Market Overview:
Genetic testing examines abnormalities and defects in a person’s genes, chromosomes, or proteins. It plays a crucial role in identifying genetic diseases, discovering disease risk, and helping in reproductive decision making. Such tests are crucial for diagnosing and managing various genetic conditions.
The global Genetic Testing Market is estimated to be valued at US$ 18.24 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of genetic diseases is driving the growth of the genetic testing market. According to the Centres of Disease Control and Prevention, approximately 50 million American adults have a medical condition affected by genetic factors. Genetic conditions like Cystic Fibrosis and Huntington’s disease have become more common and can affect multiple members of a family. Technologies like next-generation sequencing, CRISPR gene editing and non-invasive prenatal testing have revolutionized genetic testing by making it more affordable and efficient. Growing direct-to-consumer genetic testing is also benefiting the market. Companies like 23andMe and Ancestry provide accessibility to at-home genetic testing kits.
SWOT Analysis
Strength: Genetic testing offers personalized diagnosis and treatment by analyzing the genetic composition of the individual. It helps detect genetic conditions early and prevent the onset of severe disease.
Weakness: Genetic testing is an expensive procedure and requires sophisticated equipment and highly skilled professionals for analysis and interpretation. The accuracy of results also depends on the technology used and may yield inaccurate or incomplete information in some cases.
Opportunity: Rising incidence of genetic disorders, cancer, and other target diseases drive the demand for genetic testing. Growing awareness about personalized medicine and preventive healthcare presents an opportunity in the market.
Threats: Ethical issues regarding the use of genetic data and potential misuse and discrimination based on results remain key challenges. Stringent regulations and data privacy laws in some countries also act as a hindrance.
Key Takeaways
The global genetic testing market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of cancer and chronic diseases. As per the WHO, cancer burden is predicted to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.Genetic testing helps detect cancers early and facilitates customized treatment.
North America dominated the genetic testing market in 2022 with a share of over 35%, owing to the region’s advanced healthcare infrastructure and high adoption of personalized medicine approaches. Meanwhile, Asia Pacific is anticipated to exhibit the fastest growth over 2023-2030 driven by expanding medical tourism industry, rising healthcare expenditure, and growing middle-class population with increased access to healthcare services in developing countries such as China and India.
Key players operating in the genetic testing market are 23&Me 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. Leading companies are focusing on expanding their testing menu, launching innovative diagnostic products, and tapping into fast-growing regional markets through strategic collaborations and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it