Press release
Genetic Testing Market Size 2023: Share, Growth, Report and Forecast 2028
Genetic Testing Market 2023-2028
The global genetic testing market size reached US$ 15.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.00 Billion by 2028, exhibiting a growth rate (CAGR) of 10.37% during 2023-2028.
What is Genetic Testing?
Genetic testing, also called deoxyribonucleic acid (DNA) testing, involves analyzing the DNA of an individual, which is the genetic material that carries the instructions for the development, functioning, and maintenance of bodies. It is conducted by genetic counselors who play a vital part in helping individuals understand the implications of their test results, make informed decisions, and manage the emotional and psychological aspects associated with genetic testing. It helps tailor medical treatments to the unique genetic profile of an individual, maximizing treatment efficacy while minimizing side effects. It enables couples to make informed decisions about family planning, such as pursuing in vitro fertilization (IVF) with preimplantation genetic testing, to reduce the risk of passing on genetic disorders.
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What are the growth prospects and trends in the genetic testing industry?
At present, the increasing demand for genetic testing, as it contributes to scientific research by providing data for studying the genetic basis of diseases and developing new therapies, represents one of the crucial factors impelling the growth of the market.
Besides this, the rising utilization of genetic testing to estimate the susceptibility of an individual to develop specific health conditions, such as breast cancer or Alzheimer's disease, is contributing to the growth of the market. In addition, the growing prevalence of genetic disorders and chronic diseases among the masses is offering a favorable market outlook.
Apart from this, the increasing awareness about personalized medicine and the potential benefits it offers in tailoring healthcare interventions to the genetic makeup of a patient is propelling the growth of the market.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
• Predictive and Presymptomatic Testing
• Carrier Testing
• Prenatal and Newborn Testing
• Diagnostic Testing
• Pharmacogenomic Testing
• Others
Breakup by Technology:
• Cytogenetic Testing and Chromosome Analysis
• Biochemical Testing
• Molecular Testing
o DNA Sequencing
o Others
Breakup by Application:
• Cancer Diagnosis
• Genetic Disease Diagnosis
• Cardiovascular Disease Diagnosis
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Some of the Top Key players in the Genetic Testing Market
23andme Inc.
Ambry Genetics Corporation (Konica Minolta Healthcare Americas Inc.)
Bio-RAD Laboratories Inc.
Cepheid (Danaher Corporation)
Eurofins Scientific
Illumina Inc.
Invitae Corporation
Luminex Corporation (DiaSorin)
Myriad Genetics Inc.
QIAGEN
Quest Diagnostics
Thermo Fisher Scientific.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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