Global Genetic Testing Market Size 2024, Forecast To 2033
11 Mar, 2024
The genetic testing market size has grown rapidly in recent years. It will grow from $17.33 billion in 2023 to $19.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increasing healthcare expenditure, rise in cancer prevalence, increase in demand for personalized medicine and emergence of novel infectious diseases. The genetic testing market size is expected to see rapid growth in the next few years. It will grow to $29.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing government support, rising prevalence of genetic disorders, rising geriatric population and increase in chronic diseases prevalence. Major trends in the forecast period include introducing new programs such as genetic counseling and informatics programs that will assist develop the next generation of genetic testing, technological advancement and launching direct-to-consumer genetic test.
Global Genetic Testing Market Key Driver
The anticipated surge in the prevalence of genetic disorders is set to propel the genetic testing market's growth. Genetic disorders, causing symptoms either at birth or developing over time, necessitate timely diagnosis, and genetic testing plays a crucial role in providing insights into potential issues and the likelihood of developing conditions such as cancer. According to the National Center for Biotechnology Information in November 2021, genetic illnesses were identified in 9.4% of pediatric patients, with critically ill newborns constituting 44.7% of these cases. In the United States alone, 13.17 million patients were grappling with unique genetic disorders. These statistics underscore the increasing prevalence of genetic disorders and, in turn, drive the demand for genetic testing. The market size values for 2023, 2024, and 2028 align with this rising trend in genetic testing demand.
Get A Free Sample Of The Global Genetic Testing Market ReportGlobal Genetic Testing Market Segments
The genetic testing market covered in this report is segmented –
1) By Type: Predictive Testing, Carrier Testing, Prenatal And Newborn Testing, Diagnostic Testing, Pharmacogenomics Testing, Nutrigenomic Testing, Other Types
2) By Technology: Cytogenetic Testing, Biochemical Testing, Molecular Testing
3) By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Other Applications
4) By End User: Hospitals And Clinics, Diagnostic Laboratories And Centres, Other End Users
By Geography:The regions covered in the genetic testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the genetic testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the genetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Genetic Testing Industry Players
Myriad Genetics Inc, Illumina Inc, Abbott Laboratories, Eurofins Scientific, Danaher Corporation, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, Qiagen NV, Thermo Fisher Scientific Inc., BioRad Laboratories Inc., BGI, Berry Genomics Co. ltd, Daan Gene Co. Ltd, Annoroad Gene Technology Co. Ltd, WuXi PharmaTech, Igenomix, Circle DNA, Centogene, Curetis, apceth Biopharma, Cytena, Probably Genetic, Genome Biologics, WuXi NextCODE, Genomtec, Testgene, Evogen Lab, Phosphorus, Helix, Sequencing, 10x Genomics, Quantgene, Virica Biotech, DNALabs, Deep Genomics, SGS Mexico, Hologic Inc, 23andMe Inc, Middle East Testing Services L.L.C, Molecular Biology & Genetics Laboratory, Freiburg Medical Laboratory Middle East, IVI MIDDLE EAST FERTILITY CLINIC, Bio Certica, Biovac, BixBio, Cape Bio Pharms, De Novo Dairy
Get The Full Global Genetic Testing Market Report
Genetic Testing Market Overview
Genetic testing refers to a sort of medical examination that looks for alterations in genes, proteins, or chromosomes. A genetic test's results can identify a genetic ailment, as well as determine a person's risk of developing a genetic disorder. Genetic testing is used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms.
Genetic Testing Global Market Report 2023 provides data on the global genetic testing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The genetic testing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.