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DNA Diagnostics Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
DNA Diagnostics Global Market Overview
According to The Business Research Company's, The DNA diagnostics market size has grown rapidly in recent years. It will grow from $20.90 billion in 2023 to $23.10 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to rising demand for personalized medicine, increasing adoption of genetic testing and molecular diagnostics in clinical practice, rising biomedical research, the increasing number of cancer patients, and the growing use of diagnostics tests.
The DNA diagnostics market size is expected to see rapid growth in the next few years. It will grow to $34.90 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing the prevalence of cancers, increasing demand for standardized diagnostic tests, rising prevalence of genetic disorders, increasing focus on biomarker discovery, rare diseases and orphan drugs, and growth of telemedicine and remote testing. Major trends in the forecast period include the integration of microbiome analysis, integration of blockchain technology, the integration of multiple omics data, non-invasive testing, multi-omics integration, the development of portable and point-of-care DNA diagnostic devices, and next-generation sequencing (NGS).
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Market Drivers and Trends:
The rising prevalence of genetic disorders is expected to propel the growth of the DNA diagnostics market going forward. Genetic disorders refer to health problems caused by one or more abnormalities in the genome. The rising cases of genetic disorders are due to increased diagnostic capabilities, expanded genetic testing, environmental influences, and consanguinity within populations, leading to a greater understanding and detection of genetic disorders conditions. DNA diagnostics enables the precise identification of genetic disorders through genetic material analysis, facilitating early diagnosis, personalized treatment, and informed family planning decisions. For instance, in February 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, congenital diseases caused an estimated 240,000 baby deaths globally within 28 days of birth each year. An additional 170,000 children between the ages of 1 month and 5 years die as a result of congenital diseases. Therefore, the rising prevalence of genetic disorders is driving the growth of the DNA diagnostics market.
Major companies operating in the DNA test kits market are focused on developing innovative products such as personalized DNA kits, to gain a competitive edge. Personalized DNA kits are genetic testing kits that analyze an individual's DNA to provide customized insights into their health, ancestry, and traits. For instance, in April 2023, MapMyGenome, an India-based genomics company, launched BeautyMap, India's first DNA-based test kit that provides personalized recommendations for skin and hair care products based on a person's unique genetic makeup. The test includes a free genetic counseling session with a certified genetic counselor, who assists the individual in interpreting the results and making informed decisions about their customized beauty regimen.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd, Bayer AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Becton, Dickinson and Company, Laboratory Corporation, Quest Diagnostics Incorporated, Eurofins Scientific SE, Agilent Technologies, Illumina Inc, PerkinElmer Inc, bioMérieux SA, Beckman Coulter Inc, Sysmex Corporation, Bio-Rad Laboratories Inc, QIAGEN N.V., Natera Inc, Myriad Genetics Inc., BGI Genomics Co. Ltd., Cepheid, NeoGenomics Laboratories Inc, 23andMe Holding Co, Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Veritas Genetics
DNA Diagnostics Market 2024 Key Insights:
• The DNA diagnostics market size is expected to see rapid growth in the next few years. It will grow to $34.90 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Prevalence Of Genetic Disorders Growth In DNA Diagnostics
• Liquid Biopsy Innovations For Early Cancer Detection
• North America was the largest region in the DNA diagnostics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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