Genetic Testing Market: Global Industry Analysis and Forecast (2022-2029)

Genetic Testing Market is anticipated to reach US$ 39.73 Bn. by 2029 from US$ 16.51 Bn. in 2021 at a CAGR of 11.6% during a forecast period.

Genomic data is crucial to a precision medicine approach to healthcare; it is feasible to decode DNA into its basic sequences to view its functional information as data, allowing researchers, bioinformaticians, and physicians to decode the properties of a person's DNA. The genetic testing industry is growing driven by increased consumer knowledge, evolving culture of consumer empowerment, and a need for highly individualized services. Companies that provide these services, however, are increasingly concerned about data privacy and scientific validity.

A rare disease, defined as a disorder affecting less than one in every 2,000 individuals, affects around 300 million people globally. While genetic factors underlie 80% of such illnesses, effective genetic testing and diagnosis remain a hurdle. Sequencing, a crucial driver of precision medicine, is becoming more cost-effective. The cost of reading the full human genome has reduced by an order of magnitude, from $10,000 in 2011 to around $1,000 in 2021, because of a variety of technical, scientific, and frontline operational breakthroughs.

The Genetic Testing Market is segmented based on Type, Disease, Technology, and Region. The growth of different segments assists the report users in gaining knowledge of the many growth variables estimated to be prevalent across the market and developing various tactics to assist in identifying core application areas and the gap in the target market. The research examines the market in-depth and includes valuable insights, facts, historical data, and scientifically backed and industry-validated market figures. Estimates are also provided based on a suitable set of assumptions and approaches.

To know about the Research Methodology :- Request Free Sample Report
Genetic Testing Market Dynamics
The growth is accompanied by an increase in the incidence of genetic illnesses and a decrease in the cost of genetic testing. In 2021, there were around 6, 00,920 cancer deaths in the United States. Patients are expected to be more aware of the need for early illness detection, which would lead to faster treatment and a lower death rate. The increased prevalence of illnesses such as cancer, cystic fibrosis, Alzheimer's disease, and other genetic disorders likely lead to an increase in the number of individuals undergoing genetic testing for early diagnosis, fuelling the growth of the Global Genetic Testing Market.

The increased emphasis by governments throughout the world on regulating and raising knowledge about genetic testing has resulted in a speedier acceptance of these tests around the world. The increased R&D investment, along with the strong market presence of the firm's leading competitors, has produced a high entry barrier for new entrants. Product design innovation, quality improvement, and strong distribution partnerships are critical elements for maintaining a competitive advantage in the market. For example, in August 2021, Ricoh Company Ltd. and DNA Chip Research Inc. released RICOH Standard DNA Series EGFR mutation Type001, a reference DNA plate to be utilized in blood-based genomics.

Direct-to-consumer genetic testing kits are becoming increasingly popular in countries such as the United States, China, and Japan. With increased technology adoption, awareness initiatives, and cost reductions, the market for DTC-GT (Direct-to-consumer genetic testing) kits is expected to grow significantly throughout the forecast period. Furthermore, underdeveloped markets such as India and other emerging countries are likely to provide a profitable opportunity for firms trying to establish a foothold in the genetic testing market. As a result, given the increased burden of chronic illnesses, technology advancements and a shift toward customized therapy are expected to provide significant results.
Genetic Testing Market Segment Analysis
By Disease, over the forecast period, the cancer disease segment is expected to grow at CAGR of xx%. Genetic testing can help determine a person's risk of acquiring several forms of malignancies throughout a lifetime. Inherited variations and mutations in the DNA sequence, which can lead to excessive cell growth and tumor/cancer, can be tested via genetic testing. For example, genetic testing for PALB2 linked to an increased risk of breast and pancreatic cancer, CHEK2 linked to breast and colorectal cancers, BRIP1 linked to ovarian cancer, and RAD51C and RAD51D linked to breast and colorectal cancers.

The rising global cancer burden and rising global awareness of preventative diagnosis and tailored medication are the major factors driving the cancer sector market throughout the forecast period. According to Globocan 2021, the number of new cancer cases in 2021 is expected to reach 19,292,789, with almost 9,958,133 cancer fatalities. According to the International Agency for Research on Cancer, the number of new cancer cases is expected to reach 30.2 million by 2040. (IARC). Thus, genetic testing assists in determining if cancer runs in the family and the risk factors connected with the development of malignancies in the future among individuals.

By Technology, The molecular testing segment dominated the genetic testing market in 2021 and is projected to continue to do so during the forecast period. The fact that molecular testing is the most widely utilized technique for genetic testing contributes to the segment's growth. Genetic tests such as carrier testing, diagnostic testing, predictive and presymptomatic testing, and others, for example, employ the technology. Furthermore, molecular testing is recommended because it may be utilized to assess DNA gains or losses that are not identifiable by standard chromosomal examination.
Genetic Testing Market Regional Insight
In 2021, the global genetic testing market is dominated by North America. The demand for genetic testing in the global market is growing in line with an increase in the number of diseases caused by genetic abnormalities and rapid technological advancements. In the North American area, the United States led the genetic testing market. The United States' growth may be attributed to upgrading infrastructure to facilitate genetic testing, governmental support for direct-to-consumer (DTC) genetic testing, as well as increased insurance coverage, and lower genetic test costs.

Asia-Pacific is expected to grow at a faster rate throughout the forecast period. The main countries, such as China and India, are driving the growth pace. The Asia-Pacific market is being driven by factors such as increased R&D expenditure, a huge patient pool, and rising government financing. Other factors driving the Global Genetic Testing Market include developments in genetic testing technology, increasing prevalence of genetic illnesses, and increased awareness about disease early detection.

Report Objectives:

• Landscape analysis of the Genetic Testing Market
• competitive benchmarking
• Past and current status of the industry with the forecasted market size and trends
• Evaluation of potential key players that include market leaders, followers, and new entrants
• Technology trends
• Potential impact of micro-economic factors of the market
• External and Internal factors affecting market have been analyzed

The report also helps in understanding the Genetic Testing Market dynamics, structure by analysing the market segments and project the Genetic Testing Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Genetic Testing Market make the report investor’s guide.
Genetic Testing Market Scope: Inquire before buying



Genetic Testing Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $16.51Bn


Forecast Period 2022 to 2029 CAGR:
11.6 %
Market Size in 2029:
US $ 39.73 Bn.


 Segments Covered:
by Type
• Carrier Testing
• Diagnostic Testing
• Newborn Screening
• Predictive and PR symptomatic Testing
• Prenatal Testing
• Nutrigenomic Testing


by Disease
• Alzheimer's Diseases
• Cancer
• Cystic Fibrosis
• Sickle Cell Anemia
• Duchenne Muscular Dystrophy
• Thalassemia’s
• Huntington's Disease
• Special Diseases
• Others


by Technology
• Cytogenetic Testing
• Biochemical Testing
• Molecular Testing



Genetic Testing Market by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Genetic Testing Market: Key Players
• Abbott Laboratories
• Roche Diagnostics
• Myriad Genetics, Inc.
• Thermo Fisher Scientific, Inc.
• Agilent Technologies, Inc.
• Hologic, Inc.
• Illumina, Inc.
• QIAGEN N.V.
• Cepheid
• Quest Diagnostics
• Precipio Inc.
• Ariosa Diagnositic Inc.
• Sequenom Inc.
• 23andMe
• Bayer Diagnostics
• Biocartis
• BioHelix
• BioMerieux
• BGI
• Counsyl
• deCODEme
• Genentech
• Genomictree
• IntegraGen
• LabCorp Diagnostic

Frequently Asked Questions

1. What is the projected market size & growth rate of Genetic Testing Market?
Ans- Genetic Testing Market was valued at USD 16.51 billion in 2021 and is projected to reach USD 39.73 billion by 2029, growing at a CAGR of 11.6% during the forecast period.

2. What are the key driving factor for the growth of Genetic Testing Market?
Ans- The growth is accompanied by an increase in the incidence of genetic illnesses and a decrease in the cost of genetic testing

3. Which Region accounted for the largest Genetic Testing Market share?
Ans- In 2021, the global genetic testing market is dominated by North America.

4. What makes Asia Pacific a Lucrative Market for Genetic Testing Market?
Ans- the Asia-Pacific market is being driven by factors such as increased R&D expenditure, a huge patient pool, and rising government financing.

5. What are the top players operating in Genetic Testing Market?
Ans- Abbott Laboratories, Roche Diagnostics, Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Hologic, Inc., and Illumina, Inc.