellness category under a new-brand retail partnership. The company aims to sell Viome's health intelligence test online and expand distribution in the selected stores by 2022.

Segmentation 4: by Sample Type
•    Blood
•    Urine
•    Saliva
•    Others

Among the sample type of the U.S. DTC wellness testing market, the blood segment dominated in the year 2021. The market growth of this segment can be attributed to an increase in the number of DTC wellness testing companies offering blood-based test kits, companies involved in at-home testing kits, and rising acute and chronic ailments among the U.S. population. As a result, the market for DTC wellness testing has increased and is anticipating incredible growth in the near future.

Segmentation 5: by Region
•    Southern U.S.
•    Midwest U.S.
•    Mid-Atlantic U.S.
•    West U.S.
•    Southwest U.S.
•    New England

Among the region of U.S. DTC wellness testing market, the Southern U.S. dominated in the year 2021. The Southern U.S. consists of the states of Florida, North Carolina, Georgia, Virginia, Tennessee, Kentucky, South Carolina, Alabama, Louisiana, Arkansas, Mississippi, West Virginia, and District of Columbia. This is primarily due to the presence of market-leading service providers, such as Quest Diagnostics, Laboratory Corporation of America Holdings, Cue. and Myriad Genetics, and 23andMe, Inc., having highly functioning facilities in the state and providing DTC services at the ease of customers convenience.

Demand – Drivers and Limitations

Following are the demand drivers for U.S. DTC wellness testing:

•    Rising Awareness and Alluring Advantages of DTC Wellness Testing
•    Increasing Demand for Transparency in Testing Performanc
•    Emerging Market Players Catering to DTC Concept during COVID-19

The market is expected to face some limitations, too, due to the following challenges:

•    Controlled DTC Wellness Testing and Regulations in the U.S.
•    Data Privacy Concerns

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. The leading top segment players include DTC wellness testing service providers that offer major test types in the DTC wellness ecosystem in the U.S. Also, other segments such as sample type, distribution channel, and offerings in the market have been considered as part of the scope of the study.

Among the test type in the U.S. DTC wellness testing market, the micronutrients segment dominated in the year 2021 with a market share of 28.40%.

Key Companies Profiled

•    23andMe Inc.
•    Cue.
•    Everlywell, Inc.
•    Kindbody
•    Laboratory Corporation of America Holdings
•    LetGetChecked (PrivaPath Diagnostics Ltd.)
•    myLAB Box.
•    Myriad Genetics, Inc.
•    Quest Diagnostics
•    Ro (Modern Fertility)
•    Tomorrow’s Health
•    Viome Life Sciences, Inc.

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How can this report add value to an organization?

Innovation Strategy: Companies in the U.S. DTC wellness testing are involved in continuous innovation and strategy related to wellness testing. For instance, in September 2022, IHD launched two direct-to-consumer (DTC), at-home diagnostic tests, COVID-19 neutralizing antibody (CNAB) test, and an anti-mullerian hormone (AMH) test. Similarly, in January 2022, Kindbody company launched at-home new fertility test, a new line of consumer products priced at $169.0, and raised $62 million in Series C growth capital. The company has also expanded to new regions in the U.S. throughout the second half of last year.

Growth/Marketing Strategy: Companies in the DTC wellness testing market are involved in promoting wellness products as part of their marketing strategy. For instance, in October 2022, Quest Diagnostics ran the first campaign with the R/GA agency, as it pursues to be direct-to-consumer testing agency, and with this, the company is promoting its own direct-to-consumer offerings.

Competitive Strategy: Key players in the U.S. DTC wellness testing analyzed and profiled in the study provides wellness products and services such as hormones, micronutrients, food sensitivity, and food intolerance. Moreover, a detailed competitive benchmarking of the players operating in the U.S. DTC wellness testing has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

BIS Related Reports

Global Direct-to-Consumer Genetic Testing Market

Article source: https://article-realm.com/article/Finance/37277-U-S-DTC-Wellness-Testing-Market-Critical-Insight-and-To-Witness-Substantial-Growth.html

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