Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "United States Genetic Testing Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The United States Genetic Testing Market was valued at USD 5.18 Billion in 2023 and is expected to reach USD 7.65 Billion by 2030 with a CAGR 6.88%
The United States Genetic Testing Market is a rapidly evolving sector driven by advancements in biotechnology, increased awareness of personalized medicine, and growing demand for early disease detection. The market encompasses a wide range of tests, including carrier testing, prenatal testing, predictive testing, and pharmacogenomic testing, allowing for comprehensive assessments of genetic predispositions to various conditions. Significant technological innovations, such as next-generation sequencing (NGS) and whole-genome sequencing, have enhanced the accuracy and efficiency of genetic tests, making them more accessible to healthcare providers and patients alike.
The rise of direct-to-consumer genetic testing services has empowered individuals to obtain genetic information without the need for healthcare provider intermediaries, further driving market growth. According to a study titled, "Trends in Availability of Genetic Tests in the United States, 2012-2022", Genetic testing has seen a significant increase in use globally over the past two decades. This surge in the development of genetic tests led to the establishment of the Genetic Testing Registry (GTR) in the United States, designed to offer transparent information about genetic tests and the associated laboratories.
By analyzing publicly available data from the GTR, we assessed trends in the availability of genetic tests in the US over the last ten years. As of November 2022, the registry had cataloged a total of 129,624 genetic tests in the US and 197,779 globally, including updated versions of existing tests. Notably, over 90% of these tests are intended for clinical applications rather than research. Worldwide, the number of new genetic tests rose from 1,081 in 2012 to 6,214 in 2022. In the US, the number of new tests increased from 607 in 2012 to 3,097 in 2022, with the year 2016 marking the peak of new test introductions.
Over 90% of these tests are used for diagnostic purposes. Within the US, just 10 out of more than 250 laboratories are responsible for 81% of the new genetic tests listed in the GTR. As the availability of genetic tests continues to expand, enhanced international collaboration is essential for a thorough understanding of the global landscape of genetic testing. However, challenges such as data privacy concerns, ethical considerations, and reimbursement issues continue to pose hurdles for market expansion. Nevertheless, ongoing research and development efforts, alongside a growing acceptance of genetic testing among healthcare providers and patients, are expected to propel the market forward.
Direct-to-Consumer Testing Growth
The rise of direct-to-consumer (DTC) genetic testing has significantly transformed the landscape of the United States Genetic Testing Market. DTC testing services empower individuals by allowing them to access their genetic information without needing a healthcare provider as an intermediary. This direct access fosters a sense of autonomy among consumers, enabling them to take charge of their health and make informed decisions based on their genetic predispositions.
The rise of DTC testing has stimulated innovation within the industry. Companies are continually developing new and more sophisticated testing methods that can analyze a wide array of genetic markers, providing insights into health risks, ancestry, and even traits. These advancements not only improve the quality of the tests but also enhance the consumer experience by offering easy-to-understand reports and actionable health recommendations. As consumers increasingly share their genetic test results on social media and other platforms, this word-of-mouth marketing further drives interest and engagement in DTC testing.
Individuals are more likely to consider testing when they see friends or family members participating and discussing their findings. However, this growth also raises important considerations regarding privacy, data security, and the interpretation of genetic information. As consumers engage with DTC testing, there is a pressing need for education about the implications of their results and the importance of consulting healthcare professionals for comprehensive understanding and guidance.
Integration of Genetic Testing into Healthcare
The integration of genetic testing into routine healthcare practices is transforming the landscape of modern medicine and driving substantial market growth. As healthcare providers increasingly recognize the value of genetic testing in enhancing diagnostic accuracy and informing treatment decisions, it is becoming a standard component of patient care. This shift is particularly significant in fields such as oncology, cardiology, and rare disease management, where genetic insights can guide personalized treatment approaches.
The integration of genetic testing allows for more precise treatment plans. For example, in oncology, knowledge of specific genetic mutations in tumors can guide the selection of targeted therapies, resulting in more effective treatment outcomes with fewer side effects. This personalized approach not only benefits patients but also enhances the overall efficiency of healthcare systems by optimizing resource utilization and reducing trial-and-error prescribing.
Regional Insights
Based on region, West was the most dominated area in the Genetic Testing Market. This dominance can be attributed to several key factors, including the presence of leading biotechnology companies, advanced healthcare infrastructure, and a strong emphasis on innovation and research. The West, particularly states like California, is home to numerous biotechnology firms and research institutions that are at the forefront of genetic testing technology.
Silicon Valley and the San Francisco Bay Area have become hubs for genetic research and innovation, fostering collaborations between tech companies, healthcare providers, and academic institutions. This concentration of expertise facilitates the rapid development and deployment of advanced genetic testing solutions, thereby driving market growth.
The West has a well-established healthcare infrastructure that supports genetic testing services. Many healthcare providers in this region are integrating genetic testing into routine clinical practice, recognizing its importance in personalized medicine and precision healthcare. The availability of specialized genetic counselors and support services enhances patient access to genetic testing and interpretation, further contributing to the region's market dominance.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $5.18 Billion |
| Forecasted Market Value (USD) by 2029 | $7.65 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | United States |
Report Scope:
Key Market Players
- Invitae Corporation
- 23andMe, Inc
- Genomics Plus
- Myriad Genetics, Inc.
- Ambry Genetics Corporation
- BGI Genomics Co., Ltd.
- Blueprint Genetics Oy.
- F Hoffmann-La Roche Ltd
- BioReference Health, LLC
- Fulgent Genetics, Inc.
United States Genetic Testing Market, By Technique:
- PCR
- DNA Sequencing
- Microarrays
- Others
United States Genetic Testing Market, By Application:
- Cardiology
- Oncology
- Pharmacogenomics
- Cognitive Dysfunction
- Others
United States Genetic Testing Market, By Region:
- Northeast Region
- Midwest Region
- West Region
- South Region
For more information about this report visit https://www.researchandmarkets.com/r/4efr7o
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