Genetic Testing Services Market Size to Surpass US$ 21.39 billion by 2030 - Growth Plus Reports

 | Source: Growth Plus Reports Growth Plus Reports

Pune, Dec. 14, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the global Genetic Testing Services Market is expected to clock US$ 21.39 billion by 2030 and to grow at a CAGR of 10.1% during the forecast period.

In a monumental stride towards personalized healthcare, the Genetic Testing Services Market stands as a beacon of innovation and transformative impact. As the understanding of genetics deepens and technology continues to advance, genetic testing services have become integral to informed medical decision-making. This press release delves into the pivotal role of the Genetic Testing Services Market in shaping the future of healthcare through precision diagnostics and personalized treatment strategies.

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                                      Genetic Testing Services Market Scope

Report AttributeDetails
Market size value in 2021US$ 9 billion
Revenue forecast in 2030US$ 21.39 billion
CAGR10.1%
Base year for estimation2021
Forecast period2022-2030
Segments coveredproduct, disease, end user, and region
Regional scopeNorth America, Europe, Asia Pacific, and the Rest of the World (RoW)


Market Overview:

The Genetic Testing Services Market encompasses a spectrum of services designed to analyze an individual's genetic information. From identifying potential health risks to predicting response to specific medications, genetic testing plays a crucial role in tailoring healthcare interventions to an individual's unique genetic makeup. The market caters to a diverse range of applications, including disease risk assessment, carrier screening, pharmacogenomics, and ancestry tracing.

Key Drivers of Growth:

  1. Advancements in Genomic Technologies:
    • The rapid evolution of genomic technologies, including next-generation sequencing (NGS) and advanced DNA microarray techniques, has propelled the growth of the Genetic Testing Services Market. These technologies enable comprehensive analysis of an individual's entire genome, providing detailed insights into genetic variations.
  2. Rise in Demand for Personalized Medicine:
    • The increasing recognition of the role of genetics in determining individual responses to treatments has fueled the demand for personalized medicine. Genetic testing services aid healthcare providers in tailoring treatment plans based on a patient's genetic predispositions, optimizing therapeutic outcomes.
  3. Expanded Applications in Oncology:
    • Genetic testing has become indispensable in oncology, guiding cancer diagnosis, prognosis, and treatment selection. The market witnesses a surge in demand for oncogenetic testing to identify inherited genetic mutations associated with an increased risk of certain cancers.
  4. Consumer-Driven Genetic Testing:
    • The rise of direct-to-consumer genetic testing services has empowered individuals to explore their genetic heritage, uncover potential health risks, and make lifestyle choices based on genetic insights. This consumer-driven trend contributes to the expansion of the Genetic Testing Services Market.
  5. Government Initiatives and Support:
    • Various governments and healthcare organizations worldwide are recognizing the importance of genetic testing in improving public health outcomes. Supportive policies, research funding, and initiatives to integrate genetic testing into mainstream healthcare contribute to market growth.

Diverse Testing Services:

  1. Disease Risk Assessment:
    • Genetic testing services provide valuable information about an individual's susceptibility to certain diseases, empowering proactive preventive measures and personalized health management.
  2. Carrier Screening:
    • Carrier screening helps individuals assess their risk of passing on genetic disorders to their children. The Genetic Testing Services Market includes a range of tests for carrier status determination.
  3. Pharmacogenomic Testing:
    • Pharmacogenomic testing analyzes how an individual's genes may influence their response to medications. This personalized approach aids in optimizing drug selection and dosage for better treatment outcomes.
  4. Ancestry and Genealogy Testing:
    • Ancestry testing services allow individuals to explore their genetic roots and trace their ancestral heritage. The market caters to the growing interest in genealogy and heritage exploration.

Challenges and Opportunities:

  1. Ethical and Privacy Concerns:
    • The collection and use of genetic data raise ethical and privacy considerations. Companies in the Genetic Testing Services Market have an opportunity to establish transparent practices and robust security measures to address these concerns.
  2. Education and Genetic Literacy:
    • Increasing genetic literacy among healthcare professionals and the general public is crucial. Companies can seize the opportunity to engage in educational initiatives to enhance understanding and awareness of genetic testing benefits and limitations.

Global Market Landscape:

Major players in the Genetic Testing Services Market include Quest Diagnostics, Laboratory Corporation of America Holdings (LabCorp), Illumina, Inc., Myriad Genetics, and others. These companies drive market dynamics through strategic collaborations, technological advancements, and a broad portfolio of genetic testing services.

Future Outlook:

As the Genetic Testing Services Market continues to evolve, future developments are expected to focus on expanding testing capabilities, integrating genetic data into electronic health records, and advancing the understanding of the genomic basis of complex diseases. The market is poised to play a central role in the era of precision medicine.

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Table of Content

  1. INTRODUCTION
    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2020
      2. Base Year – 2021
      3. Forecasted Years – 2022 to 2030
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
  3. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2021)
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  5. GLOBAL GENETIC TESTING SERVICES MARKET - ANALYSIS & FORECAST, BY TYPE
    1. Prenatal Testing
    2. Predictive Testing
    3. Carrier Testing
    4. New-born Screening
    5. Others
  6. GLOBAL GENETIC TESTING SERVICES MARKET - ANALYSIS & FORECAST, BY DISEASE
    1. Cardiovascular Disease
    2. Cancer Disease
    3. Metabolic Disease
    4. Others
  7. GLOBAL GENETIC TESTING SERVICES MARKET - ANALYSIS & FORECAST, BY END-USER
    1. Hospitals & Clinics
    2. Diagnostic Centers
    3. Academic Institutes & Research Centers
    4. Others

Browse full TOC here.

VALUE PROPOSITIONS RELATED TO THE REPORT:

  • Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
  • Comprehensive quantitative and qualitative insights at segment and sub-segment level
  • Covid 19 impact trends and perspective
  • Granular insights at global/regional/country level
  • Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
  • Blanket coverage on competitive landscape
  • Winning imperatives
  • Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

  • Distributor Landscape Assessment
  • Pricing Intelligence
  • Customer Base Assessment
  • Investment & Initiatives Analysis
  • 'Business Profile' of Key Players

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Conclusion:

The Genetic Testing Services Market is not merely a sector of the healthcare industry; it represents a paradigm shift towards personalized and precision medicine. By unlocking the secrets encoded in our genes, genetic testing services are revolutionizing how diseases are diagnosed, treated, and prevented. As the market advances, it heralds a future where healthcare is truly tailored to the individual.

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