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).

Genetic testing is more technologically advanced than diagnostics used in contemporary healthcare, which guarantees its correctness and dependability. Additionally, a significant increase in usage is projected as testing application areas spread throughout the healthcare industry. Currently, it includes inherited diseases like cancer as well as chronic illnesses like cardiovascular issues. A rising percentage of the population is choosing such diagnostic methods, especially in the U.S. with its high healthcare spending. Increased awareness and growing demand for early and preventative care are projected to fuel market expansion in the years to come. Cancellation of non-essential diagnostics due to potential negative impact of COVID-19.

Regarding the US healthcare system's makeup in the midst of the COVID-19 pandemic, the conclusions have been conflicting. While certain sectors of the healthcare industry saw significant beneficial effects, others saw clear negative effects. A nationwide lockdown imposed in the various US states that limits people's freedom of movement is one of the causes of these negative effects. This has also caused a substantial decrease in non-essential or non-critical diagnostic procedures that need hospital and clinic visits.

As a result, a number of elective genetic testing procedures, including cancer screening panels and hereditary disease testing, have either been put off or abandoned. An adverse effect is anticipated from a considerable disruption in the accessibility of hospitals or independent laboratories for sample analysis.

US Genetic Testing Market is poised to grow at a sustainable CAGR for the next forecast year.