Genetic Testing Market Size To Hold USD 15.80 Bn By 2030

The global genetic testing market size was exhibited at USD 8.52 billion in 2022 and is expected to hold around USD 15.80 billion by 2030 growing at a CAGR of 5.25% from 2022 to 2030.

Genetic testing is a medical test that studies the DNA of a person to identify genetic differences in specific diseases. Its results can confirm a suspected genetic condition. It also helps to identify a person’s chance of developing or having a genetic disorder.

It involves looking for changes in genes, chromosomes, and proteins. Gene testing helps to identify variations (mutations) in genes that can raise the risk of a genetic disorder. It is voluntary and has benefits as well as limitations and risks. It involves analyzing cells or tissue to search for changes in genes, chromosomes, or proteins. It can also be done on tumor tissue to help diagnose cancer.

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Growth Factors

Factors such as increasing incidences of genetic disorders and cancer and rising demand for personalized medicine significantly contribute to market growth across the globe. In line with this, the growing usage in pharmacogenomics positively influences the market growth. Furthermore, upgradation in genetic testing techniques creates a positive outlook for the market. Apart from this, untapped emerging markets offer opportunities for market players. The COVID-19 pandemic has affected the market adversely. Due to the nationwide lockdown, there was disruption, limitations, challenges, and restrictions in every sector. The pandemic adversely affected the genetic testing market. There was postponed genetic testing in hospitals.

Moreover, there are various types of genetic testing like, cytogenetic testing, biochemical testing, molecular testing, and chromosome analysis. The escalating incidences of genetic illnesses and rising knowledge of tailored medications propel market growth. There are many adults seeking early identification of diseases. This factor drives market growth. There has been an excellent rise in healthcare and infrastructure investments. The lower costs of genetic testing and growing awareness of genetic illnesses positively influence market growth. The launch of innovative testing kits and rapid technological advancements strengthens the market growth. The widespread availability of advanced diagnostic tests boosts the overall market growth. Besides, the growing geriatric population propels market growth. The inflating disposable income of individuals and the high expenditure of the customer on healthcare favor the market growth. The increasing government efforts to spread awareness about genetic testing create a positive outlook for the market. The presence of numerous top market players and rising research and development activities catalyze market growth. The rapid adoption of genetic testing kits is expected to bolster market growth.

Genetic Testing Market Report Scope

Report Highlights:

• Based on the test type, diagnostic testing dominated the market and accounted for the largest revenue share. It is anticipated to sustain its dominance during the forecast period. This is due to the increased prevalence of various chronic diseases. In line with this, the rising geriatric population and the growing demand for diagnostic testing catalyze the segment’s growth. On the other hand, prenatal & newborn testing is expected to witness a promising CAGR in the coming years. There has been a surging prenatal and newborn testing.
• Based on the disease type, cancer dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance during the forecast period. This is due to the increasing prevalence of cancer.

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Regional Snapshots

Based on region, North America dominated the market and accounted for the largest revenue share. It’s expected to sustain its dominance during the forecast period. This is due to the increasing awareness about Genetic testing. The widespread availability of self-testing kits boosts the overall market growth. The rising prevalence of various chronic diseases and growing consumer expenditure on healthcare propel market growth. The increasing geriatric population in the USA and the adoption of personalized medicines positively influence the market growth across the region. On the other hand, the Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the increasing geriatric population, rising prevalence of chronic diseases, inflating disposable income, growing healthcare expenditure, and escalating awareness about genetic testing.

Market Dynamics:

Driver: Increasing incidence of genetic disorders and cancer

The increasing incidence of genetic disorders and rising prevalence of cancer among the global population significantly contribute to market growth across the globe. In line with this, there has been a rapid growth in incidences of cancer and genetic conditions globally. Cancer causes the death of many people worldwide. Many cancers are genetically inherited. Thus, there has been an increasing demand for genetic testing across the globe. Moreover, the rising demand for personalized medicine for cancer treatment propels market growth.

Opportunity: Rapid advancements in genetic testing techniques

Rapid advancements in genetic testing techniques offer various lucrative opportunities for market growth. It includes the development of next-generation sequencing. It helps in the detection of various rare and genetic disorders. The development of non-invasive cffDNA significantly contributes to market growth. It is used to detect sub-chromosomal abnormalities, chromosomal aneuploidy, and single-gene disorders. The market players are heavily investing in developing advanced genetic testing techniques.

Restraint: High cost of next generation sequencing

The cost of next generation sequencing is high. This is the main factor restricting market growth. The funds for next generation sequencing is not enough with the laboratories, especially in developing countries. This hampers the market growth.

Challenge: Shortage of experienced professionals and low infrastructure in developing and underdeveloped economies

There is a shortage of experts who are well-versed in genetic testing. This shortage is mainly seen in developing and underdeveloped countries. This is the main factor challenging the genetic testing market growth. Moreover, the infrastructure healthcare development is very low in developing and underdeveloped countries, which again hampers market growth.

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Key Developments:

• In August 2020, Guardant Health received FDA approval for Guardant 360 CDx.

Major Key Players

• Genentech Inc.
• Sorenson Genomics, LLC
• Abbott Molecular
• Bayer Diagnostics
• Biocartis
• BioHelix
• Celera Genomics
• Genomic Health
• HTG Molecular Diagnostics
• PacBio

Market Segmentation

By Test Type

• Carrier Testing
• Predictive Testing
• Diagnostic Testing
• Prenatal & Newborn Testing
• Nutrigenomics
• Pharmacogenomics
• Others

By Disease

• Cancer
• Alzheimer’s
• Thalassemia
• Cystic Fibrosis
• Huntington’s Disease
• Duchenne Muscular Dystrophy
• Other Diseases

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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