Genetic Testing Services Market
Number of pages: 100 | Report Format: PDF | Published date: October 17, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 9 billion |
|
Revenue forecast in 2030 |
US$ 21.39 billion |
|
CAGR |
10.1% |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
product, disease, end user, and region |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth+ Reports, the Global Genetic Testing Services market was pegged at US$ 9 billion in 2021. The market is expected to register a revenue CAGR of 10.1% during the forecast period of 2022 to 2030.
Market Fundamentals
The study of DNA and RNA or the fundamental structure of genes for various analytical objectives is referred to as genetic testing. Genetic testing has become a valuable tool in diagnostics, drug discovery, and biomedical research. It is useful in identifying different diseases and abnormalities in the body's metabolic process. It allows the researcher to detect the disorders at the genetic level.
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Market Dynamics
The rising prevalence of chronic and genetic diseases globally is the major factor driving the revenue growth of the global genetic testing services market. Moreover, the rising application of genetic testing in genomics is increasing the demand for genetic testing services. The rising awareness and acceptance of precision medicine help doctors create customized diagnostics and treatments, thus playing a pivotal role in the revenue growth of the market. Additionally, an increase in research activities for developing new techniques in the diagnosis and treatment of diseases is also increasing the demand for genetic testing services. Furthermore, a decrease in the cost of gene sequencing due to the availability of advanced technology, the rise in the use of genetic testing in forensics, and the growing application of genetic testing in the agriculture sector to test the quality of the breeding stock are boosting the market revenue growth.
However, the lack of skilled professionals who can analyze the gene database, the stringent policies for the approval of the products, the high cost of the equipment used in the laboratory, and the requirement for regular maintenance are the major factors restraining the revenue growth of the global genetic testing services market.
Market Ecosystem
The global genetic testing services market has been analyzed from four perspectives: product, disease, end user, and region.
Genetic Testing Services Market by Type
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Based on product, the global genetic testing services market is segmented into prenatal testing, predictive testing, carrier testing, newborn screening, and others.
The predictive testing segment dominates the global genetic testing services market with the largest revenue share in the global market. The large revenue share of this segment can be attributed to the rising awareness of genetic testing and early diagnosis of chronic diseases. According to the National Cancer Institute, there are more than 50 hereditary cancer syndromes, thus increasing the demand for predictive testing. Moreover, this test provides genetic information, so it helps the doctors and the patients to make medical, and lifestyle decisions before the diseases are triggered, thus playing a pivotal role in the segment's revenue growth.
Genetic Testing Services Market by Disease
Based on disease, the global genetic testing services market is segmented into cardiovascular disease, cancer, and metabolic disease.
The cancer disease segment accounts for the largest revenue share in the global market. The large revenue of the cancer disease segment can be attributed to the rising prevalence of cancer globally. Furthermore, the rise in research & development activities to develop new innovative tests for cancer detection and research related to genomics is propelling the segment revenue growth.
Genetic Testing Services Market by End-user
Based on the end user, the global genetic testing services market is divided into hospitals & clinics, diagnostic centers, academic institutes & research centers, and others.
The diagnostic center segment accounted for the largest market share of genetic testing services in 2021. The major driving factor of the segment is the availability of skilled professionals and advanced equipment related to genetic testing at diagnostics centers. Moreover, the rising demand for early diagnosis of the disease and the increase in prenatal genetic testing is also pivotal in segment growth.
Genetic Testing Services Market by Region
Based on region, the global genetic testing services market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
In terms of revenue share, North America dominates the global genetic testing services market, followed by Europe and the Asia Pacific. The large revenue share of North America can be attributed to the presence of a well-developed healthcare infrastructure and increased awareness regarding genetic testing. Additionally, the rise in investment in the field of genomics, as well as the availability of primers, test chemicals, and equipment, is also propelling the market revenue growth in this region. The presence of major market players in the region and the rise in overall healthcare expenditure is also expected to propel revenue growth.
Competitive Landscape
Prominent players operating in the global genetic testing services market are:
Strategic Developments
Asia Pacific is expected to register the fastest revenue growth rate during the forecast period and can be considered the key revenue growth region in the global genetic testing services market
The rising prevalence of chronic and genetic diseases and the rising demand for the early detection of diseases are the major factors driving the revenue growth of the market.
The global genetic testing services market was valued at US$ 9 billion in 2021.
The estimated size of the global genetic testing services market is expected to be US$ 21.39 billion by 2030.
The genetic testing services market is expected to register a revenue CAGR of 10.1% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain