The genetic testing market aims to detect alterations in biological information such as deoxyribonucleic acid (DNA) and ribonucleic acid (RNA) that are associated with health status and disease. Genetic testing plays a pivotal role in the healthcare sector by enabling early diagnosis and prevention of genetic disorders. An increasing number of cancer patients and growing applications of genetic testing in oncology are driving more individuals to undergo genetic screening.
The global genetic testing market is estimated to be valued at US$ 23.05 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period from 2024 to 2031.
Genetic testing is used to determine heritable diseases, predict risk of certain conditions, identify mutations relevant to drug response, and establish biological relationships. The growing geriatric population with chronic diseases and rise in personalized medicine to identify optimal treatments are propelling industry expansion. Healthcare providers now heavily rely on genetic screenings to prevent the onset or advancement of illnesses. Advancements in DNA sequencing technologies have made tests widely accessible and affordable. However, ambiguities in results can negatively impact the psychological well-being of certain patients.
Key Takeaways
Key players operating in the Genetic Testing Companies are 23andMe Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others.
Growing awareness regarding genetic disorders and availability of direct-to-consumer genetic screening tests present significant opportunities. Market players focus on launching innovative easy-to-use at-home collection genetic testing kits to tap rising consumer demand.
Significant expansion has been observed in markets across China, Japan, Australia, and GCC countries due to initiatives supporting genetic research activities. Growing healthcare investments in Asia Pacific regions are favoring the genetic testing industry expansion.
Market Drivers
Increasing incidence of cancer and other targeted diseases is a major Genetic Testing Market Growth driver. Early detection of genetic mutations enables more effective treatment options. According to WHO estimates, cancer burden is expected to climb 57% globally by 2040, driving the need for advanced genetic screening. Personalized treatment relies on genetic information to identify suitable drugs and therapies for individual patients.
PEST Analysis
Political: Genetic testing has led to complex legal and ethical issues regarding privacy, confidentiality and discrimination. Laws and regulations around data privacy and use continue to evolve in different countries and regions impacting the market growth.
Economic: Increasing healthcare costs and rising incidence of chronic diseases are driving the demand for genetic testing to facilitate early diagnosis and targeted treatment plans. Higher disposable incomes in developing markets are further supporting market expansion.
Social: Growing awareness about the benefits of genetic testing in helping understand risks of inherited conditions or diseases, or confirming a diagnosis is positively impacting the adoption rates. However, social stigmas still exist around genetic disorders among certain communities.
Technological: Advancements in molecular diagnostics, next-generation sequencing, integrated clinical software solutions are making genetic testing more affordable and accessible. Wider applications in pharmacogenomics and cancer screening are expected to drive technological innovations.
The geographical region concentrating the highest value for the genetic testing market is currently North America owing to the advanced healthcare infrastructure, higher adoption rates for modern diagnostic techniques, and presence of leading market players. High healthcare spending and the availability of favourable reimbursements further support market growth in the region. Asia Pacific is identified as the fastest growing regional market given the rising disposable incomes, increasing healthcare investments by governments, growing emphasis on preventive healthcare and rising incidence of chronic illnesses in countries like China, India and Japan. Improving diagnostic capabilities and falling genetic test prices are also fueling demand across emerging Asian economies.
The genetic testing market experiences concentrated growth in metropolitan areas globally due to a combination of advanced healthcare facilities, educated population to drive adoption, and high disposable incomes supporting payment capabilities. Dense urban clusters in North America, parts of Western Europe, cities like Tokyo and Seoul, emerging megacities in China and India represent hotspots for market concentration in terms of value sales. At the same time, smaller tier-2 and tier-3 cities are increasingly becoming accessible marketplaces for genetic testing as tests get more affordable and awareness rises across lower-income communities.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
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