Genetic Testing Market - Top a Valuation of USD 39.2 Bn by 2032 | North America - Revenue Share of Approximately 42.6%

In recent years, there has been a notable global increase in the prevalence of genetic disorders among individuals. Consequently, many individuals are turning to genetic testing for early detection of these disorders in infants as a proactive measure to curb their further growth.

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New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Global Genetic Testing Market size is projected to surpass around USD 39.2 billion by 2032, and it is poised to reach a CAGR of 9.7% from 2023 to 2032.

Genetic testing is a specialized medical examination designed to detect genetic, protein, or chromosome modifications that aim to assess and mitigate the risk of genetic disorders. Genetic testing includes numerous genomic analyses such as the evaluation of carrier status for genetic diseases; newborn screening; and trait assessment among others. Genetic testing allows early detection of disorders in infants and fetuses thus decreasing the likelihood that newborns become affected with such conditions at birth; hence its value lies in preventive healthcare as it ensures well-being for future generations.

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Genetic Testing Market by product

Key Takeaway:

  • In 2022, the Global Genetic Testing Market was estimated at USD 15.9 Billion.
  • Rising genetic disorders and personalized medicine represent key growth drivers.
  • Cancer, the leading reason for death in the world has driven the need for testing genetics.
  • By Product, consumables held a dominating revenue share of 59.6% in 2022.
  • By Technology, next-generation sequencing is expected to grow at the highest CAGR of 22.8%.
  • By Application, health and wellness predisposition leads the segment with a major revenue share of 46.8%.
  • By End-user, hospitals & clinics hold the major revenue share of 45.8% in the global genetic testing market.
  • North America held a revenue share of approximately 42.6% in 2022.
  • Asia Pacific market is anticipated to be the fastest-growing region during the forecast period.
  • COVID-19 has negatively affected the market for genetic testing, however, it is now recovering after the pandemic.
  • Next-generation sequencing is expected to grow at the highest CAGR (22.8%) among technologies.
  • Wellness and health predisposition dominate the application segment (46.8%).
  • Technological advancements continuously in the field of genetic testing provide the potential to grow.
  • Molecular diagnostics is the parent market of the genetic testing market and next generation sequencing market is one of the ancillary markets.

The multitude of benefits associated with genetic testing has led to its widespread adoption among individuals for various purposes. Additionally, heightened awareness regarding newborn screening and the escalating prevalence of genetic disorders contribute significantly to the burgeoning global genetic testing market.

Factors affecting the growth of the Genetic Testing Market?

Several factors can affect the growth of the genetic testing market. Some of these factors include:

  • Increasing Prevalence of Genetic Disorder: Over the last few years, the number of individuals with genetic disorders has increased significantly across the world. Therefore, to prevent the further growth of individuals with genetic disorders, many people are adopting genetic testing to detect genetic disorders in infants.
  • Rising Cancer Patients: According to reports, cancer has been one of the leading causes of death in the past few years. Many people are getting cancer through genetic heredity. Therefore, to detect cancer in its early stages, many individuals are adopting genetic testing for cancer detection.
  • Rising Government Initiatives: With an increasing number of individuals with genetic disorders, the governments of many countries are spreading awareness about genetic testing among individuals. This is positively boosting the growth of the genetic testing market.

Top Trends in Global Genetic Testing Market

In recent years, increasing health consciousness has fostered the expansion of the global genetic testing market. A growing number of individuals are embracing genetic testing for diverse purposes, including early detection of abnormalities and genetic disorders. Genetic testing is instrumental in identifying genetic disorders in infants at an early stage, which is crucial for timely intervention. Furthermore, it plays a pivotal role in cancer detection, offering the potential for successful treatment when identified in its nascent phases. This heightened health awareness-driven trend toward genetic testing is a key driver propelling the global genetic testing market's growth.

Market Growth

The prevalence of genetic disorders has surged in recent years, prompting a significant increase in genetic testing rates. Inherited diseases are being passed down through generations, compounding health issues. Consequently, many individuals are turning to genetic testing to identify disorders and diseases at early stages. This heightened demand contributes to the growth of the global genetic testing market, as early detection becomes essential in addressing hereditary health challenges across generations.

Parent Market/Ancillary Market Analysis

The molecular diagnostics market covers PCR, Chips and Microarrays, In Situ Hybridization, Sequencing, Isothermal Nucleic Acid Amplification Technology (INAAT), Mass Spectrometry, and Transcription Amplification among other technologies. PCR is the most commonly used technology for the detection of COVID-19 and other infectious diseases.

Next-generation sequencing technology aids in identifying the order of nucleotides in the targeted regions of DNA or RNA or the entire genomes.

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Regional Analysis

The North American region exerts dominance over the global genetic testing market, securing a substantial 42.6% revenue share. This commanding growth is driven by increasing awareness among individuals regarding the importance of genetic testing in early cancer and genetic disorder detection. Furthermore, the region benefits from a well-developed healthcare infrastructure and the high disposable income of its residents, which propels genetic testing market expansion. Developed nations like the United States and Canada boast advanced healthcare systems, a significant catalyst for market growth. Meanwhile, the Asia Pacific region is poised for rapid growth, fueled by the adoption of advanced healthcare techniques, underlining its potential in the global genetic testing market during the forecast period.

Competitive Landscape

The market is highly competitive with key players adopting strategies to capture their market position. Some of the major players include Sorenson Genomics LLC, PacBio, Circle DNA, 24 Genetics, Abbott Molecular, Tellmegen, Biocartis, MyDNA, Bayer Diagnostics, BioHelix, HTG Molecular Diagnostics, and other key players.

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Scope of the Report

Report AttributesDetails
Market Value (2022)US$ 15.9 Billion
Forecast Revenue 2032US$ 39.2 Billion
CAGR (2023 to 2032)9.7%
North America Revenue Share42.6%
Base Year2022
Historic Period2016 to 2022
Forecast Year2023 to 2032

Market Drivers

Prominent organizations have documented a surge in the prevalence of genetic disorders and cancer in recent years. Reports reveal that cancer stands as the second leading global cause of death, with diverse inherited forms spanning generations. Genetic testing plays a pivotal role as a preventive measure to detect these hereditary cancers. As the global cancer patient population continues to expand, there has been a substantial increase in the rate of genetic testing. This surge underscores the driving force behind the growth of the global genetic testing market, as it assumes an indispensable role in early cancer detection and intervention.

Market Restraints

While the rate of genetic testing has notably increased in recent years, the substantial cost associated with such testing often poses a barrier for many individuals seeking genetic disorder detection. The expenses involved in genetic testing are often prohibitively high in various regions worldwide, rendering it inaccessible to a significant portion of the population. These elevated costs primarily stem from the pricey equipment and instruments employed in the genetic testing process. Additionally, the prolonged turnaround time for genetic testing results discourages its use in emergency cases, dissuading many individuals globally. These factors collectively present challenges to the growth of the global genetic testing market.

Market Opportunities

Prominent players in the global genetic testing market are making substantial investments in advancing techniques and equipment, aiming to enhance genetic testing procedures. Their focus lies in developing innovative approaches, such as chromosomal microarray analysis and next-generation sequencing, capable of revolutionizing the detection of abnormalities and genetic disorders. As technology evolves, researchers are diligently upgrading genetic testing methodologies to bolster efficiency and expedite result delivery. Furthermore, the burgeoning healthcare infrastructure in emerging economies like India, China, and Brazil is poised to significantly contribute to the growth of the genetic testing market. These pivotal factors are expected to yield numerous lucrative opportunities within the global genetic testing market throughout the forecast period.

Report Segmentation of the Genetic Testing Market

Product Insight

Consumables take the lead in the segment, encompassing a substantial 59.6% of the global genetic testing market's revenue share. This growth in consumables can be attributed to the active participation of key industry players supplying a diverse range of accessories and reagents. Given the surging market demand, consumables are anticipated to exhibit robust growth throughout the forecast period, propelled by these factors. Simultaneously, the software & services sector is poised for remarkable expansion in the market. The heightened investments made by Contract Research Organizations (CROs) in genetic testing are acting as a driving force behind this segment's growth.

Technology Insight

Next-generation sequencing is poised to emerge as the swiftest-growing segment, exhibiting a remarkable CAGR of 22.8%. This accelerated growth is underpinned by the increasing utilization of next-generation sequencing in genome mapping initiatives, ongoing technological advancements, and escalating healthcare expenditure, bolstering its position within the technology sector of the global genetic testing market. Further fueling this expansion is the continual progress in DNA sequencing techniques. Simultaneously, array technology is set to witness substantial growth in the near future. Its substantial application in cancer detection is a pivotal driver behind the flourishing trajectory of array technology within the global genetic testing market.

Application Insight

Health and wellness predisposition takes the lead in the segment, commanding a significant revenue share of 46.8% in the global genetic testing market. This dominance is attributed to the escalating health awareness among individuals, prompting them to opt for genetic testing to proactively identify potential disorders at an early stage. Genetic testing enables the timely detection of diseases and disorders, mitigating their progression into more severe health issues. These factors are driving the expansion of health and wellness predisposition within the application segment of the global genetic testing market.

End-User Insight

Hospitals and clinics command the end-user segment, securing a significant revenue share of 45.8%. This substantial growth can be attributed to the compulsory newborn screening for early detection of genetic disorders and the growing population of cancer patients, with cancer being a leading global cause of mortality. Genetic testing offers a valuable option for early cancer detection, helping prevent further cancer-related deaths, and thus driving the adoption of genetic testing in hospitals and clinics.

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Recent Development of the Genetic Testing Market

  • In June 2023, Devyser launched genetic testing analysis kits, Devyser BRCA PALB2 and Devyser LynchFAP to identify cancer risks such as ovarian and breast cancer and Lynch syndrome.
  • In March 2022, Illumina unveiled a novel cancer test for the European market, capable of identifying multiple cancer types from a single tissue sample. This breakthrough technology not only aids individuals with rare diseases but also enhances treatment matching for improved patient outcomes.
  • In June 2022, the Genomic and diagnostic testing firm Prenetics Group Limited introduced their innovative non-invasive home screening test, known as ColoClear by Circle. This groundbreaking test is designed to identify early indications of colorectal cancer, contributing to early detection and potentially life-saving interventions.

Market Segmentation

Based on Product

  • Consumables
  • Equipment
  • Software & Services

Based on Technology

  • PCR-based Testing
  • Next Generation Sequencing
  • Array Technology
  • FISH
  • Other Technologies

Based on Application

  • Genetic Disease Carrier Status
  • Ancestry & Ethnicity
  • New Baby Screening
  • Traits Screening
  • Health and Wellness-Predisposition
  • Based on End-User

Based on End-User

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Other End-Users

Based on Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players:

  • Abbott Molecular
  • Circle DNA
  • 24 genetics
  • Tellmegen
  • MyDNA
  • Sorenson Genomics LLC
  • Bayer Diagnostics
  • Biocartis
  • BioHelix
  • HTG Molecular Diagnostics
  • PacBio
  • Other Key Players

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