What is the global market size of Genetic Testing Market?

Genetic Testing Market size was valued at USD 6082.85 million in 2021 and is poised to grow from USD 7421.08 million in 2022 to USD 35.34 million by 2030, growing at a CAGR of 22% in the forecast period (2023-2030).

Who are the key vendors in the Global Genetic Testing Market?

The genetic testing market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. ' Illumina, Inc. ', ' Thermo Fisher Scientific, Inc. ', ' Qiagen N.V. ', ' Myriad Genetics, Inc. ', ' Invitae Corporation ', ' BGI Group ', ' Eurofins Scientific SE ', ' F. Hoffmann-La Roche AG ', ' PerkinElmer, Inc. ', ' Becton, Dickinson and Company ', ' Agilent Technologies, Inc. ', ' Bio-Rad Laboratories, Inc. ', ' 23andMe, Inc. ', ' Ancestry.com LLC ', ' GeneDx, Inc. ', ' Counsyl, Inc. ', ' Natera, Inc. ', ' Veracyte, Inc. ', ' Guardant Health, Inc. ', ' Caris Life Sciences.'

What is the key driver of Global Genetic Testing Market?

Genetic diseases can cause very serious health problems that are life-threatening. In extreme cases, these disorders can cause a miscarriage of the affected fetus or baby. Demand for genetic testing is increasing as genetic diseases and birth defects become more common. According to the World Health Organization publication, Genetic Disorders and Congenital Malformations: Strategies to Reduce the Burden in the Region, 2022, genetic and congenital disorders are the primary causes of pregnancy and neonatal death in many countries in the region. Birth defects are currently the leading cause of infant mortality in the United Arab Emirates, with Bahrain being in second place behind Kuwait, Oman, and Qatar. Hence, this is driving the demand for the genetic testing market.

What is the key market trend for Global Genetic Testing Market?

The primary reason driving the growth of the global market is the rising prevalence of genetic and chronic illnesses worldwide. The execution of several positive initiatives by government agencies and non-governmental organizations (NGOs) aimed at raising public awareness of genetic testing further supports this. Accordingly, a further element promoting expansion is the widespread use of the testing in pharmacogenomics, or drug-gene testing, which examines how the body reacts to specific medications after they interact with hereditary genes. The rapid emergence of the coronavirus disease (COVID-19) pandemic has also prompted wider use of virtual testing and home testing kits for sample collection purposes, which is driving market expansion. The development of DTC-GT (Direct-to-Consumer Genetic Testing) kits and the enormous technological advances in genetic testing methods are further boosting the market's expansion. A favorable outlook for the market is being created by other factors including growing investments in research and development (R&D) activities in the medical sciences and strategic partnerships among leading manufacturers for the introduction of enhanced personalized genetic testing kits.

Which region accounted for the largest share in Global Genetic Testing Market?

North America dominated the global genetic testing market in terms of revenue in 2020 and is expected to maintain its dominance during the forecast period. This is due to the increasing awareness of the population about the benefits of the testing among consumers. In addition, the widespread adoption of genetic testing kits among the population has been aided by easy access to self-testing kits through online websites in countries such as the US. Additionally, the market has grown tremendously due to the increasing prevalence of numerous chronic diseases among the majority of the population and rising consumer spending on healthcare. In the coming years, the market is predicted to be driven by the growing aging population in the US. Additionally, increasing acceptance and usage of formulated drugs among the population is expected to drive market growth.

Genetic Testing Market Size, Share, Growth Analysis, By Method(Molecular Genetic Testing, Cytogenetic Genetic Testing, Chromosomal Genetic Testing, Biochemical Genetic Testing), By End-User(Hospitals, Clinical Laboratories, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2074 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 94 | Figures: 76

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.

Genetic Testing Market Report Snapshots

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FAQs

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).

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. '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.)'

Rising Awareness and Demand for Personalized Medicine

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.

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.

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Genetic Testing Market Size, Share, Growth Analysis, By Method(Molecular Genetic Testing, Cytogenetic Genetic Testing, Chromosomal Genetic Testing, Biochemical Genetic Testing), By End-User(Hospitals, Clinical Laboratories, Others), By Region - Industry Forecast 2024-2031

Genetic Testing Market Dynamics

Genetic Testing Market Report Snapshots

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What is the global market size of Genetic Testing Market?

Who are the key vendors in the Genetic Testing Market?

What is the key driver of Genetic Testing Market?

What is the key market trend for Genetic Testing Market?

Which region accounted for the largest share in Genetic Testing Market?

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