Market Overview:
Genetic testing involves examining human DNA and RNA for detection of genetic variations that may cause genetic disorders. It is used for carrier testing, prenatal testing, newborn screening, and diagnostic testing. Demand for genetic testing has increased significantly owing to advancing technological applications and rising awareness for early disease diagnosis and monitoring.
The global Genetic Testing Market is estimated to be valued at US$ 18.24 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Precision medicine as a treatment strategy is gaining traction in the market. It involves tailoring medical treatment to the individual genetic characteristics of each patient. As genetic factors play an important role in disease susceptibility and drug response in each individual, precision medicine utilizes genetic testing to personalize disease prevention and treatment plans. Growing awareness about the benefits of precision medicine approaches over conventional medicine among patients and physicians alike is propelling the demand for genetic testing worldwide. Additionally, proliferation of genetic tests and genetic databases enables identification of disease risks and selection of suitable treatment options for improved health outcomes. Furthermore, reducing costs of genetic sequencing and rise in direct-to-consumer genomic testing is making testing more affordable and accessible to masses.
Segment Analysis
The genetic testing market is segmented by test type into carrier screening, predictive testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. Among these, the predictive testing segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Predictive testing helps determine the probability of developing genetic disorders in asymptomatic individuals based on their family history and genetic makeup. It analyzes single-gene disorders and multifactorial disorders that result from a combination of genetic and environmental factors. Rising focus on preventive healthcare is stimulating the adoption of predictive testing.
Key Takeaways
The global genetic testing market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing focus on precise medicine.
Regional analysis: North America led the genetic testing market in 2022 and is anticipated to maintain its dominance through 2028 due to the growing geriatric population and rising prevalence of chronic diseases in the region.
The Asia Pacific genetic testing market is projected to witness the fastest growth over the forecast period. Availability of technologically advanced tests performed at low costs is driving market growth in emerging Asian countries.
Key players: Key players operating in the genetic testing market include 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others. These players are focusing on new product launches and inorganic growth strategies like acquisitions and collaborations to gain a competitive edge in the market.
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