U.S. Genetic Testing Market Size, Share, Growth Analysis, By Application(Cardiology, Oncology, Pharmacogenomics, Cognitive Dysfunction), By Technique(PCR, DNA Sequencing, Microarrays, Others), By Region - Industry Forecast 2024-2031

U.S. Genetic Testing Market size was valued at USD 5.27 Billion in 2019 and is poised to grow from USD 5.6 billion in 2023 to USD 10.45 billion by 2031, growing at a CAGR of 7.9% in the forecast period (2024-2031).

The landscape reflects the presence of both established and up-and-coming players in the competitive setting. The two businesses Myriad Genetics and Quest Diagnostics that were the market leader. Due to its extensive genetic testing, Quest Diagnostics dominates the market portfolio with a variety of application areas, including autoimmune disorders, different disorders, as well as heart problems. Due to its existence, Myriad Genetics is anticipated to be the second largest firm in terms of market revenue share in technologically sophisticated goods. Some of Myriad's well-known product lines, EndoPredict and MyRisk are examples of genetics. In other businesses like BioReference, Ambry Genetics, and Invitae Corporation, the goal of laboratories is to keep their position supported by innovative product offerings. Strong investment activities are expected to support R&D endeavors to lead to the emergence of new players '23andMe', 'AncestryDNA', 'Invitae Corporation', 'Quest Diagnostics', 'Myriad Genetics', 'Illumina, Inc.', 'GeneDx', 'Ambry Genetics', 'BGI Group', 'Blueprint Genetics', 'Counsyl, Inc.', 'Natera, Inc.', 'Roche Diagnostics', 'Genomic Health', 'Guardant Health', 'Helix OpCo LLC', 'Opko Health', 'Thermo Fisher Scientific', 'Veracyte', 'Fulgent Genetics'

Growing need for early and preventive care is one of the key factors influencing the growth of the U.S. genetic testing industry. Healthcare providers and governmental organizations are placing a larger emphasis on early detection and screening for health hazards as a result of the rising cost of treating diseases. The Centers for Disease Control and Prevention (CDC) estimate that the direct and indirect expenses of treating chronic illnesses like cardiovascular disease in the American healthcare system total USD 320 billion yearly.

The considerable and steady increase in insurance coverage of genetic tests for various types by major insurance companies is one of the most important trends in the U.S. genetic testing business. Many insurance providers are expanding their coverage to evaluate the effectiveness of mental medications. Psychiatric medications are notoriously difficult to fit the patient's symptoms. Due to this, many people who are now utilizing psychiatric medications use a trial-and-error system in an effort to find the best remedy for them successfully. For Instance, UnitedHealthcare, the biggest insurer in the United States, started extending insurance coverage beginning on October 1, 2019, for anyone aged over 27 plans, both private and public.

In terms of geography, North America led the genetic testing market in terms of revenue in 2019 and is anticipated to continue to lead the market during the forecast period. This is explained by the majority of important actors being present in the region. However, due to increased affordability, a rise in healthcare spending, and increased awareness of early genetic condition screening, Asia-Pacific is anticipated to expand at the highest CAGR throughout the projection period.