The genetic testing market involves the analysis of human DNA, RNA, chromosomes, proteins, and certain metabolites in order to detect heritable disease-related genetic variations and mutations. Genetic testing helps in determining personal disease risks, carrier status for genetic conditions, diagnosis of genetic disorders in newborns, and aid in reproductive decisions and treatment plans based on genetics.
The genetic testing market is estimated to be valued at US$ 18.24 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 2023 to 2030.
The demand for genetic testing is increasing owing to rising incidences of genetic disorders, growth in the direct-to-consumer genetic testing segment and rapid technological advancements. Genetic testing helps in early diagnosis and management of diseases thereby improving treatment outcomes. It plays a crucial role in personalized or precision medicine approach. The genetic testing market is witnessing increased demand from the oncology segment due to growing application in cancer risk assessment, diagnostics, and therapeutics.
Key Takeaways
Key players operating in the genetic testing market are 23Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others. These players are focusing on launching innovative tests and systems as well as adopting inorganic growth strategies such as acquisitions and collaborations to enhance their market presence.
The key opportunities in the genetic testing market include increased focus on pharmacogenomics, growing demand for direct-to-consumer tests, and prenatal and NIPT genetic testing. The genetic testing market players are expanding their geographic presence, especially in emerging Asian countries owing to high growth potential in these regions. Large untapped customer bases and rising healthcare expenditure in Asia offer lucrative expansion opportunities.
Market Drivers
Rising incidence of genetic diseases and cancer: Growing cases of genetic diseases, cancers, and other genetic conditions are driving the demand for genetic testing. Genetic mutations are responsible for over 4,000 known human diseases.
Advances in testing technologies: Technological advancements such as Next Generation Sequencing (NGS), microarray analysis and polymerase chain reaction (PCR) have improved the efficacy, coverage, and affordability of genetic testing. This is fueling market growth.
Market Restrains
Lack of skilled professionals: shortage of trained genetic counselors and other professionals to accurately interpret complex test results may restrain market growth.
Privacy and security concerns: Confidentiality issues regarding the use of genetic data could limit consumer acceptance of genetic and genomic testing technologies. Strict regulations are required to address ethical concerns related to privacy and security of sensitive genetic data.
Segment Analysis
The Direct to Consumer (DTC) genetic testing sub segment dominates the genetic testing market currently as it enables individuals to access their genomic data directly without involving a medical professional. This sub segment has gained immense popularity aided by internet access and social media presence of key companies encouraging consumers to learn more about their ancestry, health risks and traits. However, the carrier screening sub segment is expected to witness fastest growth going forward owing to rising focus on understanding genetic diseases and conditions that can be passed to next generation.
Global Analysis
North America dominates the global genetic testing market currently due to supportive regulatory environment and high awareness levels among both physicians and patients in the region. However, Asia Pacific is anticipated to witness highest CAGR through 2030 on account of increasing healthcare expenditure, expanding diagnostic services and aggressive strategies by leading players to tap opportunities in emerging countries of China and India spearheading market growth. Latin America and Middle East Africa also offer lucrative prospects for market participants to strengthen regional presence.
