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.
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.
North America to Dominate the Market