The global genetic testing market size is likely to touch USD 19.8 billion at an 10.05% CAGR between 2023- 2032, propelled by advancements in genomics, increased awareness of personalized medicine, and a rising focus on early disease detection. Genetic testing involves the analysis of an individual's DNA, providing insights into their genetic makeup and susceptibility to certain diseases.
Key drivers of market expansion include a surge in genetic disorders, a growing aging population, and a heightened interest in ancestry testing and lifestyle-related genomic insights. The increasing prevalence of chronic diseases and cancers has fueled the demand for genetic testing to enable personalized treatment plans and enhance disease management.
North America and Europe currently dominate the genetic testing market, owing to well-established healthcare infrastructure and a high level of awareness. However, the Asia-Pacific region is witnessing rapid growth due to expanding healthcare access, increasing healthcare expenditure, and a growing focus on preventive healthcare measures.
The market is characterized by a competitive landscape with numerous companies offering a diverse range of genetic testing services. Key players are investing in research and development, strategic partnerships, and acquisitions to stay at the forefront of technological advancements and expand their service offerings.
As genetic testing continues to evolve, with advancements in technologies like next-generation sequencing, the market's trajectory points towards increased adoption across various medical fields, contributing to a more personalized and precise approach to healthcare.
Competitive Analysis
Eminent profiled the global genetic testing market players include BGI Genomics (China), Thermo Fisher Scientific Inc. (US), Blueprint Genetics (Finland), F. Hoffmann-La Roche Ltd (Switzerland), Eurofins Scientific (US), Quest Diagnostics Incorporated (US), Illumina Inc. (US), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), PerkinElmer Inc. (US), and Myriad Genetics, Inc. (US).
Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global genetic testing market based on application, method, and type.
By type, the genetic testing market is segmented into direct to consumer genotype testing and prescribed genetic testing. Of these, the prescribed genetic testing will lead the market over the forecast period.
By method, the genetic testing market is segmented into biochemical genetic tests, chromosomal genetic tests, and molecular genetic tests/DNA tests. Of these, the molecular genetic tests/DNA tests segment will have a major share in the market over the forecast period.
By application, the genetic testing market is segmented into predictive test & pre-symptomatic testing, ancestry, cancer screening, reproductive health, and others. Of these, the reproductive health segment will have a major share in the market over the forecast period.
Regional Analysis
Based on the region, the global genetic testing market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Among these, the Americas will dominate the market over the forecast period. Increasing support from government for R&D, the presence of sophisticated infrastructure, and rising genetic diseases are adding to the global genetic testing market growth in the region.
The global genetic testing market in Europe is predicted to hold the second-largest share over the forecast period. The rising prevalence of genetic disorders and diseases coupled with recent advances and developments in molecular medicines is adding to the genetic testing market growth in the region.
Over the course of the projection period, it is expected that the worldwide market for genetic testing in the APAC region would expand quickly. The region's genetic testing market is expanding as a result of the abundance of development opportunities, rapid technological advancements, and sizable patient population. The largest stake in the region belongs to Japan.
Over the forecast period, the global genetic testing market in the MEA is expected to grow steadily. The region's genetic testing market is expanding as a result of advances in the field, an increase in the prevalence of chronic diseases like cancer, and an ageing population.
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