SkyQuest projects that the genetic testing market will attain a value of USD 36.40 billion by 2031, with a CAGR of 22% during the forecast period (2024-2031). There is a growing importance of genetic testing in cancer care, including cancer risk assessment, screening, risk reduction, and treatment strategies. Advances in sequencing technologies, with parallel reduction in costs, have pitched genetic testing into mainstream cancer care. Apart from this, an increase in awareness and a rise in the elderly population will further aid the expansion of the market.
Browse in-depth TOC on “Genetic Testing Market”
- Pages – 157
- Tables – 94
- Figures – 76
Genetic Testing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 7.42 Billion |
| Estimated Value by 2031 | $ 36.40 Billion |
| Growth Rate | Poised to grow at a CAGR of 22% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Testing Type, Methods, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Embracing the Potential of Personalized Medicine |
| Key Market Drivers | Elevated Prevalence of Genetic and Rare Disorders |
Global genetic testing market is segmented based on Testing type, technology, application, and region. In terms of Product, the market is segmented into Consumables, Equipment, and Software and Services. Based on Technology, the market is segmented into Next-generation Sequencing, Polymerase Chain Reaction, Fluorescence in Situ Hybridization, Chemiluminescence Immunoassay, and Others. Based on Testing Type, the market is segmented into Predictive Testing and Presymptomatic Testing, Carrier Testing, Prenatal and Newborn Testing, Preimplantation Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing, and Forensic Testing. Based on Methods, the market is segmented into Molecular Genetic Testing, Cytogenetic testing, Chromosomal Genetic Testing, Biochemical Genetic Testing, and Others. Based on End Users, the market is segmented into Hospitals, Clinical Laboratories, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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Hospitals & Clinic Segment Dominates Market Due to Increasing Number of Cancer Patients
The hospital and clinic segment holds the largest market share. The rising incidence of cancer in different regions and the mandatory newborn screening for diagnosing genetic disorders are the main reasons driving the segmental growth. The increase in hospitals and clinics’ capacity is expected to surge the demand for genetic testing. Companies are also adopting telehealth visits in the hospitals which are continuously growing, thus contributing towards their dominance.
Growing Personalized Treatment Demands Fastens Growth of Diagnostic Laboratories
The diagnostic laboratory segment is the fastest growing segment by end as the genetic testing companies are partnering and collaborating with digital laboratories, driving towards its fastest growth rate. Growing emphasis on personalized medicine and the expansion of direct-to-consumer or DTC genetic testing has also fueled the demand. These new technologies will help in the identification of genetic testing during the forecast period, thus driving the market.
Expansion in Testing Options Helps North America to Dominate Genetic Testing Market
Genetic testing is currently led by North America, powered by the increasing demand for personalized genetic testing services and the rising prevalence of chronic and genetic disorders in the region. The US FDA is continuing to approve new genetic tests to expand testing options. Companies develop targeted tests for prevalent cancers. The market for genetic testing in North America is poised to significantly rise with the growing incidences of cancer and proactive initiatives of industry leaders throughout the forecasted period.
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Genetic Testing Market Insights:
Drivers
- Elevated Prevalence of Genetic and Rare Disorders
- Increased Cancer Burden and Expanded Oncology Applications
Restraints
- Prohibitive Costs of Genetic Testing
- Addressing the Social and Ethical Challenges
Prominent Players in Genetic Testing Market
- Genentech Inc.
- Sorenson Genomics, LLC
- Abbott Molecular
- Bayer Diagnostics
- Genomic Health
- HTG Molecular Diagnostics
- Centogene N.V.
- Burning Rock Biotech Limited
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
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Key Questions Answered in Genetic Testing Market Report
- What drives the genetic testing market growth?
- Who are the leading genetic testing providers in the world?
- Where will genetic testing demand soar high?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of genetic testing market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the genetic testing market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.