Genetic Testing Market Size to Reach USD 19.0 Billion by 2032 | CAGR: 9.4% | DataHorizzon Research

Fort Collins, Colorado, Sept. 12, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Genetic Testing Market Size, Growth, Share, Statistics Report, By Type (Predictive Testing, Carrier Testing, Parental and Newborn Testing, Diagnostic Testing, Pharmacogenomics Testing, Nutrigenomics, Others), By Application, By Technology, By Region Forecasts, 2023-2032."

According to DataHorizzon Research, the genetic testing market size was valued at USD 7.8 Billion in 2022 and is expected to reach USD 19.0 Billion by 2032 with a CAGR of 9.4%. The growing advancement in treatment technologies and increasing financing for genetic research are major factors leading to increasing demand for genetic testing and augmenting market growth.

Numerous opportunities are emerging in the genetic testing market due to technological advancements such as non-invasive prenatal testing (NIPT), pharmacogenomics testing, direct-to-consumer genetic testing, and cancer genomics testing, among others. The growing demand for safe and accurate prediction of genetic disorders by these tests, such as prenatal screening by NIPT, is offering growth opportunities to prominent facilities.

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Report Snapshot:

Segmentation Overview

The genetic testing market has been segmented into type, application, technology, and region. Based on the type, parental and newborn testing segments represented a large share due to growing awareness among the population. The genetic diseases segment is anticipated to exhibit substantial growth based on application. Based on technology, the molecular technology segment is leading the market share as it is the most frequently used technology for genetic diagnosis.

Geographically, North America held a significant market share for genetic testing owing to the high development of healthcare infrastructure and the growing use of direct-to-consumer genetic testing in this region. Asia Pacific is expected to register significant growth due to the rising awareness regarding genetic diseases, increase in healthcare spending, and the growing adoption of laboratory techniques for genetic testing.

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Key Developments in the Industry:

• In September 2023, HCA Florida Blake Hospital started offering genetic testing cancer tests. The test is conducted in collaboration with Ambry Genetics. This testing enables the early detection and risk measurement of certain types of inherited cancers in patients. 

• In September 2021, MedGenome Labs introduced its direct-to-consumer screening test named Genessense. It offers specialized, research-based genetic screening tests through the website or e-commerce platforms.  It offers tests such as Kardigen, which determines the genetic variation affecting the heart, and Curegen, which evaluates an individual’s reactivity to more than 45 medications and drug classes, 18 genes, and a variety of disorders.

Genetic Testing Market Report Highlights:

• The Genetic Testing market is projected to attain a CAGR of 13.7% by 2032.

• Parental and newborn testing held a significant market share and is predicted to remain dominant during the forecast years. The growing incidences of genetic diseases in newborns and rising awareness regarding wellness promotes the market growth.

• The genetic diseases segment is expected to grow significantly during the forecast period. The test evaluates the resemblance of the ancestral DNA to genetic data and hence determines the probability of genetic disorders in an individual.

• The molecular Testing segment is expected to account for a significant share in the genetic testing market during the forecast period. This test used for genetic diagnosis including carrier testing, diagnostic testing, predictive testing, and screening.

• North America is a major market for genetic testing due to the growing instances of genetic diseases.

• The prominent players in the genetic testing market report include Siemens Healthineers AG, Roche Diagnostics, Quest Diagnostics, Qiagen, Natera, Inc., Luminex Corporation, Invitae Corporation, Illumina, Inc., Eurofins Scientific, deCODE Genetics (Amgen), Cepheid (Danaher Corporation), Blueprint Genetics, Ambry Genetics (Konica MinoltabioMérieux SA), Abbott Laboratories, and 23andMe, Inc..

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Genetic Testing Market Report Segmentation:

Genetic Testing Market, By Type (2023-2032)

• Predictive Testing
• Carrier Testing
• Parental and Newborn Testing
• Diagnostic Testing
• Pharmacogenomics Testing
• Nutrigenomics
• Others

Genetic Testing Market, By Application (2023-2032)

• Cancer Diagnosis
• Genetic Diseases
• Cardiovascular Diseases
• Others

Genetic Testing Market, By Technology (2023-2032)

• Cytogenetic Testing
• Biochemical Testing
• Molecular Testing

Genetic Testing Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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