Market Overview
The Global
Genetic Testing Market is projected to reach a value of
USD 18.2 billion in 2023 &
USD 46.9 billion in 2032 with the anticipated CAGR of 11.1% during the forecast period (2023-2032).
The global genetic testing market refers to the collective enterprise that is engaged in the analysis and testing of hereditary material which includes DNA, genes, chromosomes, and associated biomolecules to benefit insights into their genetic make-up and genetic variations.
Genetic trying out is used for diverse programs starting from diagnosing genetic problems, predicting the chance of developing certain diseases, and information on their genetic makeup for the training of custom-designed treatment plans.
The genetic testing market aids in the diagnosis and testing of genetic issues as it can become aware of genetic mutations or variations that are related to precise clinical conditions or diseases. This market is pushed by way of the growing demand for customized remedy, improved recognition of genetic testing, and the combination of genetic statistics in the
healthcare sector.
Market Dynamic
The global genetic testing market is characterized with the aid of diverse dynamic factors that affect its growth and future prospects. This marketplace is enormously dynamic as it's far formed by a mixture of different factors together with new technological advancements, healthcare developments, regulatory changes, purchaser preferences, and monetary factors.
New advancements in genetic testing technologies, along with subsequent-technology sequencing, CRISPR gene modifying, and excessive-throughput genotyping, will keep pushing the growth of the global genetic testing market. These technologies enable and offer greater accurate, cost-effective, and efficient genetic testing to customers and healthcare facilities.
The developing trend in the direction of customized medicine, wherein treatments are custom-designed consistent with the individual's unique genetic makeup, is a giant driving force in the genetic testing market. Genetic data is now significantly used to guide remedy selection, dosage optimization, and treatment plans.
Research Scope and Analysis
By Product
Consumables often dominate the genetic testing market in this segment as it held 64.7% of the market share in 2023 and is expected to grow significantly in the forthcoming years In this segment, consumables encompass items like reagents,
chemical substances, check kits, and sample collection substances, that constitute the number one supply of sales for genetic checking out businesses.
These consumables are needed for every test performed which maintains a regular stream of sales for the genetic testing producers from the customers.
Consumables are utilized in a wide spectrum of genetic checking-out programs along with fundamental molecular biology, Polymerase chain response, subsequent-technology sequencing, and microarray era.
As for the genetic testing laboratories that need these in a large extent of samples day by day, that’s why consumables are vital to meet their everyday demand for trying out and experiments, making them an enormous portion of a lab's operational fees which effect the increase of the global genetic trying out marketplace.
By Technology
Based on technology, Next Generation Sequencing (NGS) dominates the global genetic testing market, as it holds the highest portion of this market in 2023 and is projected to show subsequent growth for the forecasted period of 2023 to 2032.
Next-generation sequencing allows the sequencing of complete human genomes, exomes, or particular gene panels, enabling a comprehensive and specified analysis of a man or woman's genetic statistics.
This intensity of information makes genetic sequencing a treasured tool within the healthcare enterprise for an extensive variety of genetic checking-out packages, from diagnosing rare sicknesses to figuring out genetic variations related to complicated
medical conditions. Next-generation sequencing systems can process large amounts of genetic information simultaneously.
This excessive amount of genetic facts is essential for conducting big-scale genetic research, populace-based research, and diagnostic testing for a vast range of genetic situations.
However, the subsequent technology sequencing era is fairly customizable, allowing laboratories and studies establishments to design and put into effect sequencing protocols tailored for specific genetic checks or research targets. This flexibility is essential for accommodating a diverse range of tests that require genetic information to diagnose the exact cause of a patient's condition.
By Application
In terms of application, health and wellness predisposition tends to dominate this segment as it holds 42.2% of the market share in 2023 and is in addition expected to show a huge boom in the imminent years of 2023 to 2032. The health and well-being predisposition dominates this phase as many individuals are notably interested in knowing how their genetics may additionally affect their normal fitness and health.
This category gives insights into various factors of fitness, which includes susceptibility to precise illnesses, dietary tips, and manner of lifestyle modifications, which align with consumers' proactive method to their fitness and nicely-being.
A health and fitness test provides specific recommendations based on a person's genetic makeup including guidance on diet, exercise and lifestyle, as well as information on potential risks in life. The health and wellness industry is heavily influenced by different approaches that focus on the development of health solutions based on individual needs.
By End-User
In the context of the end user in the global genetic testing market, hospitals, and clinics dominate this section as they preserve the highest portion of this market and are expected to show great growth in the forthcoming period of 2023 to 2032 as properly.
They dominate this segment because hospitals and clinics have medical and healthcare experts who provide diagnostic offerings to patients stricken by one of a kind or rare clinical situations. Genetic testing has turned out to be an indispensable part of clinical practice and the healthcare gadget, particularly for diagnosing genetic issues, assessing disease danger, and guiding remedy decisions.
These healthcare centers are geared up with all the important infrastructure, consisting of laboratories and professional personnel, to comprise genetic checking out into their ordinary scientific treatment practices.
The hospitals and clinics have a direct right of entry to a large wide variety of sufferers who frequently seek genetic checking out of their routine take a look at-ups, diagnostic functions, or treatment making plans. This results in a sizeable enhance in the call for genetic tests within the hospital and healthcare region which allows the boom of the global genetic trying out market.
The Genetic Testing Market Report is segmented on the basis of the following:
By Product
- Consumables
- Equipment
- Software & Services
By Technology
- Next Generation Sequencing
- Array Technology
- PCR-based Testing
- FISH
- Others
By Application
- Health & Wellness Predisposition
- Genetic Disease Carrier Status
- New Baby Screening
- Ancestry & Ethnicity
- Traits Screening
By End-User
- Hospital & Clinics
- Diagnostics Laboratories
- Others
Regional Analysis
North America dominates the global genetic testing market as it holds 43.6% of the market share in 2023 and is anticipated to show subsequent growth in the upcoming period of 2023 to 2032.
This region, particularly the USA, has one of the maximum healthcare costs within the global, its significant healthcare funding allows for the improved right of entry to genetic checking out services and studies and improvement inside the subject.
The location boasts a well-advanced healthcare infrastructure with a large number of healthcare providers, diagnostic laboratories, and research institutions. This infrastructure helps the mixing of genetic checking out into the regular healthcare gadget which in addition boosts the location of North America inside the worldwide genetic trying-out market. North America has a rigorous regulatory surrounding that ensures the first-rate protection of genetic testing services which include, the U.S.
Food and Drug Administration (FDA) play an essential function in regulating genetic tests and promoting public consideration inside the genetic check.
Additionally, coverage businesses in North America cover most of the cost of genetic testing, making it more accessible to individuals searching for diagnostic, predictive, or preventative testing.
Also, the high public awareness about the blessings of genetic testing has extended the demand for customized healthcare which has pushed the increase of the worldwide genetic trying-out market.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The competitive landscape of the global genetic testing marketplace is notably numerous and is constantly evolving which is characterized by the mixture of many installed companies, emerging startups, medical laboratories, and research agencies. The genetic checking-out market is rather aggressive due to the developing needs, advancements, and the combination of genetics into the healthcare machine which further expands the domain of this market.
Many diagnostics laboratories like Quest Diagnostics, LabCorp (Laboratory Corporation of America), and Eurofins Scientific are the most important players within the genetic testing marketplace as they provide a wide variety of genetic checks, along with scientific diagnostic assessments, pharmacogenomic trying out, and most cancers screening.
Whereas, a few corporations are focusing on unique genetic checking out regions, including Invitae, which makes a specialty of genetic trying out for hereditary diseases and uncommon situations, and Natera which is known for its prenatal and reproductive genetic checking out.
The aggressive panorama of this market will constantly evolve, with mergers, acquisitions, and partnerships being common strategies amongst industry players to make their provider portfolios. As the demand for personalized remedies, disease risk assessments, and gene-primarily based studies maintains to grow, competition in the worldwide genetic testing market is expected to heighten, leading to in addition innovation and carrier diversification.
Some of the prominent players in the Global Genetic Testing Market are:
- Abbott Laboratories
- Myriad Genetics Inc.
- Danaher Corporation
- Illumina Inc.
- Luminex Corporation
- BioRad Laboratories Inc.
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- F. Hoffmann-La Roche Ltd
- Eurofins Scientific
- Qiagen
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Genetic Testing Market:
The global genetic testing market has been impacted due to the COVID-19 pandemic and the following economic recession. The pandemic has boosted the demand for diagnostic tests, which use molecular checks such as PCR and genetic assessments for the SARS-CoV-2 virus. This has created new growth opportunities for genetic testing laboratories and companies first concerned with the improvement of genetic test merchandise.
Healthcare companies and genetic trying-out companies have elevated their telehealth and telecare services to provide extra test kits that can lessen the danger of viral transmission. This shift in provider transport methods has made entry to genetic testing offerings easier.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 18.2 Bn |
| Forecast Value (2032) |
USD 46.9 Bn |
| CAGR (2023-2032) |
11.1% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Consumables, Equipment and Software &
Services), By technology (Next Generation
Sequencing, Array Technology, PCR-based Testing,
FISH and Others), By Application (Health & Wellness
Predisposition, Genetic Disease Carrier Status, New
Baby Screening, Ancestry & Ethnicity and Traits
Screening), By End-User (Hospital & Clinics,
Diagnostics Laboratories and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Abbott Laboratories, Myriad Genetics Inc., Danaher
Corporation, Illumina Inc., Luminex Corporation,
BioRad Laboratories Inc., PerkinElmer Inc., Quest
Diagnostics Incorporated, F. Hoffmann-La Roche Ltd,
Eurofins Scientific, Qiagen, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Genetic Testing Market is projected to hit a value of USD 18.2 billion in 2023.
The Global Genetic Testing Market is anticipated to grow with a CAGR (Compound annual growth rate)
of 11.1% during the forecast period (2023-2032).
North America dominates the Global Genetic Testing Market with 43.6% of the total revenue share in
2023.
Some of the prominent players Global Genetic Testing Market include Abbott Laboratories, Myriad
Genetics Inc., Danaher Corporation, Illumina Inc., Luminex Corporation, BioRad Laboratories Inc.,
PerkinElmer Inc., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd, Eurofins Scientific, Qiagen
and others.