The Global Genetic Testing Market Size is estimated to reach a valuation of USD 37451.4 million by 2030 at a CAGR of 10.4% from the figures of USD 15372.6 million in 2021.
Genetic testing is a DNA analysis process that searches for gene alterations associated with a variety of hereditary illnesses. There are numerous methods to determine whether a person's chromosomes, genes, or proteins have changed, as well as various types of genetic testing. Cytogenetic testing, biochemical testing, molecular testing, and chromosome analysis are a few of them. The findings of a genetic test can confirm or diagnose a genetic illness that is suspected to exist, as well as determine a person's risk of developing the disorder or passing it on to their offspring. A crucial component of determining your risk of contracting a given disease, as well as for screening and occasionally medical therapy, is genetic testing.
Because of advancements in genetic testing techniques, the market is also anticipated to expand throughout the forecast period. However, concerns regarding the standardization of genetic testing-based diagnostics and stringent guidelines for product approvals are projected to impede the market's expansion over the coming few years. On the other hand, untapped rising markets in developing nations are likely to be profitable for market participants.
Market Drivers for Genetic Testing Market Drivers –
The rise in genetic disorders and cancer patients along with growing awareness of personalized medicines are key drivers for the said market.
The prevalence of cancer and other hereditary illnesses is rising worldwide. In the United States, there will be 1.8 million new instances of cancer in 2022, and 606,520 individuals will pass away from the disease. The second greatest cause of death worldwide is cancer. Many cancer forms are inherited from one generation to the next due to genes. So, there are numerous ways to analyse this pattern using genetic testing in order to prevent, treat, and develop new medications. In order to better understand malignancies like breast cancer, cytogenetics also assists researchers in their study of chromosomes.
Acceptance of Personalized Medicines is a major advantage for the market growth.
The foundation of personalized medicine is the notion that each patient is unique and requires a medication regimen that is also distinctive. For tailored therapies to be more effective in identifying illnesses and disorders, large-scale drug discovery is crucial. Genetic testing has been extensively employed in pharmacogenomics, often known as drug-gene testing. It facilitates the discovery and production of novel medications more quickly. Additionally, scientists are aware that a variety of genetic tests, including cytogenetic tests (fluorescence in situ hybridization, microarray, and others), biochemical tests, molecular tests, and DNA sequencing, may allow for the customization of illness treatments.
Restraints for the Global Genetic Testing Market –
A significant threat to the market's expansion is the uncertainty surrounding the standardization of genetic testing-based diagnostics and the strict rules for product approval.
Although genetic testing has advanced significantly, it still has numerous shortcomings and limitations that reduce its usefulness as a diagnostic technique. Genetic testing methodologies are subject to FDA (Food and Drug Administration) regulation when used to assess and test clinical disorders. For instance, diagnosing a patient's condition cannot always be done with cytogenetic testing.
Also, because mutations are uncommon and some people with a given pathology have them along with other potential causal variants, the clinical importance of many variants in sick conditions discovered by various methods of genetic testing may be restricted. Therefore, there is a critical need to standardize genetic testing procedures in order to treat particular diseases. The market's growth is likely to slow down if this is not done.
Opportunities in the Global Genetic Testing Market -
Profitable opportunities in the market for genetic testing are being provided by untapped emerging markets in developing nations.
Healthcare systems in developing nations like Brazil, India, and China have made far larger financial investments in their facilities. Emerging nations must also consider how scalable and cost-effective their health care systems are in order to satisfy the demands of an increasing number of patients. The World Economic Forum published a project paper titled "Health Systems Improving in Developing Economies" in January 2017. According to this study, emerging markets will receive one-third of the global health budget by 2023. Because more people in emerging economies are becoming aware of genetic illnesses, scientists everywhere require genetic testing more than ever before.
Segmental Analysis –
The global genetic testing market is segmented by type and by technology.
Prenatal & Newborn Testing and Predictive Testing & Presymptomatic Testing are two additional categories within the by-type segmentation. Prenatal and newborn testing accounts for a sizable portion of the industry.
Prenatal & Newborn Testing –
The largest market share in the global genetic testing market, which was valued at USD 3680.3 million in 2021 and is projected to reach USD 8126.1 million by 2030 with a CAGR of 9.2%, is held by the Prenatal & Newborn Testing segment in the by-type segmentation. Modifications in a fetus's genes or chromosomes can be discovered by prenatal diagnostic testing. If a foetus has a particular genetic condition, like aneuploidy or trisomy, it can be determined through prenatal genetic testing. In order to identify genetic illnesses that can be addressed early in life, babies undergo genetic testing immediately after birth. Preventing mental and physical problems as well as life-threatening illnesses begins with early detection and treatment.
Predictive Testing & Presymptomatic Testing –
Presymptomatic testing, also known as predictive testing, is used to identify gene mutations that result in illnesses that do not manifest until after birth and typically later in life. Those who do not now exhibit any symptoms are frequently subjected to genetic testing to determine their propensity to develop a disease in the future. With a CAGR of 11.7%, the aforementioned segment is predicted to rise from a market worth of USD 2616.2 million in 2021 to USD 7081.8 million by 2030.
When the global market for genetic testing is broken down into technology-based segments, molecular testing and cytogenetic testing are the two subsets with the largest global markets.
Molecular Testing –
With a market value of USD 6699.7 million in 2021 and an anticipated CAGR of 9.7%, USD 15413.9 million will be generated by molecular testing by 2030. Molecular testing uses molecules including proteins, DNA, and RNA to identify the type of disease present in a tissue or fluid. Any tissue sample can be used for this test, and only a small amount is required.
Cytogenetic Testing –
In the by-technology division, cytogenetic testing is the second most important category, with a market value of USD 3086.6 million in 2021 and an estimated CAGR of 10.8% to reach USD 7768.5 million. Cytogenetics is the study of chromosomes in cells and tissues. Moreover, biology and medicine use this research to better understand hereditary illnesses like cancer, sickle cell disease, cystic fibrosis, and Down syndrome. Personalized medicine, cancer treatments that target particular body regions, and other things are all made possible because to cytogenetics.
Regional Analysis –
The global market for genetic testing is largely segmented into four regions: North America, Europe, Asia-Pacific, and Latin America & Middle East. Among these, North America commands the biggest market share.
North America –
With a market value of USD 4604.5 million in 2021 and a CAGR of 8.6%, North America is expected to contribute USD 9674.9 million by 2030. Due to the increase in genetic illnesses, the market for genetic testing is expanding in North America. The American Cancer Society reports that 740,000 new cancer cases were detected in the United States in 2019. 220,400 cancer cases were recorded by the Canadian Cancer Society in 2019. This common cancer should increase demand for genetic testing in Canada. The market is expanding as a result of the rising elderly population and the incidence of chronic diseases.
When it comes to the market for genetic testing revenue, Europe comes in second place to North America. With a CAGR of 10.3%, it will grow quickly to reach USD 8733.8 million by 2030 from its market value of USD 3614.3 million in 2021. Due to the high prevalence of genetic abnormalities in the region, genetic testing is in great demand, which generates the necessary market figures for the developing European cytogenetics business.
It is the third region listed, with a market size of USD 2859.7 million in 2021 and an expected CAGR of 12.8% to reach USD 8454.7 million by 2030. Over the projected period for genetic testing, Asia-Pacific is anticipated to experience the quickest growth. Because of the high prevalence of genetic abnormalities in the world's most populous nations, such China and India, which have sizable populations, this area generates a sizable amount of cash.
Latin America & Middle-East –
In the world market for genetic testing, Latin America and the Middle East generate the least revenue. It had a value of USD 851.8 million in 2021 and is projected to grow at a CAGR of 11.4% to reach USD 2250.6 million by 2030.
Competitive Analysis –
Abbott Laboratories, Bio-Rad Laboratories Inc., CSL Ltd, Danaher Corporation, Eurofins Scientific, F. Hoffmann-La Roche Ltd, Illumina Inc., and others are the major market participants in the global genetic testing market.
Recent Developments by key players –
- To address the urgent patient needs, Abbott Laboratories chose to provide Elecare formulations based on amino acids in May 2022.
- In April 2022, Abbott announced a new automated insulin delivery partnership for diabetes patients in collaboration with Camdiab and YPSOMED.
- CSL Ltd received FDA approval for plasma collection technology in the US region in March 2022.
- To hasten the creation of individualized gene medicines, Danaher Corporation joined Bespoke Gene Therapies Washington in May 2022..
Market Segmentation –
By Type –
- Prenatal & Newborn Testing
- Predictive Testing & Presymptomatic Testing
By Technology –
- Molecular Testing
- Cytogenetic Testing
By Region –
- North America
- Latin America & Middle-East
Global Genetic Testing Market Size Overview 2021 - 2030: Watch Video By YouTube
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