Global Genetic Testing Market

Genetic Testing Market Size, Share, Growth Analysis, By Product(Consumables, Equipment, Software & Services), Technology(NGS, PCR, FISH, Chemiluminescence Immunoassay, Others), Method(Molecular, Cytogenetic, Chromosomal, Biochemical), Testing Type, End-User, and Region - Industry Forecast 2024-2031


Report ID: SQMIG35H2074 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 94 | Figures: 76

Genetic Testing Market Insights

The Global Genetic Testing Market size was valued at USD 6.08 Billion in 2022 and is poised to grow from USD 7.42 Billion in 2023 to USD 36.40 Billion by 2031, at a CAGR of 22% over the forecast period (2024–2031).

The genetic testing market has progressed substantially over the past years owing to major improvements in technologies, growing healthcare needs, and increased awareness. The market is majorly impacted by growing awareness and demand and improvements in technologies. There is a rising public awareness and growing interest in genetic testing, propelled by media coverage and educational campaigns for different health conditions common across the globe. Moreover, advancements in sequencing technologies like NGS (Next-Generation Sequencing) have notably improved genetic testing in terms of speed, accuracy, and cost-effectiveness. Nonetheless, the genetic testing market is hampered by ethical and privacy issues. There are several issues regarding potential misuse of genetic information and data privacy. Concerns like handling sensitive genetic information or genetic discrimination by insurance companies or workers are a few legal and ethical challenges. Still, expanding applications of genetic testing and improvement in genomics are posing opportunities for the growth of the genetic testing market.

US Genetic Testing Market is poised to grow at a sustainable CAGR for the next forecast year.

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The Global Genetic Testing Market size was valued at USD 6.08 Billion in 2022 and is poised to grow from USD 7.42 Billion in 2023 to USD 36.40 Billion by 2031, at a CAGR of 22% over the forecast period (2024–2031).

Genetic Testing Market providers need to focus on maximizing their business scope by reaching into new markets and developing Genetic Testing for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new genetic testing companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.  'Genentech Inc. (U.S.)', 'Sorenson Genomics, LLC (U.S.)', 'Abbott Molecular (U.S.)', 'Bayer Diagnostics (U.S.)', 'Genomic Health (U.S.)', 'HTG Molecular Diagnostics (U.S.)', 'Centogene N.V.(Germany)', 'Burning Rock Biotech Limited (China)', 'Illumina, Inc. (U.S.)', 'Thermo Fisher Scientific, Inc. (U.S.)', 'Quest Diagnostics Incorporated (U.S.)', 'Foundation Medicine, Inc. (U.S.) ', 'PerkinElmer, Inc. (U.S.)', 'Myriad Genetics, Inc. (U.S.)', 'Laboratory Corporation of America Holdings (U.S.)', 'Biocartis (U.S.)', 'BioHelix (Taiwan )', 'Celera Genomics', 'PacBio (U.S.)', 'Luminex Corporation (U.S.)', 'Danaher Corporation (U.S.)'

Rising Awareness and Demand for Personalized Medicine

Genetic Testing beyond DNA: Today, genetic testing is not just associated with examining DNA but goes beyond that. Genetic testing is expanding to comprise RNA and epigenetic alterations that do not change the DNA ‘code’, but impact how the code is understood and applied within human cells. This will not only improve genetic variation detection but also help understand these variants and their importance for an individual’s health.

Geographically, North America is dominating the genetic testing market owing to various reasons including economic, technological and societal factors. The leading nations in the region like Canada, the United States, brag about well-established healthcare infrastructure with modernized facilities, clinical laboratories, and research institutes. This infrastructure aids the broader use and innovations in genetic testing techniques. This, along with innovations in the region, is driving the growth of the market. The leading companies in North America include 23andMe, Illumina Inc., Blueprint Genetics Oy, Quest Diagnostics, Myriad Genetics, and more.

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Global Genetic Testing Market

Report ID: SQMIG35H2074

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