Genetic Testing Market to Hit $28.24 Billion by 2030

According to a new market research report, 'Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) -Global Forecast to 2030,' published by Meticulous Research®, the genetic testing market is expected to grow at a CAGR of 10.4% from 2023 to reach $28.24 billion by 2030.

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Genetic testing involves identifying changes in genes, chromosomes, or proteins. This testing has been made possible by developing next-generation sequencing (NGS) technologies that allow large quantities of nucleic acid sequences to be obtained in a clinically meaningful time frame. Genetic testing involves the analysis of chromosomes, proteins, and certain metabolites to detect heritable disease-related genotypes, mutations, phenotypes, or karyotypes for clinical purposes. It involves prenatal testing, predictive and presymptomatic testing, diagnostic testing, carrier testing, newborn screening, and preimplantation testing.

The growth of this market is mainly driven by government initiatives promoting genetic testing, the increasing prevalence of genetic disorders, a growing need for the early detection & prevention of diseases, the increasing applications of genetic testing in oncology, and the decreasing costs of sequencing procedures. However, the high cost of genetic testing in low-income countries and the social and ethical implications of genetic testing restrain the growth of the genetic testing market. The growing potential of direct-to-consumer genetic testing and the emerging field of genetic counseling are expected to create growth opportunities for the players operating in this market. However, the low chances of positive, actionable mutations and concerns regarding the security & privacy of genetic data are major challenges to market growth.

The Impact of COVID-19 on the Genetic Testing Market

The coronavirus disease (COVID-19) outbreak in March 2020 impacted nearly every country around the globe. According to the WHO, as of 14th October 2022, there were 620.8 million confirmed cases and 6.5 million confirmed deaths. The continued outbreak of COVID-19 and its various escalations due to the Delta and Omicron variants has impacted the global genetic testing market to a certain extent. A negative impact was observed on the test volumes of various clinical genetic tests such as newborn screening, prenatal testing, preimplantation testing, and carrier testing, among others.

Further, due to the severe lockdowns and restrictions, there was a supply chain disruption and a shortage of skilled professionals. There were delays in test results and a shortage of test kits and other laboratory equipment. These factors hampered this market's growth during the pandemic's peak.

The genetic testing market is segmented by offering (consumables & reagents, instruments, and services), test type (diagnostic testing, predictive and presymptomatic testing, newborn screening, prenatal testing, preimplantation testing, carrier testing), method (molecular tests, chromosomal tests, and biochemical tests), end user (hospitals & clinics, diagnostic laboratories, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on offering, in 2023, the consumables & reagents segment is expected to account for the largest share of the genetic testing market.

The large market share of this segment is attributed to the recurring demand for consumables, test kits, & reagents; the high demand for early disease diagnosis & treatment for genetic diseases; and the increasing prevalence of cancer.

Based on test type, in 2023, the prenatal testing segment is expected to account for the largest share of the genetic testing market.

The large market share of this segment is attributed to the growing prevalence of chronic and hereditary diseases, the rising demand for early disease diagnosis, and the increasing need for genetic tests to make efficient treatment decisions.

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Based on method, in 2023, the molecular tests segment is expected to account for the largest share of the genetic testing market.

This segment's large market share is attributed to molecular test's ability to identify and finely characterize the genetic basis of inherited diseases and diagnosis of hereditary cancer syndromes through mutation analysis. Molecular tests vary in scope and include a targeted single variant, single gene, gene panel, and whole exome sequencing/whole genome sequencing.

Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the genetic testing market.

The large market share of this segment is attributed to the growing demand for advanced technology in the genetic screening of hereditary cancers, better infrastructure, utilization of advanced techniques in hospitals, and high rates of hospitalizations due to the rising prevalence of chronic diseases.

In 2023, North America is expected to account for the largest share of the genetic testing market, followed by Europe and Asia-Pacific.

North America's major market share is attributed to the high adoption of NGS-based diagnostic testing, the high investments in R&D, and government support and investments to enhance the genome sequencing infrastructure in the region.

The report also includes an extensive assessment of the offering, test type, method, end user, and geography, and key strategic developments adopted by leading market participants in the industry over the past years (2019-2023). In recent years, the genetic testing market has witnessed numerous product launches & approvals, agreements, collaborations, partnerships, and acquisitions & mergers.

The key players profiled in this market study are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Centogene N.V. (Germany), Konica Minolta, Inc. (Japan), Fulgent Genetics, Inc. (U.S.), and Laboratory Corporation of America Holdings (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/genetic-testing-market-5370

Scope of the Report:

Genetic Testing Market, by Offering
Consumables & Reagents
Instruments
Services

Genetic Testing Market, by Test Type
Prenatal Testing
Predictive and Presymptomatic Testing
Diagnostic Testing
Newborn Screening
Preimplantation Testing
Carrier Testing

Genetic Testing Market, by Method
Molecular Tests
Chromosomal Tests
Biochemical Tests

Genetic Testing Market, by End User
Hospitals & Clinics
Diagnostic Laboratories
Others End Users
(Other end users include academic & research institutes, pharmaceutical & biotechnology companies, and contract research organizations)

Genetic Testing Market, by Geography
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia Pacific
China
Japan
India
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

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This release was published on openPR.