Genetic Testing Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Companies Analysis

Genetic Testing Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Companies Analysis

Genetic Testing Market is predicted to be priced at around US$ 37.58 Billion by 2030, according to Renub Research. In the current era, genetic testing has surged in reputation, becoming a cornerstone of customized remedies and ancestry exploration. With technological improvements and declining costs, individuals eagerly try to discover their genetic makeup, uncovering predispositions to diseases, tracing familial lineage, and making knowledgeable health decisions. The attraction of unlocking one's genetic code has captivated the public imagination, driving a cultural fascination with know-how, personal biology, and heritage. This enormous amount of genetic testing displays a societal shift towards proactive healthcare and self-discovery.

Genetic Testing Market is expected to increase at a CAGR of 9.75% during the forecast years (2024 to 2030)

The incidence of genetic diseases is gradually increasing, which is anticipated to propel the demand for genetic testing, leading to market enlargement. Genetic testing can detect diverse illnesses, including thalassemia, Down’s syndrome, and cystic fibrosis. For example, as per the data posted by the United Nations on World Down Syndrome Day, about 3,000 to 5,000 children are born with Down syndrome every year.

As genetic issues become more visible and understood, humans and healthcare providers increasingly seek genetic insights to control threats and pre-emptively tailor treatments. The growing availability of genetic assessments and expanded awareness of hereditary conditions make genetic testing a crucial tool for disorder prevention and control. This anticipated surge in demand highlights the vital role genetic testing plays in the evolving healthcare panorama.

Moreover, the increasing technological improvements during the last few years have opened numerous possibilities for market growth. The upward push in the superiority of chronic illnesses and the improvement of customized testing kits for niche healing areas are assisting the genetic testing market's speedy increase. The growing R&D investment and the strong market presence of sizeable players in the global genetic testing market have created a sturdy entry barrier for brand-new entrants. Innovation in product layout, improvement in quality, and strong distribution partnerships are critical parameters for maintaining a competitive edge in the market. So, the genetic testing market was US$ 19.60 Billion in 2023.

North America is anticipated to hold the most promising proportion in the genetic testing market. This is because of the increasing incidence of genetic and rare problems, the rise in the burden of cancer, the developing applications of genetic testing, and the boom in focus on genetic testing in the area. For example, the Genetic and Rare Diseases (GARD) Information Center estimates that rare illnesses affect over 30 million individuals in the United States. Thus, due to the growing incidence of cancer and strategies taken by key regional players, the genetic testing market in North America is anticipated to increase significantly over the projection period.

Diagnostic testing is one of the best-known segments in the genetic testing market

By tests, the genetic testing market is fragmented into Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing, and Others. Diagnostic testing stands among the most prominent segments in the global genetic testing market. This is due to its pivotal position in identifying and dealing with hereditary conditions. Diagnostic assessments accurately and efficaciously monitor genetic predispositions to diseases, enabling early intervention and personalized treatment techniques. The developing emphasis on preventive healthcare drives the need for these tests as people and healthcare experts seek to mitigate fitness dangers and optimize patient consequences. Diagnostic testing's capability to empower informed choice-making underscores its significance in genetic testing.

Consumables have emerged as a major product category in the genetic testing market

By products, the genetic testing market is segmented into Consumables, Equipments, and Software & Services. Consumables have held one of the highest shares in the genetic testing market. This is owed to their critical position in sample collection, preparation, and analysis. Essential components like reagents, DNA extraction, and assay kits facilitate accurate and efficient genetic testing approaches. As the demand for genetic testing escalates, the want for reliable and exceptional consumables surges correspondingly. Their extensive use throughout numerous testing structures underscores their importance, making consumables a cornerstone of the global genetic testing market's increase and sustainability.

DNA sequencing is a significant component of the genetic testing market

By technology, the genetic testing market is categorized into PCR, DNA Sequencing, Microarrays, and Others. DNA sequencing is one of the notable segments in the global genetic testing market. This is due to its unheard-of potential to decode the genetic blueprint with precision and intensity. As technology advances, sequencing costs decline, making it more accessible for studies, diagnostics, and customized remedies. This complete approach enables the identity of genetic versions associated with diseases, facilitating early detection, risk evaluation, and tailor-made treatment strategies. DNA sequencing is pivotal in propelling innovation and progress within the genetic testing panorama with its transformative ability to release insights into human genetics.

Infectious diseases hold one of the leading segments of the global genetic testing market

By disease, the genetic testing market is classified into Cancer, Genetic Diseases, Cardiovascular Diseases, Rare Diseases, Infectious Diseases, and Others. The infectious diseases section is a distinguished force in the genetic testing market because of its crucial role in detecting and managing contagious pathogens. Genetic testing enables the rapid identity of microbial strains, aiding in ailment surveillance, outbreak management, and remedy optimization.

As infectious diseases pose global fitness threats, the demand for accurate and well-timed diagnostics escalates. Genetic tests offer precise insights into pathogen characteristics, facilitating focused interventions and public fitness measures. Infectious sickness testing emerges as a cornerstone of the genetic testing market with its potential to mitigate disease spread and enhance patient effects.

Hospitals and clinics segment holds a substantial share of the global market for genetic testing

The genetic testing market is categorized into Hospitals & Clinics, Diagnostic Laboratories, and Others based on end-users. The hospitals and clinics segment has one of the immense shares of the global genetic testing market. This is in general because of the required new child screening for genetic disorders and the rising incidence of cancer in various areas. In the U.S., about 98% of women deliver in hospitals. With access to superior diagnostic gadgets and professional clinical employees, hospitals and clinics are primary hubs for genetic testing services. Patients often search for testing within those settings for accurate diagnosis, personalized treatment plans, and genetic counseling. The enormous presence of hospitals and clinics internationally guarantees accessibility to genetic testing services, driving the segment's dominance in the market.

United States is presently the foremost market for genetic testing

By countries, the genetic testing market is divided into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, the Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), Middle East & Africa (South Africa, Saudi Arabia, UAE). The United States is currently the leading market for genetic testing services. This is majorly due to the rising need for personalized genetic testing and an increase in chronic and genetic disorders.

According to the American Cancer Society's report, it is assessed that the number of new cancer incidences will reach 1,918,030 in the United States. The high engagement of critical players concerned with research activities for the invention of novel genetic testing products, along with the growing product permissions by the US Food and Drug Administration (FDA) and succeeding launches, are anticipated to drive market development in the United States.

Key Players

Abbott Laboratories, Danaher Corporation (Cepheid Inc.), Illumina Inc., BioRad Laboratories Inc., F Hoffmann-La Roche AG, Diasorin, Revvity Inc., and Thermo Fisher Scientific Inc. are the leading companies in the genetic testing market.

• In October 2023 - 23andMe Holding Co. announced a collaboration with GSK plc, allowing GSK to perform drug target discovery utilizing the 23andMe database.

Tests – Market breakup in 7 viewpoints:

1. Predictive Testing
2. Carrier Testing
3. Prenatal and Newborn Testing
4. Diagnostic Testing
5. Pharmacogenomic Testing
6. Nutrigenomic Testing
7. Others

Products – Market breakup in 3 viewpoints:

1. Consumables
2. Equipments
3. Software & Services

Technology – Market breakup in 4 viewpoints:

1. PCR
2. DNA Sequencing
3. Microarrays
4. Others

Disease – Market breakup in 6 viewpoints:

1. Cancer
2. Genetic Diseases
3. Cardiovascular Diseases
4. Rare Diseases
5. Infectious Diseases
6. Others

End-Users – Market breakup in 3 viewpoints:

1. Hospitals & Clinics
2. Diagnostic Laboratories
3. Others

Countries – Market breakup of 25 Countries:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 UAE
5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. Abbott Laboratories
2. Danaher Corporation (Cepheid Inc.)
3. Illumina Inc.
4. BioRad Laboratories Inc.
5. F Hoffmann-La Roche AG
6. Diasorin
7. Revvity Inc.
8. Thermo Fisher Scientific Inc.