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Global Genetic Testing Market Size, Share, Trends, Growth, COVID-19 Forecast Report - Segmented By Type (Carrier Testing, Prenatal Testing, Diagnostic Testing and Neonatal Testing), Application & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) - Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 20
Pages: 170
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Global Genetic Testing Market Size (2024 to 2029)

The global genetic testing market is anticipated to grow at a CAGR of 9.86% from 2024 to 2029. As a result, the global genetic testing market is forecasted to grow to USD 16844 million by 2029 from USD 10525 million in 2024.

Genetic testing is a medical test used to study an individual's DNA to identify gene changes. The results derived from genetic testing help identify the risk of genetic diseases and guide the development of appropriate medical treatments. The DNA of a person in the form of saliva, blood and other tissues will be collected and tested in laboratories using various techniques such as PCR, sequencing and microarray analysis in genetic testing. People and healthcare providers can leverage the results of genetic testing to ensure the development of genetic diseases or pass on genetic mutations to their children. The adoption of genetic testing is grown rapidly in the last decade owing to the benefits associated with such as early diagnosis and treatment of genetic disorders, improved disease management and prevention, more informed reproductive choices, identification of genetic risks for family members and personalized medical care based on genetic makeup.

Global Genetic Testing Market Drivers:

The growing demand for personalized medicine fuels the growth of the genetic testing market during the forecast period. The usage of genetic testing to develop personalized medicine by studying the genetic makeup of patients has increased significantly in recent years. In genetic testing, the DNA of an individual will be tested and their genetic variations, to evaluate the possibilities for genetic diseases and develop appropriate personalized treatment plans. Personalized treatment plans are believed to more effective and offer improved health outcomes to patients. Likewise, the growing usage of personalized medicine is resulting in the increased usage of genetic testing and contributing to market growth due to the critical role that genetic testing plays in the development of personalized medicine. As per the survey conducted by the American Medical Association, an estimated 92% of physicians have agreed that they have been using genetic testing to inform decisions and 80% believed that the importance and application of genetic testing are going to increase in the coming years.

The growing prevalence of genetic diseases propels the growth of the genetic testing market. WHO says an estimated 400 million people worldwide suffer from genetic diseases, which is approximately 1 in 17 people. The growing patient population suffering from genetic diseases has been promoting the demand for genetic testing to identify and manage these conditions. With the growing number of technological developments in genetic sequencing technologies, such as next-generation sequencing, genetic testing services have become more accessible and affordable. In recent years, the usage of next-generation sequencing has increased dramatically due to its benefits, such as faster and more accurate analysis of genetic information. The awareness among healthcare providers and people about genetic testing and its potential benefits has increased significantly over the last few years and the trend is expected to improve further in the coming years and drive the genetic testing market growth.

In addition, the growing number of initiatives and funding by the governments of several countries for the research and development of genetic testing favors the market’s growth rate. In recent years, the adoption of direct-to-consumer genetic testing has grown significantly due to the growing willingness of consumers to learn more about their ancestry and genetic makeup and this trend is likely to continue in the coming years and support the market’s growth rate. The growing usage of genetic testing in sports medicine and the assessment of genealogical relationships is anticipated to boost the growth rate of the genetic testing market during the forecast period. The rising demand for prenatal testing is adding fuel to the growth of the genetic testing market. The expectant parents are showing interest these days in learning about genetic abnormalities and making informed decisions about the health of their unborn child and likewise contributing to the market growth.

Furthermore, the growing demand for early disease detection, rising emphasis on precision medicine, an increasing number of advancements in gene editing technology, increasing availability of genetic data and rising demand for pharmacogenomics are expected to showcase a positive impact on the growth of the genetic testing market. Factors such as the increasing adoption of genetic testing in oncology research and increasing demand for ancestry testing favor market growth.

Global Genetic Testing Market Restraints:

High costs associated with genetic testing are one of the major factors restraining the market growth. The lack of skilled persons to analyze the reports due to a smaller number of training institutes is expected to slow down the market growth to a small extent. Furthermore, genetic testing equipment in laboratories needs maintenance and regular inspection to have accurate results, which requires lots of investments to inhibit the global genetic testing market's growth rate. Furthermore, lack of standardization in maintaining appropriate procedures in testing and growing concern towards the authentication of genetic reports where people demand privacy and security are further damaging the acceleration of the market. Stringent rules and regulations by higher authorities in approving new products, significantly improving genetic testing services, are also declining the growth of the global genetic testing market.

Impact of COVID-19 on the global genetic testing market:

Coronavirus has kept many lives at risk, and many countries have adversely affected people. World Health Organization (WHO) declared COVID-19 as a pandemic and adopted countries-wide lockdowns and made guidelines to maintain social distance. However, it resulted in a down phase, limitations, challenges, and changes in every industry sector. The pandemic negatively impacted the genetic testing market because genetic counselors could not see the patients in person, doctors were not available for counseling, and laboratories could not run because of government guidelines. As a result, 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.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Covered

By Type, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Market Leader Profiled

Abbot 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..

 

This research report on the global genetic testing market has been segmented and sub-segmented based on type, application and region.

Global Genetic Testing Market - By Type:

  • Carrier Testing
  • Prenatal Testing
  • Diagnostic Testing
  • Neonatal Testing

Based on type, the carrier testing segment accounted for the largest share of the global genetic testing market in 2023, and its domination is likely to continue throughout the forecast period. The segmental growth is attributed to the growing patient population suffering from genetic disorders, an increasing number of advancements in genetic testing technologies, and the rising accessibility and affordability of carrier testing. In addition, the growing awareness among people and healthcare professionals regarding the potential benefits of carrier testing, the increasing number of favorable government initiatives and the growing number of genetic testing laboratories boost the growth rate of the segment.

The prenatal testing segment had a substantial share of the worldwide genetic testing market in 2023 and is expected to register strong growth during the forecast period. The growth of the segment is primarily driven by the rising awareness of genetic disorders among people and the growing number of advancements in non-invasive prenatal testing (NIPT) technology. The incidence of genetic disorders increases with the growing preference towards delaying pregnancy from women, which results in the growing demand for prenatal testing and contributes to segmental growth. The growing number of favorable initiatives from several governments favoring prenatal testing favors segmental growth. For instance, prenatal testing services are available at zero cost in the UK and this initiative was taken by the National Health Service (NHS). The growing number of prenatal testing laboratories worldwide is further supporting the growth rate of the segment.

The diagnostic testing segment is predicted to register a notable CAGR during the forecast period. Due to recent technological advancements, diagnostic testing has become more accurate and affordable and due to this, the adoption of genetic testing has increased significantly for diagnosis and treatment needs and driving segmental growth. The growing demand for personalized medicine and the increasing need for direct-to-consumer genetic testing further propel the segmental growth.

Global Genetic Testing Market - By Application:

  • Cancer Testing
  • Pharmacogenomics Testing
  • Prenatal Testing
  • Predisposition Testing

Based on the application, the cancer testing segment is predicted to grow at a promising CAGR during the forecast period owing to the growing number of cancer patients and rising expenditure on healthcare. The growing usage of technologically well-advanced genetic testing technologies, such as next-generation sequencing and liquid biopsy, for the diagnosis and treatment of cancer, is primarily driving segmental growth. Increasing efforts from the governments to promote the usage of genetic testing for cancer treatment procedures and growing usage of genetic testing for the development of personalized medicine further fuelling the segment’s growth rate.

Global Genetic Testing Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Geographically, the North American genetic testing market was the largest regional segment globally in 2023 and the domination of North America is expected to continue throughout the forecast period. The growth of North American is attributed to the growing patient count suffering from genetic disorders, the rising adoption of direct-to-consumer genetic testing and the presence of key market participants. In addition, an increasing number of initiatives from the governments of North American countries in favor of genetic testing and rapid adoption of technological developments in genetic testing boost the regional market. The U.S. market accounted for the most significant share of the North American market in 2023, followed by Canada. The growing use of personalized medicine increases DNA testing in developed regions such as the U.S. Increasing personalized medicine for some treatments improves the recovery rate from disease among many patients. Personalized medicine is used for various chronic diseases such as heart disease, cancer, diabetes, etc. Genetic testing on a person developing personalized medicine makes it easy for the drug developer to recover the patient fast from the illness.

The European genetic testing market held the second biggest share of the global market in 2023 and is expected to witness a noteworthy CAGR during the forecast period. Factors such as the growing demand for effective treatment procedures and growing awareness of the prevention of diseases through DNA information from ancestry and increasing support from the government in introducing reimbursement schemes in favor of people drive the genetic testing market in Europe. The UK captured the major share of the European market in 2022. The German genetic testing market is predicted to witness a healthy CAGR in the coming years and occupies a substantial share of the European market during the forecast period.

The APAC genetic testing market is one of the most lucrative regional markets for genetic testing worldwide. The APAC genetic testing market is predicted to register the fastest CAGR during the forecast period owing to the growing aging population, increasing healthcare expenditures, and rising awareness of genetic testing. China and Japan are predicted to hold the major share of the APAC market during the forecast period.

The Latin American genetic testing market is predicted to capture a considerable share of the worldwide market during the forecast period, owing to the increasing number of advancements in the healthcare infrastructure and the growing number of people suffering from genetic disorders in Latin American countries. Brazil, followed by Mexico, are predicted to account for the leading share of the Latin American market during the forecast period.

The MEA genetic testing market is predicted to showcase a moderate CAGR in the worldwide market during the forecast period. The growth of the MEA market is driven by the increasing awareness of 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 many areas, including established medicine, nutrition, diagnostics, cardiovascular, and neuromodulation, and is headquartered in the US. In May 2019, the corporation 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, and prenatal.

RECENT HAPPENINGS IN THE GENETIC TESTING MARKET:

  • On January 22, 2020, Quest Diagnostics (USA) Clinical Laboratory announced that Finnish genetic testing company Blueprint Genetics would increase next-generation sequencing capabilities for rare diseases. Blueprint Genetics is actively engaged in interpreting genetic variants by expanding its presence within the US market and sequencing next-generation bioinformatics technologies. Quest is one every of the essential laboratory testing companies globally and is currently specializing in improving next-generation sequencing capabilities. The acquisition will allow Quest to boost genetic testing for rare genetic disorders.
  • In April 2018, BGI Genomic launched BGI Sentis HPV, a tool for screening HPV. This HPV test is employed to screen for cervical cancer. This initiative has helped BGI expand its genetic testing portfolio and market share.

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FAQ's

who are the key players of the global genetic testing market ?

The global genetic testing market key market players 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.

Which Region holds the largest revenue share during the forecast period in the global genetic testing market?

The North American genetic testing market is expected to grow significantly and hold the largest revenue share during the forecast period.

what is the compound annual growth rate (CAGR%) of the global genetic testing market during the forecast period?

The global genetic testing market is expected to grow at a CAGR of  9.86% during the forecast period.

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