Global Genetic Testing Market Size to Reach USD 34.40 Billion in 2032 | Emergen Research
Genetic Testing Market Shows Robust Growth, Fueled by Rising Prevalence of Genetic Disorders
Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) — The global genetic testing market size was USD 13.01 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.2% during the forecast period. It is projected to maintain a strong growth trajectory, registering a rapid revenue Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. Several factors are driving this growth, including the increasing prevalence of cancer and hereditary diseases, technological advancements, and a growing focus on early disease detection and prevention. However, the high cost of genetic testing remains a challenge, particularly in low-income areas.
Genetic testing involves the use of kits and panels to test for genetic diseases in humans, providing valuable insights into cancer risk, hereditary diseases, and more. With the American Cancer Society projecting around 21.6 million new cancer cases by 2030, the demand for genetic testing to confirm diagnoses and assist in treatment planning is on the rise.
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One noteworthy trend is the increasing availability of genetic tests, with a rising number of tests being made available in the U.S. and around the world. This trend is driven by the growing awareness of the need for healthcare tailored to individual genetic profiles and the increasing prevalence of genetic disorders.
The genetic testing market encompasses various test types, including predictive and presymptomatic testing, carrier testing, prenatal testing, diagnostic testing, pharmacogenomics testing, and others. These tests aid in the diagnosis of medical conditions like cancer, hereditary disorders, and cardiovascular diseases, further propelling market growth.
Consumables and reagents are the dominant offering in the genetic testing market, thanks to their extensive usage in genetic tests. With multiple players in the consumables market offering diverse reagents and accessories, their demand is expected to increase.
Services, on the other hand, are set to experience moderate revenue growth due to investments by Contract Research Organizations (CROs). The expansion of services offered in the genetic testing sector is expected to contribute to this growth.
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Prenatal and neonatal testing leads the test type segment, driven by rising awareness about healthcare and increasing mortality rates from hereditary illnesses globally. The prevalence of genetic and rare diseases is also a factor contributing to the growth of this segment.
In terms of applications, cancer diagnosis and cardiovascular disease (CVD) are prominent segments. Genetic testing plays a vital role in the field of oncology, aiding in the identification of individuals at an increased risk of certain types of cancer. In the case of CVD, genetic testing can identify those at higher hereditary risk, allowing for more personalized risk assessments.
Hospitals and clinical laboratories are the primary end-users, with hospitals experiencing the fastest revenue growth rate. Obligatory genetic screening of newborns and the increasing prevalence of cancer are driving this growth.
Regionally, North America leads the market, with the United States accounting for the largest share. The rising adoption of personalized healthcare and the use of DNA testing for various chronic diseases contribute to the market’s strong position in the region.
Europe is poised for the fastest growth rate, with increased awareness about the benefits of genetic testing and a growing prevalence of chronic illnesses. Initiatives to educate the public about the advantages of genetic testing are further boosting growth.
The Asia Pacific market is also making significant strides, driven by higher healthcare expenditure, an increased awareness of early genetic disorder detection, and a larger consumer population.
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Scope of Research
|Market Size in 2022||USD 13.01 Billion|
|Revenue Forecast To 2032||USD 34.40 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Million and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Offerings, test type, applications, end-use, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Amgen Inc., F. Hoffmann-La Roche Ltd, Eurofins Scientific, Exact Sciences Corporation, Illumina, Inc., myriad genetics, Inc., Thermo Fisher Scientific Inc., Abbott, Ambry Genetics, Siemens Healthcare GmbH, Biocartis, Laboratory Corporation of America Holdings, and Natera, Inc.|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global genetic testing market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing testing, and introducing more effective genetic testing market solutions. Some major players included in the global genetic testing market report are:
- Amgen Inc.
- F. Hoffmann-La Roche Ltd.
- Eurofins Scientific
- Exact Sciences Corporation
- Illumina, Inc.
- myriad genetics, Inc.
- Thermo Fisher Scientific Inc.
- Ambry Genetics
- Siemens Healthcare GmbH
- Laboratory Corporation of America Holdings
- Natera, Inc.
- On 10 May 2021, Fulgent Genetics, Inc. made a strategic investment in FF Gene Biotech, a Chinese corporation formed through a joint venture between Fulgent Genetics, Xilong Scientific, and Fuzhou Jinqiang Investment Partnership (FJIP).
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global genetic testing market on the basis of offerings, test types, applications, end use, and region
- Offerings Outlook (Revenue, USD Billion; 2019-2032)
- Consumables & Reagents
- Test Type Outlook (Revenue, USD Billion; 2019-2032)
- Predictive and Presymptomatic Testing
- Carrier Testing
- Nutrigenomic Testing
- Diagnostic Testing
- Prenatal and New-born Testing
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Cancer Diagnosis
- Genetic Disease
- Cardiovascular Disease (CVD)
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Clinical Laboratories
- Diagnostic Centers
- Other End-Users
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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