Genetic Testing Market
Number of pages: 120 | Report Format: PDF | Published date: February 01, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 7,420.07 million |
|
Revenue Forecast in 2031 |
US$ 43,453.34 million |
|
CAGR |
21.07% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Technology, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global genetic testing market was valued at US$ 7,420.07 million in 2022 and is expected to register a revenue CAGR of 21.07% to reach US$ 43,453.34 million by 2031.
Genetic Testing Market Fundamentals
Genetic testing, a revolutionary field in modern healthcare, encompasses a wide array of laboratory techniques employed to analyze an individual's genetic material, predominantly DNA, for the purpose of identifying potential genetic variations, mutations, or predispositions to certain diseases or conditions. By scrutinizing the genetic blueprint encoded within an individual's cells, genetic testing offers profound insights into an individual's genetic makeup, thereby facilitating early detection, accurate diagnosis, and personalized treatment strategies. With its vast implications for disease prevention, family planning, and therapeutic interventions, genetic testing has emerged as a vital tool empowering clinicians, researchers, and individuals alike to navigate the intricate realm of human genetics with precision and foresight.
Several trends and opportunities are shaping the landscape of genetic testing, revolutionizing medical practices, and offering new avenues for scientific exploration. Next-generation sequencing (NGS) has dramatically enhanced the speed, accuracy, and cost-effectiveness of genetic testing, enabling comprehensive analysis of an individual's entire genome. This has opened possibilities for detecting rare genetic variants and providing more precise diagnostic information. Additionally, integrating artificial intelligence (AI) and machine learning algorithms with genetic testing data can streamline data interpretation, improve diagnostic accuracy, and facilitate the identification of novel genetic associations. Moreover, the expanding field of pharmacogenomics, which examines how an individual's genetic makeup influences their response to medications, presents opportunities for personalized treatment approaches and improved therapeutic outcomes.
Top market participants in the genetic testing market employ various techniques to enhance income and profit on the rising demand for genetic testing services. Companies continually diversify their genetic test offering to cover various diseases, disorders, and genetic variants. Developing novel tests for uncommon genetic diseases, pharmacogenomics, prenatal screening, cancer diagnostics, and personalized medicine applications are all part of this. Market participants may acquire a larger consumer base and enhance income streams by providing a complete range of testing.
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Genetic Testing Market Dynamics
The prevalence of genetic diseases has led to significant growth in the genetic testing market. As the global burden of genetic disorders increases, there is a growing need for accurate and early detection of genetic variations and mutations. According to the 2023 estimates of the World Health Organization, genetic diseases, and congenital abnormalities affect 2%-5% of all live births, accounting for up to 30% of pediatric hospital admissions, and contribute to approximately 50% of child fatalities in developed nations. This highlights the urgent need for reliable genetic testing services that can identify and diagnose genetic disorders at an early stage.
Additionally, technological advancements in genetic testing have transformed the landscape of genetic diagnostics, offering improved accuracy, efficiency, and accessibility. For instance, the emergence of next-generation sequencing (NGS) technologies allows for rapid and cost-effective analysis of large amounts of genetic data. NGS has significantly expanded the scope of genetic testing by enabling comprehensive genomic profiling and the detection of rare genetic variants. Additionally, the development of microarray technology has facilitated high-throughput genotyping, enabling the simultaneous analysis of multiple genetic markers. This has proven particularly valuable in population studies and pharmacogenomics research.
The rising popularity of personalized treatment has led to the expansion of the genetic testing market. Genetic testing is crucial in enabling personalized treatment by providing valuable information about an individual's genetic profile and identifying specific genetic variations or mutations that may impact their disease risk, prognosis, or response to certain medications. Moreover, genetic testing helps healthcare providers make more informed decisions about treatment options, medication selection, dosage adjustments, and disease monitoring, leading to improved patient outcomes and reduced adverse effects.
Some limiting factors in the genetic testing market are regulatory challenges, high costs associated with testing, lack of awareness and education among healthcare providers and patients, and concerns around data privacy and security.
Genetic Testing Market Ecosystem
The global genetic testing market is analyzed from the following perspectives: technology, application, end user, and region.
Genetic Testing Market by Technology
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Based on the technologies, the global genetic testing market is segmented into next-generation sequencing, array technology, PCR - based testing, FISH, and others.
Next generation sequencing segment accounted for 22.98% of revenue CAGR in 2022. This is attributed to the increasing demand for next-generation sequencing technologies in research and clinical applications and the growing investments in genomics research and development by key market players. Moreover, the advancements in next-generation sequencing technologies and the decreasing cost of sequencing have also contributed to the growth of the next-generation sequencing segment.
The array technology segment is expected to grow rapidly in the forecast years. This growth is attributed to the increasing demand for personalized medicine and the rise in genetic disorders worldwide. The array technology segment offers faster and more accurate results, making it a preferred choice among healthcare professionals.
Genetic Testing Market by Application
Based on the applications, the global genetic testing market is segmented into ancestry & ethnicity, traits screening, genetic disease carrier status, new baby screening, and health and wellness - predisposition/risk/tendency.
Health and wellness - predisposition/risk/tendency segment accounted for 46% of revenue share in 2022. This is due to increasing consumer awareness about the importance of preventive healthcare and early detection of diseases. Furthermore, the growing prevalence of chronic diseases and the need for personalized treatment options have also contributed to the growth of the genetic testing market. Moreover, as technology continues to advance and becomes more accessible, it is expected that the demand for genetic testing will continue to increase, leading to further growth in the industry.
The genetic disease carrier status segment is expected to show significant revenue growth in the genetic testing market. This growth can be attributed to the increasing awareness about genetic testing and the rising prevalence of genetic disorders. Additionally, advancements in technology and the availability of personalized medicine are expected to drive the demand for genetic disease carrier status testing.
Genetic Testing Market by End User
Based on the end-users, the global genetic testing market is segmented into hospitals & clinics, diagnostic laboratories, and others.
The hospitals and clinics segment accounted for 45.06% of revenue share in the global genetic testing market. This is due to the high demand for genetic testing services in these facilities, as they are often the first point of contact for patients seeking medical advice. Moreover, the increasing prevalence of genetic disorders and the rising awareness among people about early disease detection are also driving the growth of the hospitals and clinics segment in the global genetic testing market.
The diagnostic laboratories segment is expected to increase at a significant rate due to increased collaborations and collaboration of diagnostic laboratories with genetic testing firms. For example, Thermo Fisher Scientific helps laboratories conduct genetic research by providing technologies such as NGS and quantitative PCR.
Genetic Testing Market by Region
Based on the region, the global genetic testing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounted for the highest revenue share in 2022, owing to the increasing prevalence of chronic disorders such as cancer, rising awareness regarding early disease detection, and the availability of advanced healthcare infrastructure. According to the National Breast Cancer Foundation, an estimated 276,480 new proliferating breast cancer cases will be detected in the United States. Approximately 65% of breast cancer patients are identified at a localized stage, with a 5-year survival rate of 98%. Furthermore, increasing technological investment in North America with expanding healthcare facilities with superior infrastructure is fueling market expansion.
The genetic testing market in Europe is characterized by the increasing adoption of direct-to-consumer genetic testing, and the expansion of the biotechnology and pharmaceutical industries are likely to contribute to the growth of the European genetic testing market. Moreover, increasing awareness about genetic diseases, advancements in technology, rising demand for personalized medicine, and the need for early diagnosis and treatment of chronic diseases are also supporting the revenue share of genetic testing.
The Asia Pacific region is expected to show a high revenue share in the global genetic testing market.
Genetic Testing Market Competitive Landscape
The competitive landscape of the global genetic testing market is highly competitive with the presence of several key players such as Helix OpCo LLC, and MyHeritage Ltd. These companies are constantly engaged in research and development activities to introduce innovative products in the market and gain a competitive edge. Additionally, strategic collaborations, mergers, and acquisitions are some of the key strategies adopted by these players to expand their market presence.
Some of the prominent companies having the largest revenue share in the global genetic testing market are,
Genetic testing is a medical test that examines a person's DNA to identify any changes or mutations that may cause genetic disorders or increase the risk of developing certain diseases. It can also be used to determine ancestry and paternity, predisposition to certain diseases and diagnosis of genetic abnormalities.
The global genetic testing market is expected to increase by US$ 43,453.34 million by 2031.
The global genetic testing market has experienced significant growth in recent years, driven by advancements in technology and increasing demand for personalized medicine. The market is expected to continue to expand as more individuals seek genetic testing for disease risk assessment and treatment planning.
The global genetic testing market is expected to register a revenue CAGR of 21.07% in the forecast years.
North America accounted for the majority of the revenue share in the global genetic testing market.
*Insights on financial performance are subject to the availability of information in the public domain