The genetic testing market involves diagnostic processes that analyze variations in genes, chromosomes, or proteins to detect risk factors, mutations, genetic disorders, and probabilities of disease development. Genetic tests are majorly carried out through specialized services that collect samples of blood, hair, skin, or other tissues to examine the interactions between genes and medical conditions through technologies such as cytogenetics testing and biochemical testing. Genetic screening facilitates the diagnosis of genetic disorders, carrier screening for inherited diseases, predictive and pre-symptomatic testing for adult-onset conditions, newborn screening for metabolic and hearing disorders, nutrigenomics testing for diet-related diseases, and pharmacogenomics testing for drug responses, to name a few. The rising prevalence of genetic conditions, along with the surge in awareness regarding genetic testing benefits is propelling the market growth.
The Global genetic testing market is estimated to be valued at US$ 18.24 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030.
Key Takeaways
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 engaged in new product launches, strategic collaborations, and regional expansions to gain a competitive edge in the market.
The key opportunities in the genetic testing market include the rising importance of pharmacogenomics testing to opt for precision medicine and the growth potential offered by direct-to-consumer genetic testing. Players are leveraging AI and machine learning techniques to analyze genomic information efficiently and deliver faster results.
On the global front, players are focused on geographic expansions into emerging markets to tap the increasing healthcare expenditures and growing awareness. Partnerships with regional labs aid international market access. Promising growth opportunities exist in Asia due to the improving healthcare infrastructure and rising GDP levels. Rising medical tourism is a global industry driver.
Market Drivers
The key driver fueling the genetic testing market growth is the increasing incidence of genetic diseases and cancer cases globally. As per WHO, around 6,000 rare diseases afflict over 350 million people worldwide. Additionally, advancing age leads to complex genomic alterations resulting in chronic diseases, propelling genetic screening needs.
The transition from fragmented to consolidated genetic testing practices, adoption of genetic tests for newborn screening, and increasing awareness are boosting revenues. Favorable reimbursement policies by government and private bodies also encourage market adoption.
Market Restrains
However, factors like the high cost of advanced genetic testing technologies, lack of skilled professionals, and ambiguous regulatory guidelines in some regions continue to hinder wider market penetration. Data privacy and security concerns regarding genomic information curb overall testing volumes. But ongoing R&D investments will help address these challenges over time.
Segment Analysis
The Genetic Testing Market is dominated by Diagnostic Testing segment. Diagnostic testing analyses genes or chromosomal abnormalities related to certain health conditions, such as cancer, cystic fibrosis, or Huntington's disease. It is dominating segment as it helps health professionals and clinicians determine the likelihood of developing certain diseases based on a person's genes. This early detection can help direct better disease management and treatment options.
The Genetic Testing Market is also segmented into carrier testing, predictive & pre-symptomatic testing, prenatal and newborn testing, and nutritional genomics. Carrier testing identifies changes in genes that could cause rare disorders. It is an important segment as it helps in identifying carriers who don't show symptoms of the disease but can pass it on to their children.
Global Analysis
The US dominates the Genetic Testing Market with a share of over 40%, owing to the increasing number of genetic tests and rising awareness. Europe is the second largest market driven by rising R&D investments in genomics by pharmaceutical companies and academic research institutions. The Asia Pacific region is poised to grow at the fastest pace during the forecast period due to growing healthcare expenditure, increasing awareness, and rising diagnostic rates in China and India. Rapidly developing economies in Latin America and Middle East & Africa are also expected to offer lucrative opportunities for Genetic Testing Market players.
