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Pharmaceutical Icon

Genetic Testing Market – Trends Forecast Till 2030

Genetic Testing Market, by Type (Predictive & Pre-symptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), Application (Ancestry & Ethnicity, Traits Screening, Genetic Disease Carrier Status, New Baby Screening, Health and Wellness - Predisposition/ Risk/tendency), End-user and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

  • Published Date : August 2023
  • Base Year Estimate : 2022
  • Report ID : D-PH-GTM-1489
  • Format :
  • Number of Pages : 559
  • Domain : Pharmaceutical
  1. Pharmaceutical
  2. Genetic Testing Market – Trends Forecast Till 2030
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REPORT SYNOPSIS
Market Snapshot Market Overview Delvens Industry Expert's Standpoint Market Portfolio Key Findings Regional Analysis Competitive Landscape Recent Developments Reasons to Acquire Report Scope
Table Of Content Frequently Asked Questions

Market Snapshot

Market Overview

The global Genetic Testing market size was estimated at USD 18.05 billion in 2023 and is projected to reach USD 35.62 billion in 2030 at a CAGR of 10.20% during the forecast period 2023-2030.

Genetic tests are defined as medical devices available in kits and panels that are used to test people for genetic diseases. In addition, testing is done by taking blood samples from patients. These samples are then run on laboratory equipment using test kits. In addition, different tests are used to test for genetic disorders. For example, some genetic tests include predictive and asymptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, and others. In addition, these tests are used to diagnose diseases such as cancer diagnosis, genetic disease and cardiovascular disease.

The genetic testing market is expected to grow significantly in the future due to the increasing incidence of genetic disorders and cancer, and the growing awareness and acceptance of personalized medicine. For example, genetic testing, also known as pharmacogenetic testing, has been widely used in pharmacogenetics. In addition, advancements in genetic testing technologies are expected to boost the growth of the genetic testing market during the forecast period. However, standardization issues in genetic testing-based diagnostics and strict regulations on product approval are likely to slow down the growth of the genetic testing market during the forecast period. Conversely, untapped emerging markets in developing countries are expected to offer profitable opportunities for market participants. For example, the healthcare systems of developing countries such as Brazil, India and China have seen significant increases in investment in healthcare and infrastructure, resulting in increased demand for genetic testing in the region.

The growth of the genetic testing market has been significantly affected by the COVID-19 pandemic. According to the March 2021 edition of the Prenatal Diagnosis Journal, the COVID-19 pandemic has affected pregnant women's decisions about prenatal genetic testing. The pandemic has also affected patient access to and use of prenatal genetic testing. However, the genetic testing required to diagnose COVID-19 has increased during the pandemic. Thus, the genetic testing market has been significantly affected by COVID-19. Currently, however, the genetic testing market has reached pre-pandemic levels of global demand for genetic testing and is expected to grow at a healthy rate in the coming years.

Delvens Industry Expert's Standpoint

The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The increasing technological development of recent years has opened several opportunities for market expansion. The rapid growth of the market is supported by the increase in the prevalence of chronic diseases and the development of test kits adapted to narrow therapeutic areas. The increasing focus of various national governments on the regulation and awareness of genetic testing has led to the rapid use of these tests throughout the world. The increasing funding of R&D and the strong presence of the main players in the market created a strong barrier to new entrants. Innovations in product design, quality improvement and strong distribution partnership.

Market Portfolio

Key Findings

  • The type segment is further fragmented into Predictive & Pre-symptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others. The prenatal and newborn testing segment held the dominant position and the highest revenue and is expected to maintain its dominant position during the forecast period. This is due to the increase in health awareness among people and the increase in mortality from genetic diseases worldwide. On the other hand, the pharmacogenomic testing segment is expected to witness the highest CAGR during the forecast period. This is expected to increase the use of personalized medicine worldwide.
  • The technology segment is further bifurcated into Cytogenetic Testing, Biochemical Testing, and Molecular Testing. The molecular testing segment has achieved the largest market share in genetic testing and will maintain its leading position during the forecast period. Growth in this segment is driven by molecular testing, which is the most widely used genetic testing technique. The technology is used, for example, in genetic testing, such as carrier testing, diagnostic testing, predictive and symptomatic testing, etc. In addition, molecular testing is also useful because it can be used to analyze DNA gains or losses that cannot be detected by routine chromosome analysis.
     
  • The application segment is further bifurcated into Ancestry & Ethnicity, Traits Screening, Genetic Disease Carrier Status, New Baby Screening, Health and Wellness - Predisposition/ Risk/tendency. The Health and Wellness - Predisposition/Risk/tendency segment of health and wellness has captured the largest share and is expected to maintain its dominant position with the fastest growth rate during the forecast period. Predictive genetics and consumer/wellness genomics are in demand due to advancing trends in healthy lifestyles and health awareness campaigns.
     
  • The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, the demand is rising for diagnostics due to the increased incidences of chronic illnesses and the availability of technologically advanced diagnostic techniques.

Regional Analysis

North America to Dominate the Market

  • North America is estimated to account for the largest market share during the forecast period. In North America, rising demand for diagnostics is mainly due to the increased incidences of chronic illnesses and the availability of technologically advanced diagnostic techniques. In addition, the increasing incidence of infectious diseases in the region, such as COVID-19, tuberculosis, HIV, and influenza, is expected to boost the demand for detection & treatment.
     
  • Moreover, the strong presence of well-established healthcare infrastructure and the availability of government funding for research is expected to boost the North American market growth.