Genetic Testing Market to Reach USD 36.11 Billion by 2030, Growing at a CAGR of 10%
New York, USA – Straits Research, a leading market research firm, has published its latest report on the Genetic Testing Market, forecasting significant growth in the coming years. The global genetic testing market was valued at USD 14.82 billion in 2021 and is expected to reach USD 36.11 billion by 2030, growing at a compound annual growth rate (CAGR) of 10% during the forecast period (2022–2030). The rising demand for personalized medicine, advances in genetic research, and increasing awareness about genetic disorders are key factors propelling the market’s expansion.
Market Definition:
The Genetic Testing Market refers to medical tests that analyze a person's DNA to detect genetic variations that may cause diseases or affect drug responses. These tests play a critical role in predicting and diagnosing genetic disorders, guiding treatment decisions, and assessing disease risk. With the increasing prevalence of genetic diseases and the growth of personalized medicine, the demand for genetic testing services has surged globally.
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Market Dynamics:
Key Trends:
Rising Popularity of Direct-to-Consumer Genetic Testing: Direct-to-consumer (DTC) genetic testing is becoming increasingly popular, allowing individuals to access their genetic information without the involvement of healthcare providers. Companies like 23andMe and AncestryDNA have expanded genetic testing services to the general population, leading to greater awareness and a surge in market demand.
Advancements in Next-Generation Sequencing (NGS): The development of next-generation sequencing (NGS) technologies has revolutionized genetic testing by enabling more accurate, efficient, and cost-effective sequencing of genomes. This trend has led to the expansion of genetic testing applications in healthcare, making it more accessible and precise for clinical use.
Key Market Drivers:
Increasing Prevalence of Genetic Disorders: With the rising incidence of genetic disorders such as cancer, cardiovascular diseases, and neurological disorders, there is a growing demand for genetic testing to aid early diagnosis, personalized treatment plans, and better management of diseases.
Growing Adoption of Personalized Medicine: The increasing focus on personalized medicine, which tailors medical treatment to individual genetic profiles, is boosting the demand for genetic tests. As healthcare moves toward precision medicine, genetic testing is becoming an essential tool for doctors to develop individualized treatment regimens.
Market Opportunities:
Expansion in Emerging Markets: The demand for genetic testing is growing in emerging markets, including Asia-Pacific and Latin America, as healthcare infrastructure improves and awareness about genetic disorders rises. The expansion of genetic testing services in these regions presents a lucrative opportunity for companies in the market.
Integration of Artificial Intelligence in Genetic Testing: The integration of AI and machine learning in genetic testing allows for faster, more accurate analysis of genetic data. AI-powered tools can identify genetic variants linked to diseases and predict treatment outcomes, providing a significant opportunity for growth in the genetic testing market.
Market Segmentation:
The genetic testing market is segmented by type, technique, application, and end-user, offering in-depth insights into the market dynamics.
By Type:
- Predictive Testing & Presymptomatic Testing
- Carrier Testing
- Prenatal & Newborn Testing
- Diagnostic Testing
- Pharmacogenomic Testing
- Others
By Technique:
- Polymerase Chain Reaction (PCR)
- DNA Sequencing
- Cytogenetics
- Microarrays
- Others
By Application:
- Oncology
- Cardiovascular Disease Diagnosis
- Neurological Disorders
- Genetic Disorders
- Others
By End-User:
- Hospitals & Clinics
- Diagnostic Laboratories
- Others
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Key Players in the Genetic Testing Market:
Several leading companies are driving innovation in the genetic testing market. These include:
- Tellmegen
- 24 genetics
- AncestryDNA
- Igenomix
- Myriad Genetics, Inc.
- Illumina, Inc.
- Amgen, Inc.
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Qiagen N.V.
- PerkinElmer
- DiaSorin S.p.A.
- Experteam s.r.l.
- Real Gene S.r.l.
- DNA SOLUTIONS
- Circle DNA
- MapmyGenome
These companies are expanding their product portfolios, collaborating with healthcare providers, and enhancing their offerings through technological advancements to maintain a competitive edge in the growing genetic testing market.
Regional Insights:
North America dominates the genetic testing market, accounting for the largest share of the global market. The region’s dominance can be attributed to its advanced healthcare infrastructure, high adoption rate of genetic testing technologies, and a strong presence of leading genetic testing companies. Additionally, increasing government initiatives and investments in genetic research further bolster the market in North America.
However, Europe is the fastest-growing region for genetic testing, driven by the increasing focus on personalized healthcare, growing healthcare spending, and rising awareness about genetic diseases. Countries such as Germany, the UK, and France are key contributors to the market’s growth in this region. Moreover, European regulations supporting genetic testing technologies are expected to further accelerate market growth.
Conclusion:
The global genetic testing market is poised for substantial growth in the coming years. With a CAGR of 10% during the forecast period, the market is set to benefit from advancements in technology, the increasing prevalence of genetic disorders, and the growing focus on personalized medicine. As genetic testing becomes an integral part of healthcare, it is expected to transform the way diseases are diagnosed and treated, providing significant opportunities for stakeholders in the market.
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About Straits Research: Straits Research is a global market research firm that provides comprehensive insights into various industries, helping businesses make informed decisions and achieve success in a competitive environment. Our reports deliver accurate, actionable data to enable companies to thrive and grow.
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Website: www.straitsresearch.com
