Genetic Testing Market Will Register at a CAGR of 10.20% by 2030 | Leading Players are Qiagen N.V. (Formulatrix, Inc.), Eurofins Scientific, Danaher Corporation (Cepheid), Thermo Fisher Scientific, Inc

The genetic testing market is expected to grow significantly in the future due to the increasing incidence of genetic disorders and cancer, and the growing awareness and acceptance of personalized medicine. For example, genetic testing, also known as pharmacogenetic testing, has been widely used in pharmacogenetics. In addition, advancements in genetic testing technologies are expected to boost the growth of the genetic testing market during the forecast period. However, standardization issues in genetic testing-based diagnostics and strict regulations on product approval are likely to slow down the growth of the genetic testing market during the forecast period. Conversely, untapped emerging markets in developing countries are expected to offer profitable opportunities for market participants. For example, the healthcare systems of developing countries such as Brazil, India and China have seen significant increases in investment in healthcare and infrastructure, resulting in increased demand for genetic testing in the region.

Genetic tests are defined as medical devices available in kits and panels that are used to test people for genetic diseases. In addition, testing is done by taking blood samples from patients. These samples are then run on laboratory equipment using test kits. In addition, different tests are used to test for genetic disorders. For example, some genetic tests include predictive and asymptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, and others. In addition, these tests are used to diagnose diseases such as cancer diagnosis, genetic disease and cardiovascular disease.

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The global Genetic Testing market size was estimated at USD 18.05 billion in 2023 and is projected to reach USD 35.62 billion in 2030 at a CAGR of 10.20% during the forecast period 2023-2030.

The prominent players in the Genetic Testing market are

Qiagen N.V. (Formulatrix, Inc.)
Eurofins Scientific
Danaher Corporation (Cepheid)
Thermo Fisher Scientific, Inc
F. Hoffmann-La Roche Ltd
Abbott Laboratories
Bio-Rad Laboratories
Illumina, Inc.
24 genetics
Circle DNA
Tellmegen
23andme
AncestryDNA
MyDNA
Everly Well
Igenomix
VitaGen
Myriad Genetics, Inc.
Mapmygenome
Helix OpCo LLC
MyHeritage Ltd.
Color Genomics, Inc.
Amgen, Inc.
Beyond Nutrition Health and Wellness Services DMCC

Recent Developments

June 2022: Prenetics Group Limited, one of the leaders in genomic and diagnostic testing, introduced a novel, non-invasive at-home screening test, ColoClear by Circle (ColoClear), for detecting early signs of colorectal cancer.

March 2022: Illumina, a genome sequencing group, launched a cancer test in Europe that checks for a wide range of tumor genes in one tissue sample, potentially helping patients with rare diseases to be matched up with treatment options.

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Scope of the Report:

The Genetic Testing Market is segmented into various segments such as type, technology, application, end-user and region:

Based on type, the Genetic Testing Market is segmented into:

Predictive & Presymptomatic Testing
Carrier Testing
Prenatal & Newborn Testing
Diagnostic Testing
Pharmacogenomic Testing
Others

Based on the technology, the Genetic Testing Market is segmented into:

Cytogenetic testing/chromosome analysis
Biochemical testing
Molecular testing
DNA Sequencing
Others

Based on the application, the Genetic Testing Market is segmented into:

Ancestry & Ethnicity
Traits Screening
Genetic Disease Carrier Status
New Baby Screening
Health and Wellness-Predisposition/Risk/Tendency

Based on end-user, the Genetic Testing Market is segmented into:

Hospitals & Clinics
Diagnostic Laboratories
Others

Based on region, the Genetic Testing Market is segmented into:

Asia Pacific

Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe

South America

Brazil
Argentina
Chile
Colombia
Rest of South America

Middle East & Africa

South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa

North America to Dominate the Market

North America is estimated to account for the largest market share during the forecast period. In North America, rising demand for diagnostics is mainly due to the increased incidences of chronic illnesses and the availability of technologically advanced diagnostic techniques. In addition, the increasing incidence of infectious diseases in the region, such as COVID-19, tuberculosis, HIV, and influenza, is expected to boost the demand for detection & treatment.

Moreover, the strong presence of well-established healthcare infrastructure and the availability of government funding for research is expected to boost the North American market growth.

Reasons to Acquire

Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

Gain authentic and granular data access for the Genetic Testing Market to understand the trends and the factors involved in changing market situations.

Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Some of the main contributing factors of the market which are covered in this Genetic Testing Market report include increasing sales strategies, revenue generation, valuable growth anticipation, and cost structure study. It also includes production, revenue, and average product price and market shares of key players. This report underlines the vital modification of the market dynamics and comprehensive analysis of the parent market. Numerous facts such as development factors, business enhancement strategies, statistical growth, financial gain or loss have been analyzed effectively in the Genetic Testing Market report to help readers and clients understand the market on a global scale.

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