The global genetic testing market has shown promising growth in the recent past and growing at a CAGR of 9.86% from 2021 to 2026. The global genetic testing market size is forecasted to grow USD 13959 million by 2026 from USD 8722 million in 2021.
Genetic testing is prominent in getting the information of DNA from the customers and offers many treatment procedures to the patient with the details received from their ancestry. As per the Planet Health Organization, about 10,000 diseases are monogenic worldwide. To stop and diagnose these disorders, one has to modify or mutate one gene in every cell of the body, employing genetic testing. The U.S. government has approved a pre-implantation diagnosis for in vitro embryos. These initiatives target the detection and minimization of genetic abnormalities affecting pre-implantation embryos and, therefore, the existence of regulatory agencies like the Japanese Society of Obstetrics and Gynecology (JSOG).
Increasing incidences of chronic diseases such as cancer, cardiovascular and others, and the growing prevalence of obesity due to the adoption of a sedentary lifestyle and food habits changes are primarily accelerating the growth of the global genetic testing market.
Genetic testing is a prominent method in analyzing the risk of genetic diseases and ensures quality treatment procedures, further propelling the market growth. Growing awareness over the analysis of proteins, genes, and chromosomes is reflecting market growth towards positive. An increasing number of patients with anemia, hemophilia, and cystic fibrosis across the world and the rise in the geriatric population are also favoring the genetic testing market's growth rate.
Growing awareness over the availability of various testing procedures among individuals and increasing demand from the agriculture sector to evaluate the quality of breeding stock with the help of progeny testing also elevate the need for the global genetic testing market. It also includes checking the genetic strengths and vulnerabilities of some species populations in population ecology.
Increasing research and development institutes to implement new techniques in diagnosing the diseases more accurately is to drive the market growth. Growing crime incidences and increasing the crucial role of genetic testing in forensic investigations are expected to support the market growth during the forecast period. Genetic testing creates a scope to develop personalized medicine and also improves performance in targeted therapies.
The cost of installing the equipment is a little high, and this attribute is restraining the demand for the genetic testing market.
Lack of skilled persons in analyzing the reports due to a smaller number of training institutes is expected to slow down the market growth to a small extent. Genetic testing equipment in laboratories needs maintenance and regular inspection to have accurate results, which require lots of investments is to inhibit the global genetic testing market's growth rate. Lack of standardization in maintaining appropriate procedures in testing is another significant factor pulling back the market growth. Growing concern towards the authentication of genetic reports where people demand privacy and security is estimated to act as negative towards the market growth during the forecast period. Stringent rules and regulations by higher authorities in approving new products, especially to improve genetic testing services, are also declining the demand for the global genetic testing market.
COVID-19 impact on the genetic testing market:
Coronavirus has kept many lives at risk, and people have been affected adversely in many countries. World Health Organization (WHO) declared the COVID-19 as pandemic and adopted countries wise lockdown and made guidelines to maintain social distance. It resulted in a down phase, limitations, challenges, and changes in each sector of every industry. The pandemic impacted the genetic testing market negatively because genetic counselors cannot see the patients in person and doctors are not available for counseling, and laboratories cannot run because of government guidelines. Genetic testing activities have been postponed. Clinics and health providers are using Telehealth as a measure to conduct genetic counseling, and it is expected to be normal in 2021.
Market Size Available
2020 to 2026
2021 to 2026
By Type, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global genetic testing market has been segmented and sub-segmented based on type, application, and region.
Genetic Testing Market - By Type:
Among all, the carrier testing segment accounted for the most significant share in the global genetic testing market in 2020. Increasing support from private and public organizations to evaluate better-diagnosing techniques broadens the market growth. A growing percentage of birth rate in every country and the need for prenatal testing for the newborn are likely to expand the growth of the global genetic testing market.
Genetic Testing Market - By Application:
Based on the application, the cancer testing segment is predicted to be growing at a promising CAGR during the forecast period. An increasing number of cancer patients due to lifestyle changes and increasing expenditure on healthcare are expected to favor the growth rate of the segment during the forecast period.
Genetic Testing Market – By Region:
The global genetic testing market was dominated by the North American region in 2020 due to the queue option of the latest technology. The launch of innovative diagnostic procedures with new technology is expanding the market demand in this region. Also, increasing capital income in both developed and developing countries are leveraging the market's growth rate. The U.S. accounted for the most significant share in the North American market in 2020 and is estimated to be growing at a healthy CAGR during the forecast period. The Canadian genetic testing market is also expected to do well during the forecast period.
Europe positioned very next to North America in accounting majority of the share in the global market in 2020. The rise in demand for effective treatment procedures and also growing awareness over the prevention of the diseases through DNA information from ancestry is leveling up the growth rate of the market. Increasing support from the government in introducing reimbursement schemes in favor of ordinary people is escalating the market's growth.
The Asia Pacific genetic testing market had prominent growth in the recent past and is estimated to register the highest CAGR during the forecast period among all regions. The increasing elderly population is a primary factor for the market to grow in this region. Additionally, the growing prevalence of the latest equipment in research centers bolsters the demand of the market.
The genetic testing market in Latin America is to have substantial growth opportunities with increased revenue in most countries.
Genetic testing in the Middle East and Africa leads the market shares by increasing awareness over the applications in analyzing DNA.
KEY MARKET PLAYERS:
Some of the prominent companies leading the global genetic testing market profiled in this report are Abbott Laboratories, Roche Molecular Diagnostics, Inc., Abbott Molecular Inc., Auto Genomics, Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems, Inc.
Abbott Laboratories, a market leader in the genetic testing market, operates in an exceedingly kind of areas, including established medicine, nutrition, diagnostics, cardiovascular, and neuromodulation, headquartered within the US. In May 2019, the corporate announced WHO pre-approval of the world's first point-of-care viral load test, m-PIMA HIV-1 / 2 VL. The company's main products include chromosome enumeration probes, FISH accessories, prenatal, and prenatal.
RECENT HAPPENINGS IN THE GENETIC TESTING MARKET:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Carrier Testing
5.1.2 Diagnostic Testing
5.1.3 Prenatal Testing
5.1.4 Neonatal Testing
5.2 By Application
5.2.1 Cancer Testing
5.2.2 Prenatal Testing
5.2.3 Pharmacogenomics Testing
5.2.4 Presdisposition Testing
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.2 Middle East
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Roche Molecular Diagnostics Inc.
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Abbott Laboratories
8.3 AutoGenomics Inc.
8.4 Celera Group
8.5 ELITech Group
8.6 BioRad Laboratories
8.7 Quest Diagnostics Inc
8.8 Transgenomic Inc.
8.9 Applied Biosystems Inc.,
8.10 PerkinElmer Inc
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures