Genetic Testing Market

Genetic Testing Market Size (2022 to 2027)

The global genetic testing market is anticipated to grow at a CAGR of 9.86% from 2022 to 2027. As a result, the global genetic testing market is forecasted to grow to USD 13959 million by 2027 from USD 8722 million in 2022.

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 must modify or mutate one gene in every body cell, employing genetic testing. Furthermore, the U.S. government has approved pre-implantation diagnoses 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). 

MARKET DRIVERS:

Y-O-Y rise in cancer incidence is one of the major factors propelling the genetic testing market.

The prevalence of cancer and other chronic diseases is growing worldwide. Genetic testing will determine how cancer has entered an individual, and it can be genetic or any other reason. So, people can prevent the risk of getting certain types of cancers and leads a healthy life. In America, nearly 10 percent of cancer occurs through genetics only.

The growing incidence of genetic disorders is another primary factor promoting the genetic testing market growth.

Cystic fibrosis (C.F.) is the most common congenital disease in the United States. Frequent cough, slow weight growth, and salty-tasting skin are the symptoms of cystic fibrosis, down syndrome, thalassemia, and Tay Sachs disease. These are common genetic disorders from generation to generation. Therefore, DNA testing is done to determine whether disease occurs through genes or not.

The adoption of genetic testing is increasing in the pregnant women segment, further accelerating the market's growth rate.

DNA testing for pregnant women is increasing because they want to take care of their baby and not suffer from a genetic disorder. Genetic disease is the leading cause of infant deaths each year. This DNA test can be done after eight weeks of pregnancy by taking the mother’s blood sample. This test is also used to know any chance of abnormalities in the child before delivery. As a result, DNA testing among these patients to see this information about baby health drives the market forward.

Increasing at-home genetic testing boosts the market growth.

The U.S. Federal Trade Commission (FTC) has approved at-home genetic tests for people willing to take this test. This increasing number of companies offering at-home genetic testing increases market growth. In this type of test, technicians collect saliva or blood from the person and send the result through mail or phone. DNA testing is also used in the investigation of criminal cases. This test can match samples with accuracy. In addition, this evidence is used in courts to take further legal action against the victim.

In addition, increasing R&D institutes to implement new techniques in diagnosing diseases more accurately drives the market growth. Furthermore, 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. Again, genetic testing creates a scope to develop personalized medicine and improves performance in targeted therapies.

MARKET RESTRAINTS:

High costs associated with genetic testing are one of the major factors restraining the market growth.

The 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. 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 wise 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.

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:

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

The carrier testing segment accounted for the most significant share of the global genetic testing market in 2020. Increasing support from private and public organizations to evaluate better-diagnosing techniques broadens the market growth. In addition, a growing percentage of birth rate in every country and the need for prenatal testing for newborns are likely to expand the development of the global genetic testing market. 

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. An increasing number of cancer patients due to lifestyle changes and rising expenditure on healthcare are expected to favor the segment's growth rate during the forecast period.

Genetic Testing Market – By Region:

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

The North American region accounted for the most significant global genetic testing market share in 2021. In North America, DNA testing is used to know the risk of developing heart diseases among men and women. In this region, the U.S. led the market in 2021. 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 is easy for the drug developer to recover the patient fast from the illness.

The Canadian genetic testing market is anticipated to progress at a healthy CAGR during the forecast period. The Canadian government encourages genetic screening for newborn children to know for any genetic disorders that may affect the children’s life—increasing this type of test increases the lives of their children and parents. In addition, in Canada, the results of DNA tests are used to verify citizenship and immigration applications as evidence of a relationship between brothers and sisters or parents and children.

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 growing awareness over the prevention of diseases through DNA information from ancestry is leveling up the market's growth rate. 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 market's growth.

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 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, headquartered in 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, 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.