Genetic Testing Market Analysis

Genetic Testing Market Overview

The genetic testing market size was valued at USD 17.17 billion in 2023 is projected to grow from USD 18.97 Billion in 2024 to USD 42.68 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.7% during the forecast period (2024 - 2032). The rising incidence of hereditary and chronic illnesses and the development of cutting-edge testing tools are the key market drivers enhancing market growth are the key market drivers enhancing the market growth.

Genetic Testing Market Trends

• Advancements in genetic testing  techniques to boost market growth

The development of next-generation sequencing and chromosomal microarray analysis, which transform the identification of chromosomal structural and numerical abnormalities and, in turn, help identify a variety of rare genomic and genetic disorders, are examples of technological advancements in genetic testing. In addition, Roche introduced FoundationOne Liquid, a blood-based genetic profiling test, in September 2019. The 70 most often altered genes in solid tumors and microsatellite instability can be found using this assay. Additionally, Myriad Genetics, Inc. declared in May 2020 that the FDA had authorized BRACAnalysis CDx for use as a companion diagnostic test by medical professionals to find people with metastatic pancreatic cancer who have a germline BRCA mutation and are candidates for treatment with PARP (poly ADP ribose polymerase) inhibitor. The development of significant leading players' genetic testing products is anticipated to act as a driving force for the cytogenetic market throughout the forecast period.

Technology advancements have also improved test accuracy and allowed doctors to examine various genetic data sets simultaneously. By approving new ways for the market, many nations are facilitating their adoption. For example, the United States Food and Drug Administration approved the first test to identify Fragile X Syndrome (FXS), one of the primary causes of inherited developmental delay and intellectual disability, in February 2021.

Thus, the market for genetic testing is anticipated to experience significant growth over the forecast period due to the rising burden of chronic diseases, technological improvements, and the trend toward customized therapy. Therefore, such conditions have enhanced the Genetic Testing market CAGR globally in recent years.

However, positive government programs to encourage genetic testing are another factor driving the market revenue of the Genetic Testing.

Genetic Testing Market Segment Insights

Genetic Testing Method Insights

The genetic testing market segmentation, based on Method, includes molecular genetic tests/ DNA tests, chromosomal and biochemical tests, and others. The molecular genetic tests/ DNA tests segment held the majority share in 2021, contributing to around ~45% of the market revenue of genetic testing. The widespread use of this method in genetic tests is responsible for the segment's supremacy. Additionally, the segmental expansion will be fueled by the technological superiority of this technique, such as quicker turnaround times and the recent trend of falling next-generation sequencing (NGS) costs.

Genetic Testing Type Insights

The genetic testing market data has been bifurcated by Type into prescribed genetic testing and direct-to-consumer genetic testing. The prescribed genetic testing segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. By providing details on a person's chromosomes and genetic variations, predictive and presymptomatic testing has become popular for identifying potential hazards in the future. Comparatively speaking, the predictive genetic test is a revolutionary approach quickly growing as a genetic test in medical settings, particularly in developed countries. It is increasingly used to direct several illnesses' training methods and dietary plans.

Figure 2: Genetic testing market, by Type, 2021 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Direct-to-consumer genetic testing was the fastest-growing segment. In nations including the US, China, and Japan, direct-to-consumer genetic testing kits are gaining popularity. The market for DTC-GT (Direct-to-Consumer Genetic Testing) kits is anticipated to expand rapidly over the forecast period due to rising technological adoption, awareness campaigns, and cost reductions.

Genetic Testing Application Insights

Based on Application, the global genetic testing industry has been segmented into reproductive health, cancer screening ancestry, predictive and presymptomatic testing, and others. Cancer Screening Ancestry held the largest segment share in 2021; by 2032. Genetic testing aids in determining a person's lifetime risk of contracting cancer. It achieves this by checking for specific alterations in a person's genes, chromosomes, or proteins. We refer to these alterations as mutations.

The fastest-growing segment in the genetic testing industry is Pred reproductive health. New diagnostic procedures, therapies, or interventions to delay the onset of disease or lessen its severity have been made possible by advances in our understanding of the mechanisms underlying genetic disease.

Genetic Testing Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. North America, Genetic Testing market accounted for USD 3.51 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The market continues to expand due to North America's important contribution to patient awareness of genetic illnesses. For instance, America observed a month-long awareness campaign for sickle cell anemia in September 2020. Additionally, the bulk of large players is concentrated in this area, which is crucial for expanding the genetic testing industry.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GENETIC TESTING MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Genetic Testing market accounts for the second-largest market share. This results from patients becoming more informed about hereditary diseases such as cystic fibrosis, cancer, and thalassemia. The 100,000 Genomes Project and other genomics initiatives carried out by research organizations in this region also contribute to the expansion of the genetic testing business. Further, the Germany market of genetic testing held the largest market share, and the UK market of genetic testing was the fastest-growing market in the European region.

The Asia-Pacific market of genetic testing is expected to grow at the fastest CAGR from 2022 to 2032. the region's developing healthcare system, a sizable patient base combined with an increase in the use of cutting-edge genomics technologies, an increase in the prevalence of numerous chronic conditions, and the decreasing cost of genomic testing. Moreover, China market of genetic testing held the largest market share, and the India market of genetic testing was the fastest-growing market in Asia-Pacific.

Genetic Testing Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of genetic testing grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Genetic Testing industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operational costs is one of the main business tactics used by manufacturers in the worldwide Genetic Testing industry to benefit customers and increase the market sector. The genetic testing industry has recently given medicine some of the most important advantages. The major market player of genetic testing such as Prenetics Group Limited, Illumina,and others are working to expand the market demand by investing in research and development activities.

Prenetics is a provider of genetic and diagnostic health tests that uses DNA sequencing technology to assist in discovering health hazards. In June 2022, One of the industry pioneers in genomic and diagnostic testing, Prenetics Group Limited, unveiled ColoClear by Circle (ColoClear), a revolutionary, non-invasive at-home screening test for identifying colorectal cancer's early warning symptoms.

Also, Illumina strives to analyze genomic variation and function using cutting-edge technology and assays. It emphasizes clients and promotes cooperative interactions and quick solution delivery. The creation of molecular diagnostics for use in the clinic, drug discovery, and disease research are all made possible by Illumina's array-based solutions for DNA, RNA, and protein analysis. May 2022, A company specializing in genome sequencing called Illumina recently introduced a cancer test in Europe that examines a large number of tumor genes in a single tissue sample, potentially assisting patients with uncommon disorders in finding appropriate treatments.

Key Companies in the Genetic Testing market includes

• PerkinElmer Inc. (US)


• Myriad Genetics Inc. (US)


• Abbott Laboratories (US)


• Illumina Inc. (US)


• QIAGEN (Germany)


• Eurofins Scientific (US)


• Quest Diagnostics Incorporated (US)


• Hoffmann-La Roche Ltd (Switzerland)


• Thermo Fisher Scientific Inc. (US)

Genetic Testing Industry Developments

April 2022: Cemiplimab antibodies have been made available by Bio Laboratories, Inc a market leader in life science research and clinical diagnostic products. These antibodies prevent the medicine from binding to its intended target, human-programmed death receptor-1. These pre-made antibodies can be used to create sensitive and specific assays for the bioanalysis and medication monitoring of cemiplimab.

April 2021: The Invitae Corporation has announced that patients in the United States, Canada, Australia, and Brazil at risk of acquiring several common adult neurodegenerative disorders can now get their sponsored genetic testing. The free availability of this service will benefit at-risk persons with challenging-to-diagnose diseases.

Genetic Testing Market Segmentation

Genetic Testing Type Outlook

• Molecular Genetic Tests/ DNA Tests


• Chromosomal Genetic Tests


• Biochemical Genetic Tests


• Others

Genetic Testing Type Outlook

• Prescribed Genetic Testing


• Direct-to-Consumer Genetic Testing

Genetic Testing Application Outlook

• Reproductive Health


• Cancer Screening Ancestry


• Predictive and Pre-Symptomatic Testing


• Others

Genetic Testing Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan