Global Genetic Testing Market Growth (Status and Outlook) 2024-2030

Global Genetic Testing Market Growth (Status and Outlook) 2024-2030

According to our LPI (LP Information) latest study, the global Genetic Testing market size was valued at US$ 6692.3 million in 2023. With growing demand in downstream market, the Genetic Testing is forecast to a readjusted size of US$ 12500 million by 2030 with a CAGR of 9.3% during review period.

The research report highlights the growth potential of the global Genetic Testing market. Genetic Testing are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Genetic Testing. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Genetic Testing market.

Genetic testing, also known as DNA testing, allows the determination of bloodlines and the genetic diagnosis of vulnerabilities to inherited diseases. In agriculture, a form of genetic testing known as progeny testing can be used to evaluate the quality of breeding stock. In population ecology, genetic testing can be used to track genetic strengths and vulnerabilities of species populations.

The demand for genetic testing is growing owing to the increasing genetic mutations in fetuses and newborns and growing prevalence of hereditary genetic disorders, and infectious diseases. In the US, a large number of infants are being born with congenital heart disease (CHD). Owing to factors such as genetic conditions, the consumption of medications or alcohol during pregnancy, or viral infection, infants are susceptible to developing CHD. Technavio’s market study identifies the growing prevalence of genetic disorders to be one of the primary growth factors for the genetic testing market. CHD may occur in infants in varying patterns such as autosomal dominant, autosomal recessive, X-linked dominant, and X-linked recessive. A key vendor manufactured Invitae Congenital Heart Disease Panel, that can analyze efficiently 42 genes that cause CHD prematurely.

Key Features:

The report on Genetic Testing market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the Genetic Testing market. It may include historical data, market segmentation by Type (e.g., Analyzers, Consumables), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Genetic Testing market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the Genetic Testing market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the Genetic Testing industry. This include advancements in Genetic Testing technology, Genetic Testing new entrants, Genetic Testing new investment, and other innovations that are shaping the future of Genetic Testing.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Genetic Testing market. It includes factors influencing customer ' purchasing decisions, preferences for Genetic Testing product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Genetic Testing market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Genetic Testing market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Genetic Testing market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Genetic Testing industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Genetic Testing market.

Market Segmentation:

Genetic Testing market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of value.

Segmentation by type
Analyzers
Consumables

Segmentation by application
Predictive and Diagnostic Testing
Prenatal, Newborn, and Pre-Implantation Testing
Pharmacogenomic Testing
Forensic, Relationship, and Ancestry Testing

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Abbott
bioMérieux
Bio-Rad Laboratories
F. Hoffmann-La Roche
Myriad Genetics
QIAGEN
Quest Diagnostics

Please note: The report will take approximately 2 business days to prepare and deliver.