PUBLISHER: The Business Research Company | PRODUCT CODE: 1500072
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500072
Genetic testing services involve the analysis of an individual's DNA to detect variations or mutations that may indicate disease susceptibility, ancestry information, or other genetic characteristics. These services typically provide insights into potential health risks, ancestral origins, and personalized recommendations based on genetic predispositions, aiding in informed medical decisions and lifestyle choices.
The primary categories of genetic testing services include predictive testing, carrier testing, prenatal testing, newborn screening, and other specialized tests. Predictive testing assesses an individual's risk of developing specific conditions such as cancer, metabolic disorders, cardiovascular diseases, and others. These services are utilized by a variety of stakeholders including diagnostic laboratories, hospitals and clinics, academic institutions, research centers, and others.
The genetic testing services market research report is one of a series of new reports from The Business Research Company that provides genetic testing services market statistics, including genetic testing services industry global market size, regional shares, competitors with a genetic testing services market share, detailed genetic testing services market segments, market trends and opportunities, and any further data you may need to thrive in the genetic testing services industry. This genetic testing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The genetic testing services market size has grown rapidly in recent years. It will grow from $17.29 billion in 2023 to $19.19 billion in 2024 at a compound annual growth rate (CAGR) of 11%. In the historic period, growth stemmed from heightened interest in personalized and precision medicine, the escalating prevalence of genetic disorders, increased demand for prenatal testing during pregnancy, population growth, and heightened awareness and education.
The genetic testing services market size is expected to see rapid growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth is expected due to the rising demand for non-invasive prenatal testing (NIPT), the emergence of pharmacogenomics, a growing emphasis on preventive healthcare, expanding direct-to-consumer (DTC) testing, and heightened focus on rare diseases and personalized therapies. Key trends anticipated in the forecast period include the integration of artificial intelligence (AI) and machine learning, advancements in user-friendly testing kits and online platforms, utilization of next-generation sequencing, microarray analysis, polymerase chain reaction (PCR), and enhancements in healthcare infrastructure.
The rising prevalence of genetic disorders is anticipated to drive the growth of the genetic testing services market in the future. Genetic disorders, stemming from abnormalities in an individual's DNA, result in various physical or developmental abnormalities. Factors contributing to the increased prevalence of genetic disorders include heightened awareness, improved diagnostic methods, expanded genetic screening initiatives, and a growing incidence of consanguineous marriages in certain populations. Genetic testing services play a pivotal role in diagnosing, prognosing, and determining treatment strategies for individuals with genetic disorders, facilitating personalized medical care and family planning decisions based on genetic information. For example, as reported by the World Health Organization (WHO) in February 2023, congenital diseases are responsible for approximately 240,000 infant deaths globally within the first 28 days of birth each year. Additionally, according to the Centers for Disease Control and Prevention (CDC), approximately 6,000 babies are born with Down syndrome in the United States annually, translating to about 1 in every 700 births. Hence, the escalating prevalence of genetic disorders is a driving force behind the growth of the genetic testing services market.
Key players in the genetic testing services market are concentrating on advancing technological solutions, such as cancer screening tests, to enhance precision, broaden testing capabilities, and improve patient outcomes overall. Cancer screening tests are routine examinations conducted on asymptomatic individuals to detect early signs of cancer. These tests aim to identify cancer or precancerous conditions before symptoms manifest, enabling more effective treatment interventions. For instance, in June 2022, Prenetics Group Limited introduced ColoClear, a non-invasive stool DNA test in Hong Kong, leveraging highly sensitive screening methods to detect early indications of colorectal cancer. Combining advanced stool DNA technology with fecal immunochemical testing (FIT), ColoClear offers a convenient and efficient alternative to colonoscopy. Clinical studies have demonstrated ColoClear's sensitivity of 96% in colorectal cancer detection and 64% in advanced adenoma detection.
In November 2022, Myriad Genetics Inc. bolstered its presence in women's health and oncology testing by acquiring Gateway Genomics for $67.5 million. This strategic move expands Myriad's portfolio of comprehensive and personalized genetic testing solutions for patients. Gateway Genomics LLC, a US-based genetics company specializing in genetic testing services, complements Myriad's capabilities in the field.
Major companies operating in the genetic testing services market are F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Incorporated, Eurofins Scientific SE, SGS SA, Agilent Technologies, Hologic Inc., Illumina Inc., PerkinElmer Inc., bioMerieux SA, Bio-Rad Laboratories Inc., QIAGEN N.V., Natera Inc., Myriad Genetics Inc., BGI Genomics Co. Ltd., Invitae Corporation, NeoGenomics Laboratories Inc, 23andMe Holding Co, Berry Genomics Co. Ltd, Pacific Biosciences of California Inc, Ambry Genetics Corporation, Biocartis SA, CENTOGENE N.V., Blueprint Genetics Oy, Igenomix, Veritas Genetics
North America was the largest region in the genetic testing services market in 2023. The regions covered in the genetic testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the genetic testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The genetic testing services market consists of revenues earned by entities by providing services such as newborn screening, diagnostic testing, carrier testing, prenatal testing, preimplantation testing, predictive and presymptomatic testing, ancestry testing, nutrigenomics testing, and forensic testing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Genetic Testing Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on genetic testing services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for genetic testing services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The genetic testing services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.