Genetic Testing Market revenue to reach USD 45 Billion by 2035, says Research Nester
Key genetic testing market players include Genentech Inc., Sorenson Genomics, Abbott Molecular, Bayer AG, Biocartis, BioHelix, Quest Diagnostics, Exact Sciences Corporation, HTG Molecular Diagnostics, Inc., PacBio.
New York , Jan. 16, 2024 (GLOBE NEWSWIRE) — The global genetic testing market size is slated to expand at 9% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 45 billion by the end of 2035, up from a revenue of USD 19 billion in the year 2022. Expanding applications in disease diagnosis have contributed to the growth of the market.
Genetic testing is being increasingly used for the diagnosis of various genetic disorders and inherited diseases such as Obesity, Age-related macular degeneration (AMD), Bone and Joint Disorders, Ovarian and Breast Cancer, Cardiovascular and Cerebral Diseases, Bipolar Disorder, Psoriasis, Arthritis. The genetic testing of skeletal dysplasias has been able to identify the genes in more than 70% of cases. It can help identify the underlying genetic causes of diseases, facilitate early detection and intervention, and enable more accurate and personalized treatment approaches.
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Genetic Testing Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Cancer segment to garner the highest growth
- Market in North America to grow at a significant rate
Advancements in Technology to Boost Market Growth
The development of high-throughput sequencing technologies, such as next-generation sequencing (NGS), has revolutionized genetic testing. These advancements have enabled faster and more cost-effective analysis of DNA, RNA, and proteins, leading to increased adoption of genetic testing in various fields, including healthcare, agriculture, and forensics. The use of microarrays has also contributed to the expansion of genetic testing capabilities. Microarrays allow researchers to simultaneously analyze thousands of genes or genetic variations in a single experiment. This technology has enabled the identification of genetic markers associated with diseases, drug response, and other traits, leading to personalized medicine and targeted therapies.
Moreover, the Polymerase chain reaction (PCR) is another technological advancement that has revolutionized genetic testing. PCR allows for the amplification of specific DNA sequences, making it possible to detect and analyze genetic variations with high sensitivity and specificity. This technique has become a cornerstone in various genetic testing applications, including diagnostic testing, paternity testing, and forensic analysis.
Genetic Testing Industry: Regional Overview
The global genetic testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Prevalence of Genetic Disorders, Rare Diseases to Drive the Growth in the Asia Pacific Region
The genetic testing market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This can be attributed to the rising prevalence of genetic disorders, rare diseases and growing awareness of genetic testing. In China, social media platforms such as WeChat and Weibo have been used to promote genetic testing awareness. These platforms have been used to share information about genetic testing, including the benefits and risks, as well as how to access genetic testing services. The demand for genetic testing in India has grown more than 15% a year (2020) to reach USD 78 Million. Furthermore, the improving healthcare infrastructure in the region is also driving the genetic testing market growth. Additionally, the Indian and Chinese governments have been investing heavily in the healthcare industry, which has helped to make genetic testing more accessible and affordable.
Growing Number of FDA Approvals and Subsequent Product Launches to Drive the Growth in the North America Region
The North America genetic testing market is estimated to garner the largest revenue by the end of 2035 driven by the growing number of FDA approvals and subsequent product launches along with the high concentration of key players involved in research activities for the development of new genetic testing products. For instance, in October 2021, F. Hoffmann La Roche Ltd has recently introduced the AVENIO Tumor Tissue CGP Kit, a kit that allows for genomic profiling of solid tumors obtained from formalin fixed paraffin embedded (FFPE) tissue samples. This innovative solution aims to make personalized cancer research readily available and accessible. Moreover, growing R&D funding and strong market presence by major players in the region are driving the market growth. For instance, In July 2021 Avellino Labs made an announcement about the introduction of AvaGen, a genetic eye test, in the United States. This test is specifically developed to assist in assessing a patient’s susceptibility to keratoconus and other corneal dystrophies.
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Genetic Testing Segmentation by Disease
- Cystic Fibrosis
- Huntington Disease
- Duchene Muscular Dystrophy
The cancer segment is anticipated to hold the largest revenue by the end of 2035. This is due to its increasing prevalence, the availability of better diagnosis, and the increasing use of genetic tests to identify cancer in its early stages. Additionally, the rising demand for personalized cancer treatments is also expected to drive the growth of the cancer segment. Additionally, technological advancements in genetic testing, such as the development of next-generation sequencing and gene-editing technologies, are expected to drive the growth of the cancer segment. NGS panels are becoming commonly utilized in the treatment of advanced cancer patients to help inform therapy decisions. The National Comprehensive Cancer Network (NCCN) recommends NGS for types of tumors such as non-small cell lung, breast, colon, ovarian and pancreatic cancers, which account for the majority of cases, in the United States. Furthermore, the rising awareness about the importance of genetic testing for cancer diagnosis and treatment is also expected to contribute to the market growth.
Genetic Testing Segmentation by Test Type
- Carrier Testing
- Predictive Testing
- Diagnostic Testing
- Parental & Newborn Testing
- Nutrigenomics Pharmacogenomics
The genetic testing market diagnostic testing segment is anticipated to hold the largest revenue by the end of 2035. This can be attributed to the increasing need for accurate and timely diagnoses in various medical conditions, as well as the increasing number of genetic tests available to detect genetic diseases. In the year 2022, 3 million genetic tests were conducted globally to facilitate precision medicine treatments. It is expected that by 2027 this figure will rise to 5.9 million. Additionally, the technological advancements in genetic testing and the growing demand for personalized medicine are also driving the growth of the diagnostic testing segment. The increasing availability and affordability of genetic testing, as well as the development of more effective and accurate tests, are all contributing to the rapid growth of the diagnostic testing segment. Additionally, as more people become aware of the potential benefits of precision medicine, they are increasingly seeking genetic testing to determine their suitability for certain treatments.
Genetic Testing Segmentation by Technology
- Cytogenetic Testing
- Biochemical Testing
- Molecular Testing
Genetic Testing Segmentation by Application
- Ancestry & Ethnicity
- Traits Screening
- Genetic Disease Carrier Status
- New Baby Screening
- Health and Wellness-Predisposition
Genetic Testing Segmentation by Product
- Software & Services
A few of the well-known market leaders in the global genetic testing market that are profiled by Research Nester are Genentech Inc., Sorenson Genomics, Abbott Molecular, Bayer AG, Biocartis, BioHelix, Quest Diagnostics, Exact Sciences Corporation, HTG Molecular Diagnostics, Inc., PacBio., and other key market players.
Recent Development in the Genetic Testing Market
- Quest Diagnostics has recently announced the acquisition of Blueprint Genetics in an equity deal involving cash payments. Blueprint Genetics is a provider of specialized genetic testing utilizing their own algorithms and next generation sequencing (NGS) technology. With their expertise in interpreting gene variants this partnership aims to enhance care and contribute to research and development in pharmaceutical medication.
- Exact Sciences Corporation has recently announced the acquisition of PreventionGenetics, a genetic testing facility. This strategic move aims to broaden their range of cancer diagnostics and and extend its benefits to a population helping individuals better understand their inherited risk of developing cancer and other diseases. With access to top notch clinical laboratory services, extensive expertise and cutting-edge technologies PreventionGenetics will play a role, in achieving these goals.
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