Global Genetic Testing Services Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Genetic testing services refers to analyzing an individual’s DNA to identify variations or mutations that could indicate disease risk, ancestry, or other genetic traits. These services typically offer insights into potential health conditions, ancestry, and personalized recommendations based on genetic predispositions, often facilitating informed medical decisions and lifestyle choices.

Sizing and Forecast

The genetic testing services market size has grown rapidly in recent years. It will grow from $17.29 billion in 2023 to $19.19 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to increasing demand for personalized and precision medicine, growing prevalence of genetic disorders, high demand for prenatal testing during pregnancy, increasing population, and increased awareness and education.

The genetic testing services market size is expected to see rapid growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the growing demand for non-invasive prenatal testing (NIPT), the rise of pharmacogenomics, the growing focus on preventive healthcare, increasing direct-to-consumer (DTC) testing, and the focus on rare diseases and personalized therapies. Major trends in the forecast period include artificial intelligence (AI) and machine learning, advancements in user-friendly testing kits and online platforms, next-generation sequencing, microarray analysis, polymerase chain reaction (PCR), and advanced healthcare infrastructure.

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Segmentation & Regional Insights

The genetic testing services market covered in this report is segmented –

1) By Type: Predictive Testing, Carrier Testing, Prenatal Testing, Newborn Screening, Other Types
2) By Disease: Cancer Disease, Metabolic Disease, Cardiovascular Disease, Other Diseases
3) By End User: Diagnostic Laboratories, Hospitals And Clinics, Academic Institutes And Research Centers, Other End Users

North America was the largest region in the genetic testing services market in 2023. The regions covered in the genetic testing services 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 increasing prevalence of genetic disorders is expected to propel the growth of the genetic testing services market going forward. Genetic disorders are conditions caused by abnormalities in an individual’s DNA, leading to physical or developmental abnormalities. The increasing prevalence of genetic disorders can be attributed to factors such as increased awareness, improved diagnostic techniques, expanded genetic screening, and the rising trend of consanguineous marriages in some populations. Genetic testing services are increasingly utilized in the diagnosis, prognosis, and treatment decision-making for individuals with genetic disorders, enabling personalized medical care and family planning strategies based on an individual’s genetic makeup. For instance, in February 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, congenital diseases caused an estimated 240,000 baby deaths globally within 28 days of birth each year. Moreover, according to the Centers for Disease Control and Prevention, a US-based government agency, about 6,000 babies are born with Down syndrome in the United States each year, which is about 1 in every 700 babies. Therefore, the increasing prevalence of genetic disorders is driving the genetic testing services market.

Key Industry Players

Major companies operating in the genetic testing services market are F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, Eurofins Scientific SE, SGS SA, Agilent Technologies, Hologic Inc., Illumina Inc., PerkinElmer Inc., bioMérieux SA, Bio-Rad Laboratories Inc., QIAGEN N.V., Natera Inc., Myriad Genetics Inc., BGI Genomics Co. Ltd., Invitae Corporation, NeoGenomics Laboratories Inc, 23andMe Holding Co, Berry Genomics Co. Ltd, Pacific Biosciences of California Inc, Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Blueprint Genetics Oy, Igenomix, Veritas Genetics

The genetic testing services market report table of contents includes:

1. Executive Summary

2. Genetic Testing Services Market Characteristics

3. Genetic Testing Services Market Trends And Strategies

4. Genetic Testing Services Market – Macro Economic Scenario

5. Global Genetic Testing Services Market Size and Growth

….

32. Global Genetic Testing Services Market Competitive Benchmarking

33. Global Genetic Testing Services Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Genetic Testing Services Market

35. Genetic Testing Services Market Future Outlook and Potential Analysis

36. Appendix

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