Top 5 Companies in the Genetic Testing Market 2023
According to Growth Plus, Reports' in-depth research report, the global genetic testing market was valued at US$ 13.89 billion in 2020 and is expected to grow at a CAGR of 10.3% to US$ 40.85 billion by 2031.
Genetic testing/DNA testing is a medical test that detects chromosomal, gene, or protein alterations. A genetic test's results can confirm or rule out a suspected genetic ailment, or they can assist in evaluating a person's risk of getting or passing on a genetic disorder. It is also used to forecast the risks of certain disorders or to gather data that may be used to personalize medical treatments depending on an individual's genetic composition. Using DNA paternity testing, genetic testing can additionally be utilized to discover biological relations, such as a child's parentage (genetic mother and father), or to predict an individual's lineage generally.
Recent advances in genome sequencing technology can revolutionize diagnosing and treating many diseases, including hereditary disorders and malignancies. Clinical genomics-based medicines are making breakthroughs in cancer, infection, pharmacology, and uncommon and unidentified disorders. Moreover, genetic variations in the human genome, both whole genome and exome level, provide a logical method for diagnosis, treatment, and customized medicine.
The Top 5 Players Operating in the Genetic Testing Market are:
- Illumina, Inc. (U.S.): Illumina, founded in 1998 and based in California, develops, manufactures, and markets life sciences instruments and integrated systems for gene functional and variational research. The company offers array and sequence-based solutions such as integrated sequencing and microarray systems, consumables, and genetic and genomic analysis tools. Core Illumina and GRAIL are the company's two reportable business segments. Illumina has business offices in the United States, Australia, Germany, China, France, Japan, Brazil, the Netherlands, the United Kingdom, Singapore, and South Korea.
- Thermo Fisher Scientific Inc. (U.S.): Thermo Fisher Scientific, founded in 1956 and based in Massachusetts, offers products and services in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, and government markets. The company's four segments are Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, Laboratory Products, and Biopharma Services.
- F. Hoffmann-La Roche Ltd. (Switzerland): F. Hoffmann-La Roche Ltd., founded in 1896 and headquartered in Basel, Switzerland, is a research-based healthcare corporation focused on developing novel medications and diagnostic test solutions. Medicines and Diagnostics are the two key business segments for the organization. The Diagnostics division develops equipment and reagents for research and medical diagnostic purposes, centralized and point-of-care kits and reagents, advanced staining reagents, molecular diagnostic assays, and blood screening tests. Core Lab, Molecular Lab, Point of Care, Diabetes Care, and Pathology Lab are the categories of this segment.
- Centogene N.V. (Germany): Centogene, founded in 2006 and located in Rostock, Germany, delivers its services to a variety of end customers, including patients, clinicians, and biopharmaceutical firms. It also offers clinical development and testing services for rare, neurological, and metabolic diseases. The company is split into three business segments: pharmaceutical, diagnostics, and COVID-19.
- Konica Minolta, Inc. (Japan): Konica Minolta, founded in 1873 and headquartered in Tokyo, Japan, offers genetic testing for primary care. Healthcare and Precision Medicine are the two divisions of the company's healthcare business. The Precision Medicine segment comprises genetic testing, provision of primary care services, and supply of drug discovery support services. This category focuses on disease prevention, early detection, early diagnosis, and assistance for novel drug development.