Overview and Scope
Genetic testing refers to a sort of medical examination that looks for alterations in genes, proteins, or chromosomes. A genetic test’s results can identify a genetic ailment, as well as determine a person’s risk of developing a genetic disorder. Genetic testing is used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms.
Sizing and Forecast
The genetic testing market size has grown rapidly in recent years. It will grow from $17.33 billion in 2023 to $19.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increasing healthcare expenditure, rise in cancer prevalence, increase in demand for personalized medicine and emergence of novel infectious diseases.
The genetic testing market size is expected to see rapid growth in the next few years. It will grow to $29.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing government support, rising prevalence of genetic disorders, rising geriatric population and increase in chronic diseases prevalence. Major trends in the forecast period include introducing new programs such as genetic counseling and informatics programs that will assist develop the next generation of genetic testing, technological advancement and launching direct-to-consumer genetic test.
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Segmentation & Regional Insights
The genetic testing market covered in this report is segmented –
1) By Type: Predictive Testing, Carrier Testing, Prenatal And Newborn Testing, Diagnostic Testing, Pharmacogenomics Testing, Nutrigenomic Testing, Other Types
2) By Technology: Cytogenetic Testing, Biochemical Testing, Molecular Testing
3) By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Other Applications
4) By End User: Hospitals And Clinics, Diagnostic Laboratories And Centres, Other End Users
North America was the largest region in the genetic testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of genetic disorders is expected to propel the growth of the genetic testing market going forward. Genetic disorders refer to some diseases that cause symptoms at birth, while others develop over time. Genetic testing can help get a diagnosis for a genetic issue and information about the chances of developing cancer. For instance, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic illnesses were found in 9.4% of pediatric patients, with 44.7% of these patients being critically ill newborns. Also, 13.17 million patients were suffering from unique genetic disorders in the US. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.
Key Industry Players
Major companies operating in the genetic testing market report are Myriad Genetics Inc, Illumina Inc, Abbott Laboratories, Eurofins Scientific, Danaher Corporation, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, Qiagen NV, Thermo Fisher Scientific Inc., BioRad Laboratories Inc., BGI, Berry Genomics Co. ltd, Daan Gene Co. Ltd, Annoroad Gene Technology Co. Ltd, WuXi PharmaTech, Igenomix, Circle DNA, Centogene, Curetis, apceth Biopharma, Cytena, Probably Genetic, Genome Biologics, WuXi NextCODE, Genomtec, Testgene, Evogen Lab, Phosphorus, Helix, Sequencing, 10x Genomics, Quantgene, Virica Biotech, DNALabs, Deep Genomics, SGS Mexico, Hologic Inc, 23andMe Inc, Middle East Testing Services L.L.C, Molecular Biology & Genetics Laboratory, Freiburg Medical Laboratory Middle East, IVI MIDDLE EAST FERTILITY CLINIC, Bio Certica, Biovac, BixBio, Cape Bio Pharms, De Novo Dairy
The genetic testing market report table of contents includes:
1. Executive Summary
2. Genetic Testing Market Characteristics
3. Genetic Testing Market Trends And Strategies
4. Genetic Testing Market – Macro Economic Scenario
5. Global Genetic Testing Market Size and Growth
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32. Global Genetic Testing Market Competitive Benchmarking
33. Global Genetic Testing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Genetic Testing Market
35. Genetic Testing Market Future Outlook and Potential Analysis
36. Appendix
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