Global Genetic Testing Market Set to Reach USD 36.11 Billion by 2030, Growing at a CAGR of 10%
Straits Research – The global genetic testing market, valued at USD 14.82 billion in 2021, is expected to grow at a compound annual growth rate (CAGR) of 10% during the forecast period from 2022 to 2030. It is projected to reach USD 36.11 billion by 2030. This growth is primarily driven by the increasing prevalence of genetic disorders, advancements in DNA testing technologies, and the rising demand for personalized medicine.
Market Definition
Genetic testing refers to the process of analyzing DNA to identify changes or mutations in genes that may cause genetic disorders or increase the risk of certain diseases. It includes a variety of tests that can be used to determine an individual’s genetic makeup, predict the likelihood of inheriting certain conditions, and guide treatment decisions. The rise of genetic testing has empowered individuals to make informed decisions about their health, opening new avenues for early diagnosis and personalized treatments.
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Market Dynamics
Key Trends
Increasing Demand for Personalized Medicine: Personalized medicine, which tailors medical treatment to an individual’s genetic profile, is becoming increasingly popular. As genetic testing allows for the identification of genetic variations, it plays a crucial role in developing personalized treatment plans, especially in oncology, cardiology, and neurology. This growing trend is expected to drive the demand for genetic testing solutions.
Advances in Non-Invasive Testing: The growing popularity of non-invasive genetic tests, such as prenatal and newborn screening, has made genetic testing more accessible and less invasive. These tests can be conducted using blood or saliva samples, leading to wider adoption and acceptance among patients.
Market Drivers
Rising Prevalence of Genetic Disorders: Genetic disorders such as cystic fibrosis, Huntington’s disease, and sickle cell anemia are becoming more prevalent globally. The increasing incidence of these disorders is driving the demand for genetic testing to help in early diagnosis and management, particularly in newborns and individuals with a family history of genetic diseases.
Technological Advancements in DNA Testing: Advances in genomic technologies, such as next-generation sequencing (NGS) and polymerase chain reaction (PCR), have significantly improved the accuracy and affordability of genetic testing. These innovations are making genetic testing more accessible to a larger patient population and expanding its application in clinical settings.
Market Opportunities
Expansion in Emerging Markets: The growing awareness about genetic testing and the increasing healthcare infrastructure in emerging economies, especially in Asia and Latin America, presents significant growth opportunities. Companies can expand their operations in these regions to capitalize on the rising demand for genetic tests.
Growth in the At-Home Genetic Testing Market: The increasing availability of at-home genetic testing kits has opened up new market opportunities, particularly for ancestry testing and health risk assessments. Companies offering direct-to-consumer genetic testing services can capitalize on this trend to increase market penetration.
Market Segmentation
The global genetic testing market is segmented based on type, technique, application, and end user.
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
For a detailed breakdown of the market segmentation, access the full segmentation here.
Key Players in the Genetic Testing Market
The following companies are key players shaping the future of the global genetic testing market:
- 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
Regional Analysis
Dominated Region: North America
North America is the dominant region in the global genetic testing market, accounting for a significant market share. The U.S., in particular, is the largest market for genetic testing due to the presence of well-established healthcare infrastructure, a high rate of adoption of advanced healthcare technologies, and strong demand for personalized medicine. The region also benefits from a favorable regulatory environment, which has contributed to the rapid growth of genetic testing services.
Fastest Growing Region: Europe
Europe is expected to be the fastest-growing region during the forecast period. The increasing prevalence of genetic disorders, advancements in genomic technologies, and growing healthcare investments in countries such as Germany, the U.K., and France are driving the demand for genetic testing. Additionally, government initiatives aimed at improving healthcare services and the rising focus on precision medicine are further fueling market growth in this region.
Conclusion
The global genetic testing market is on a strong growth trajectory, driven by technological advancements, the increasing prevalence of genetic disorders, and the rising demand for personalized medicine. With a projected CAGR of 10%, the market is expected to reach USD 36.11 billion by 2030. Companies in the market have significant growth opportunities in emerging markets, at-home genetic testing, and expanding applications in clinical and non-clinical settings.
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As genetic testing continues to evolve and gain acceptance across various healthcare domains, it offers the potential to revolutionize disease diagnosis, treatment plans, and patient care. With ongoing innovations and an expanding range of applications, the genetic testing market will remain a critical component of the healthcare and biotechnology industries in the coming years.
