Genetic Testing Market Size, Share & Trends Analysis Report By Technology (NGS, PCR-based Testing), By Application, By Product, By Channel (Online, Offline), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Genetic Testing Market Size, Share & Trends Analysis Report By Technology (NGS, PCR-based Testing), By Application, By Product, By Channel (Online, Offline), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Genetic Testing Market Growth & Trends

The global genetic testing market is expected to reach USD 35.34 billion by 2030, expanding at 22.0% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc.The growth of the genetic testing industry is majorly attributed to the rising prevalence of genetic conditions, increasing investments in R&D, and initiatives by prominent market players. Moreover, increasing emphasis on personalized medicines is also likely to have a positive impact on the direct-to-consumer genetic testing industry.

Furthermore, government authorities are focusing on implementing national programs to encourage and consolidate genetic research. The primary goal of these national genetic research programs is to increase their investments in the compilation of data with an aim to develop personalized treatment plans and medicines, suitable for diverse ethnicities equally. To achieve this goal, awareness and acceptance of genetic testing is expected to play a crucial role.

Genetic testing has major applications in the diagnosis and monitoring of chronic illnesses such as cancers. Owing to increasing incidences of various forms of cancers, and a relatively higher rate of remission provided by the use of testing methodologies, it is expected that this segment with grow at the fastest growth rate in the personalized diagnostics segment throughout the forecast period. In addition, companies are collaborating to integrate advanced informatics tools for efficient diagnosis of cancer which is further contributing to the segment growth.

For instance, in February 2021, Tempus entered in a collaboration with Precision Health Informatics for accelerating the advancement of Precision Medicine (PM) in oncology. Precision Health Informatics leveraged Tempus’ genomic sequencing capabilities and AI-enabled platform to create an efficient personalized patient care and clinical research program.

Along with that, governments of various emerging countries are taking initiatives to establish an infrastructure for conducting testing. For instance, in 2021, Moh. Bin Rashid University of Medicine and Health Sciences and A.J. Children's Specialty Hospital (AJCH) collaborated to establish a new & unique scientific and medical interdisciplinary environment through the Al Jalila Genomics Center. Furthermore, the development of the Center for Genomic Discovery as part of the comprehensive academic health system will allow for advancements in genomics and gene discovery.

Genomic data can be used for a variety of purposes, including PM, diagnosis, and toxicogenomics. However, the analysis of massive amounts of data produced in studies is a significant challenge. In some instances, technical improvements have made it possible for the equipment to be used to give an assessment. Although, the process still relies heavily on the perception of the professional in-charge. Hence, the need for skilled professionals is likely to hamper the growth of the market in developing countries.

Genetic Testing Market Report Highlights

• By technology, Next-generation sequencing is a relatively more mature segment and held the largest genetic testing industry share in 2022, Owing to the increasing number of pharmaceutical and biotechnology companies establishing in-house research stations for developing a personalized treatment for cancers
• By application, the genetic ancestry screening segment captured the majority of the market share in 2022, owing to the increasing genetic disorders in emerging markets
• By product,consumables are expected to capture the largest share of the market in 2022, owing to the increasing investment by governments and international bodies to adopt a technologically advanced workflow of clinical diagnostics
• By channel,online is expected to witness the fastest growth during the forecast period, owing to the increasing use of smartphone applications, such as ShareDNA, that offer relevant information about test results and interpretation
• By end-user, diagnostic laboratories are anticipated to be the fastest-growing segment. This growth can be attributed to the increasing collaborations and strategic partnerships between corporations and laboratories to develop personalized therapeutic formations
• North America has a dominant regional position in the genetic testing industry with 46.18% share of the overall market. The increasing incidence of diseases, such as chronic and infectious diseases, is encouraging companies to enter the regional ELISA analyzers market

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