The size of the genetic testing market in North America was valued at USD 21.44 billion in 2023. It is forecasted to be USD 36.99 billion by 2028, growing at a CAGR of 11.52% during the forecast period.
Genetic testing in cancer is expected to dominate the market and will likely witness high growth shortly. The demand for rare and fatal disorders diagnosing, screening newborns, and the probability estimation of disease occurrence is expected to expand. Mainly, tests for screening newborns are expected to grow enormously over the coming years.
Among the different segments of the molecular diagnostics market, genetic testing is most likely to be highly attractive due to the increasing need for superior healthcare. Genetic testing is a highly sophisticated form of testing where even a slight modification in DNA associated with any disease condition can be detected.
Genetic testing studies genes, chromosomes, or proteins that help identify the diseases, and carriers of a disease, diagnose conditions or determine its course. The evolution of genetic testing has enabled easy diagnosis of diseases like sickle cell anemia, hemophilia, and cystic fibrosis, thus helping many patients to lead healthy life.
Increasing awareness among individuals about the benefits and potentiality of genetic testing to identify and cure diseases or abnormalities is the significant factor driving the growth of the North American genetic testing market. In addition, an increase in the aging population, technological advancements in the genetic testing space, the subsequent increase in the cases of chronic diseases, and rising cancer case incidences are other significant factors boosting the growth rate of the genetic testing market in North America. With the growing number of genetic disease incidences, it unravels new opportunities for genetic testing and its related applications. The genetic testing transformation from being a service-driven market to a product-driven market is anticipated to push diagnostic companies to expand their operations.
However, factors such as the huge costs associated with genetic testing and the lack of standard procedures concerning the authenticity of genetic reports hinder the growth of the North American genetic testing market.
This research report on the North American Genetic Testing Market has been segmented and sub-segmented into the following categories.
Regionally, the genetic testing market in the North American region is expected to lead the global market throughout the forecast period. This domination is driven by the increasing occurrence rate of genetic diseases and growing awareness among the independents regarding the advantages and the capability of gene testing to cure the diseases and abnormalities that drive growth in this region.
In North America, the United States genetic testing market is projected to account for the most significant share during the forecast period. Fatal disorder diagnosing, examining newborn babies, and enlargement of disease occurrence rate, increasing aging population, advanced technologies towards the genetic testing space, and growing cancer cases boost the growth in this region. One of the 15,000 children suffers from phenylketonuria every year. Regionally, the US represents the largest market for genetic testing worldwide. Screening for genetic mutations within the CFTR (Cystic Fibrosis Trans-Membrane Conductance Regulator) gene is the most recurrently conducted test in the US.
The Canadian genetic testing market growth is expected to have fast growth over the review period due to reimbursement policies and spreading awareness relevant to genetic testing. According to the Canadian Cancer Society, approximately 220,400 cancer cases are reported in Canada. Moreover, growing healthcare expenditure and the genetic testing that assists patients in proper treatment may accelerate the growth.
KEY MARKET PLAYERS:
A few of the notable companies operating in the North American genetic testing market profiled in this report are Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems Inc.
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