USD 6082.85 million
Genetic Testing Market Size, Share, Growth Analysis, By Product(Consumables, Equipment, Software & Services), Technology(NGS, PCR, FISH, Chemiluminescence Immunoassay, Others), Method(Molecular, Cytogenetic, Chromosomal, Biochemical), Testing Type, End-User, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2074 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
94
|Figures:
76
Genetic Testing Market Insights
The Global Genetic Testing Market size was valued at USD 6.08 Billion in 2022 and is poised to grow from USD 7.42 Billion in 2023 to USD 36.40 Billion by 2031, at a CAGR of 22% over the forecast period (2024–2031).
The genetic testing market has progressed substantially over the past years owing to major improvements in technologies, growing healthcare needs, and increased awareness. The market is majorly impacted by growing awareness and demand and improvements in technologies. There is a rising public awareness and growing interest in genetic testing, propelled by media coverage and educational campaigns for different health conditions common across the globe. Moreover, advancements in sequencing technologies like NGS (Next-Generation Sequencing) have notably improved genetic testing in terms of speed, accuracy, and cost-effectiveness. Nonetheless, the genetic testing market is hampered by ethical and privacy issues. There are several issues regarding potential misuse of genetic information and data privacy. Concerns like handling sensitive genetic information or genetic discrimination by insurance companies or workers are a few legal and ethical challenges. Still, expanding applications of genetic testing and improvement in genomics are posing opportunities for the growth of the genetic testing market.
US Genetic Testing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Molecular testing
Fastest Growth
Molecular testing
Growth Rate
22% CAGR
Genetic Testing Market ($ Bn)
Country Share for North America Region (%)
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Genetic Testing Market Segmental Analysis
The Global Genetic Testing Market is segmented by Product, Technology, Testing Type, Methods, End-User, and Region. Based on Product, the market is segmented into Consumables, Equipment, Software and Services. Based on Technology, the market is segmented into Next-generation Sequencing, Polymerase Chain Reaction, Fluorescence in Situ Hybridization, Chemiluminescence Immunoassay, and Others. Based on Testing Type, the market is segmented into Predictive Testing and Presymptomatic Testing, Carrier Testing, Prenatal and Newborn Testing, Preimplantation Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing, and Forensic Testing. Based on Methods, the market is segmented into Molecular Genetic Testing, Cytogenetic Genetic Testing, Chromosomal Genetic Testing, Biochemical Genetic Testing, and Others. Based on End-User, the market is segmented into Hospitals, Clinical Laboratories, and Others. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Method
Based on methods, the genetic testing market is categorized into molecular, cytogenetic, chromosomal, and biochemical testing. The molecular genetic testing segment is the dominating segment in the market owing to its advantages and rising significance in different healthcare domains. Molecular genetic testing comprises technologies like PCR and NGS that offer greater sensitivity and accuracy in identifying variations in genetics. This accuracy is extremely important for diagnosing genetic illnesses, detecting mutations, and aiding treatment decisions.
On the other hand, the cytogenetic genetic testing segment is expected to grow at a steady pace in the forthcoming years owing to its key role in genetic testing because of its certain applications and benefits in diagnosing and interpreting genetic conditions. Cytogenetic genetic testing is more prevalent in prenatal screening to identify chromosomal defects in fetuses. Technologies like CVS and NIPT are dependent on cytogenetic techniques. This is propelling the growth of the segment.
Analysis by End-User
Based on end-user, the genetic testing market is categorized as hospitals, clinical laboratories, and others. The hospitals segment is projected to hold a considerable share of the market owing to the exhaustive diagnostic capabilities offered by hospitals. Hospitals provide a broader range of services comprising advanced genetic testing. They are well-equipped with the required expertise and infrastructure that help perform tests like advanced cytogenetic analyses and whole genome sequencing. These factors are expected to drive the segment's growth over the forecast period as well.
However, the clinical laboratories segment is expected to grow steadily due to the specialized expertise offered by them. Clinical labs are well-furnished with expertise and specialized knowledge in performing different tests. They have professional geneticists, laboratory technicians, and molecular biologists who are trained in managing complicated assays and understanding results. These factors are driving the segmental growth.
Genetic Testing Market Size By Methods
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Genetic Testing Market Regional Insights
Geographically, North America is dominating the genetic testing market owing to various reasons including economic, technological and societal factors. The leading nations in the region like Canada, the United States, brag about well-established healthcare infrastructure with modernized facilities, clinical laboratories, and research institutes. This infrastructure aids the broader use and innovations in genetic testing techniques. This, along with innovations in the region, is driving the growth of the market. The leading companies in North America include 23andMe, Illumina Inc., Blueprint Genetics Oy, Quest Diagnostics, Myriad Genetics, and more.
Asia-Pacific is expected to be the fastest-growing region among others owing to several factors that impact the region’s unique economic, demographic, and healthcare dynamics. Rising health awareness and an ever-growing population are propelling the market in the region. Asia-Pacific is home to a speedily and large growing population. Growing emphasis on preventive healthcare and rising health awareness propel the demand for these services as people are seeking early diagnostics and personalized health services.
Genetic Testing Market Size By Region
- Largest
- Fastest
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Genetic Testing Market Dynamics
Drivers
- Rising Awareness and Demand for Personalized Medicine
In recent years, there has been increased interest and awareness in genetic testing, impacted by media coverage and numerous educational campaigns. Moreover, individuals are actively demanding personalized medicines, where preventive measures and treatments are customized to personal patient needs and his genetic profile. This approach is resulting in targeted and effective therapies, thus driving the market growth.
- Reducing Costs of Genetic Testing
The cost of genetic testing has notably reduced in recent years, making it accessible to a larger population. This decrease in cost is majorly attributed to increased competition among providers and advances in technologies. This is substantially impacting the growth of the genetic testing market.
Restraints
- Restricted Insurance Coverage
Most insurance providers do not include genetic testing or include it under certain conditions. This inappropriate coverage is an obstacle for most patients who access these tests but are not able to afford them. This is one of the key restraining factors of the genetic testing market.
- Complexity of Genetic Data
Understanding genetic data can be highly complicated and more often there is uncertainty regarding the clinical significance of a few genetic variations. This complexity can result in challenges in offering clear and actionable guides to individuals or patients, thus restraining market growth.
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Genetic Testing Market Competitive Landscape
Genetic Testing Market providers need to focus on maximizing their business scope by reaching into new markets and developing Genetic Testing for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new genetic testing companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
- Genentech Inc. (U.S.)
- Sorenson Genomics, LLC (U.S.)
- Abbott Molecular (U.S.)
- Bayer Diagnostics (U.S.)
- Genomic Health (U.S.)
- HTG Molecular Diagnostics (U.S.)
- Centogene N.V.(Germany)
- Burning Rock Biotech Limited (China)
- Illumina, Inc. (U.S.)
- Thermo Fisher Scientific, Inc. (U.S.)
- Quest Diagnostics Incorporated (U.S.)
- Foundation Medicine, Inc. (U.S.)
- PerkinElmer, Inc. (U.S.)
- Myriad Genetics, Inc. (U.S.)
- Laboratory Corporation of America Holdings (U.S.)
- Biocartis (U.S.)
- BioHelix (Taiwan )
- Celera Genomics
- PacBio (U.S.)
- Luminex Corporation (U.S.)
- Danaher Corporation (U.S.)
Recent Developments
- In June 2024, Deep Genomics, a techbio company based in Toronto, recently unveiled its new laboratory and office in Cambridge, Massachusetts. This new office and lab will be an expansion of its office in Toronto and multiple leadership hires. They will work to create RNA therapies for genetic illnesses with ML.
- In July 2023, Quest Diagnostics, a diagnostic information services leader, introduced its 1st consumer-initiated genetic test, named Genetic Insights. The novel offering helps individuals understand possible risk of suffering from specific inheritable health disease with improved technology and end-to-end assistance comprising personalized health access and report to genetic counselling.
- In May 2024, Ambry Genetics and PacBio declared that they are chosen by GREGoR and UCI to assist the Pediatric (MGRC) Mendelian Genomics Research Center program for better interpreting the primary biology of rare illnesses.
Genetic Testing Key Market Trends
- Genetic Testing beyond DNA: Today, genetic testing is not just associated with examining DNA but goes beyond that. Genetic testing is expanding to comprise RNA and epigenetic alterations that do not change the DNA ‘code’, but impact how the code is understood and applied within human cells. This will not only improve genetic variation detection but also help understand these variants and their importance for an individual’s health.
Genetic Testing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising demand for personalized medicine and increasing advancements in technologies are propelling the Genetic Testing market. Nonetheless, ethical and privacy issues and lack of standardization are expected to create obstacles for Genetic Testing market growth. North America is projected to lead the market backed by improved healthcare infrastructure, growing demand for personalized medicine, and rising number of innovations. Moreover, expanding applications of genetic testing like use in lifestyle management and personalized nutrition is creating opportunities for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.08 Billion |
| Market size value in 2031 | USD 36.40 Billion |
| Growth Rate | 22% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Genetic Testing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Genetic Testing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Genetic Testing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Genetic Testing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Genetic Testing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Genetic Testing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Genetic Testing Market Report Snapshots
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