PUBLISHER: Allied Market Research | PRODUCT CODE: 1396953
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396953
The Genetic Testing Market was valued for $15,533.53 million in 2022 and is estimated to reach $40,872.42 million by 2032, exhibiting a CAGR of 10.2% from 2023 to 2032. Genetic testing is the study of DNA that identifies gene mutation associated with a variety of genetic disorders. There are various types of genetic testing and several methods such as cytogenetic testing, biochemical testing, molecular testing, and chromosome analysis used to determine changes in a person's chromosomes, genes, or proteins. The results of a genetic tests confirm or diagnose a suspected genetic condition or help determine a person's chance of developing or passing on a genetic disorder.
The genetic testing market growth is driven by rise in number of genetic tests and increase in use of technological advancements for diagnosis of diseases. In addition, ongoing advancements in genomic research have led to a better understanding of the genetic basis of diseases and traits. This has expanded the scope of genetic testing for both clinical and non-clinical purposes. Moreover, the increasing awareness of genetic disorders and their impact on health has led to greater demand for genetic testing. Early detection of genetic diseases is crucial for timely intervention and treatment. Thus, this factor is anticipated to boost the growth of market. Moreover, rise in number of genetic testing in developed countries such as the U.S. is expected to fuel the growth of market in the forecast period. For instance, according to National Library of Medicine, as of November 2022, a total of number of genetic tests performed in the U.S. are 129,624. In addition, as per the same source, it was reported that 197,779 genetic tests were performed globally in 2022.
In addition, genetic testing has become integral in the field of oncology. It helps in identifying genetic mutations that drive cancer and guides the selection of targeted therapies. Thus, rise in number of populations suffering from cancer and technological advancement for diagnosis of cancer are expected to boost the growth of market. Moreover, genetic testing is becoming more common in prenatal and neonatal care, aiding in the early detection of genetic abnormalities. Prenatal and neonatal screening allows for the early detection of genetic disorders and congenital conditions. Identifying these conditions in the earliest stages of development enables healthcare providers to take proactive measures to manage and treat them effectively. Thus, this factor is anticipated to fuel the growth of market.
The genetic testing market is segmented into type, technology, application, and region. By type, the market is categorized into predictive & pre-symptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. Based on technology, it is divided into cytogenetic testing, biochemical testing, and molecular testing. Molecular testing is further classified into DNA sequencing and others. As per application, it is segmented into cancer diagnosis, genetic disease diagnosis, and others.
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global genetic testing market are Abbott Laboratories, Bio-Rad Laboratories, Inc., Myriad Genetics, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Eurofins Scientific, Illumina, Inc., Qiagen N.V., Thermo Fisher Scientific, Inc., and CSL Ltd. Key players operating in the market have adopted product approval, product launch, acquisition and agreement as their key strategies to expand their genetic testing market share.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)