Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 203

Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2030

Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2030

The genetic testing market is projected to reach $28.24 billion by 2030, at a CAGR of 10.4% from 2023 to 2030.

Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out the key industry drivers, restraints, challenges, and opportunities. The growth of this market is mainly driven by government initiatives promoting genetic testing, the increasing prevalence of genetic disorders, the growing need for the early detection & prevention of diseases, the increasing applications of genetic testing in oncology, and the decreasing costs of sequencing procedures. However, the high cost of genetic testing in low-income countries and its social and ethical implications restrain the growth of the genetic testing market. The growing potential of direct-to-consumer genetic testing and the emerging field of genetic counseling are expected to create growth opportunities for the players operating in this market. However, the low chances of positive, actionable mutations and concerns regarding the security & privacy of genetic data are major challenges to market growth.

Based on offering, in 2023, the consumables & reagents segment is expected to account for the largest share of the market. The key factors contributing to the largest market share of the segment are rising demand for genetic testing, recurring demand for consumables and reagents, and use of consumables & reagents by multiple end users such as hospitals, research laboratories, and diagnostic & testing laboratories. The surge in genetic tests at hospitals and diagnostics labs is one of the key factors for the growing demand for consumables and reagents.

Based on test type, in 2023, the prenatal testing segment is expected to account for the largest share of the market. The key factors contributing to the large market share of this segment are the ability of prenatal tests to detect the genetic risks associated with an infant’s health. Also, some invasive prenatal tests are conducted when there is a risk of developing genetic abnormalities in infants, such as a neural tube defect or chromosomal abnormality. These factors are expected to fuel the adoption of prenatal genetic tests.

Based on method, the market is segmented into molecular tests, biochemical tests, and chromosomal tests. In 2023, the molecular tests segment is expected to account for the largest share of the market. Several advantages offered by molecular tests such as high accuracy, fewer false positive results, and short test period, support the large market share of this segment. Additionally, increased government funding for the development of advanced molecular testing, increased research activities, and a rise in test frequencies for genetic disorders are leading to the growing demand for molecular testing.

Based on end user, the hospitals & clinics segment is likely to register the highest CAGR over the forecast period. Growing demand for advanced technology in the genetic screening of hereditary cancers, well-established infrastructure, the increasing use of advanced techniques, and the growing prevalence of chronic diseases are some of the major factors leading to the rapid growth of the hospital & clinics segment.

An in-depth analysis of the geographical scenario of the genetic testing market provides detailed qualitative and quantitative insights into five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region.

In 2023, North America is expected to command the largest share of the genetic testing market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Key factors such as high spending power, the growing importance of early disease diagnosis, government initiatives to increase test frequencies, growing funding for research activities, and high R&D expenditure are responsible for the region's high share of the genetic testing market.

Some of the key players operating in the global genetic testing market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Centogene N.V. (Germany), Konica Minolta, Inc. (Japan), Fulgent Genetics, Inc. (U.S.), and Laboratory Corporation of America Holdings (U.S.).

Scope of the Report:

Genetic Testing Market, by Offering

Consumables & Reagents
Instruments
Services

Genetic Testing Market, by Test Type

Diagnostic Testing
Predictive and Presymptomatic Testing
Newborn Screening
Prenatal Testing
Preimplantation Testing
Carrier Testing

Genetic Testing Market, by Method

Molecular Tests
Chromosomal Tests
Biochemical Tests

Genetic Testing Market, by End User

Hospitals & Clinics
Diagnostic Laboratories
Others End Users
(Note: Other End Users Include Academic & Research Institutes, Pharmaceutical & Biotechnology Companies, And Contract Research Organizations)

Genetic Testing Market, by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia Pacific
China
Japan
India
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

Genetic Testing Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	177
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Offering, Test Type, Method, and End User
Regions Covered	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Key Companies Mentioned	ArcelorMittal SA; ThyssenKrupp AG; POSCO; SSAB AB; AK Steel

FAQs About the Report

What is the scope of the genetic testing market study?

This report covers the market sizes & forecasts of the genetic testing market based on offering, test type, method, end user, and geography. The report also offers value analysis of various segments and subsegments of the genetic testing market at the regional and country levels.

What is the revenue generated from genetic testing across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The genetic testing market is projected to reach $28.24 billion by 2030, at a CAGR of 10.4% during the forecast period of 2023–2030.

What are the various products in the genetic testing market, and which product holds the major share?

Based on offering, the genetic testing market is segmented into consumables & reagents, instruments, and services. In 2023, the consumables & reagents segment is expected to account for the largest share of the genetic testing market due to recurring demand for assays, reagents & consumables and high demand for genetic diagnostic testing.

What are the various test types in the genetic testing market, and which test type holds the major share?

Based on test type, the genetic testing market is segmented into diagnostic testing, predictive and presymptomatic testing, newborn screening, prenatal testing, preimplantation testing, and carrier testing. In 2023, the prenatal testing segment is expected to account for the largest share of the genetic testing market due to the high prevalence of various chronic diseases, increased demand for early disease diagnosis, and increased patient awareness.

What are the various methods involved in the genetic testing market, and which method holds the major share?

Based on method, the genetic testing market is segmented into molecular tests, chromosomal tests, and biochemical tests. In 2023, the molecular tests segment is expected to account for the largest share of the genetic testing market due to high accuracy, wide applicability, and ability to perform sequencing at a single nucleotide level.

What are the various end users involved in the genetic testing market, and which end user holds the major share?

Based on end user, the genetic testing market is segmented into hospitals & clinics, diagnostic laboratories, and other end users. In 2023, the hospitals & clinics segment is expected to account for the largest share of the genetic testing market due to the high number of hospitalized patients, increased preference for genetic testing, and advanced healthcare infrastructure in hospitals.

What are the key factors supporting the growth of this market? What are the major opportunities for the market players in the genetic testing market?

The growth of this market is mainly driven by government initiatives promoting genetic testing, the increasing prevalence of genetic disorders, a growing need for the early detection & prevention of diseases, the increasing applications of genetic testing in oncology, and the decreasing costs of sequencing procedures. Also, the growing potential of direct-to-consumer genetic testing and the emerging field of genetic counseling are expected to create growth opportunities for players in this market. However, the low chances of positive, actionable mutations and concerns regarding the security & privacy of genetic data are major challenges to market growth.

What are the factors restraining the growth of the genetic testing market?

The high cost of genetic testing in low-income countries and the social and ethical implications of genetic testing are restraining the growth of the genetic testing market.

Who are the major players operating in the genetic testing market?

The key players operating in the genetic testing market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Centogene N.V. (Germany), Konica Minolta, Inc. (Japan), Fulgent Genetics, Inc. (U.S.), and Laboratory Corporation of America Holdings (U.S.).

Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the genetic testing market?

The Asia-Pacific region is slated to witness the highest growth rate during the forecast period and offer significant growth opportunities for the players operating in this market. The growth of this market is driven by the large patient pool, advancing healthcare infrastructure, increasing disposable income of the patients, rising prevalence of chronic diseases, and accelerating economic growth of many countries in this region.