Industry

Genetic Testing Market Industry Outlook, Opportunities in Market And Expansion By 2033

The Genetic Testing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Genetic Testing, 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.

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.

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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

Direct-to-consumer genetic tests are a key trend gaining traction in the genetic testing market. Direct-to-consumer deoxyribonucleic acid (DNA) tests, also known as at-home DNA tests, are ones that consumers can take samples at home and send off to determine their genetic risk for specific diseases. Genetic testing performed at home examines the subjects DNA and can identify gene variations that raise the risk of developing specific medical conditions. For instance, in 2022, DNALabs, an India-based company, that provides genetic testing solutions aiming to transform personalized medicine, introduced At-Home Genetic Testing Solutions. DNALabs enables people to make educated decisions with just a simple cheek swab using an at-home DNA collection kit, whether they are consumers taking control of their own health or healthcare professionals looking to customize the best treatment for their patients.

The genetic testing market report table of contents includes:
1. Executive Summary