GLOBAL GENETIC TESTING MARKET (2023 - 2030 )
As per our research report, the global Genetic Testing market size is estimated to be growing at a CAGR of 7.6% from 2023 to 2030.
The COVID-19 pandemic has had a substantial effect on the global market for genetic testing, causing operational and chain disruptions, limiting access to healthcare providers, and presenting challenges that have prompted adjustments in the industry. Governmental bodies like the Centres for Medicaid Services do not identify genetic counsellors as healthcare professionals, so they are not exempt from working during lockdowns. (CMS). Clinics have reduced in-person DNA testing in order to stop the virus's spread. However, significant players in the genetic testing industry, such as GeneDx, have made it feasible to get genetic tests from a doctor. Online programs for genetic counselling are also used by hospitals, doctors, and patients. Therefore, prenatal testing has not been as greatly impacted by its importance as other types of DNA testing.
Globally, the prevalence of genetic disorders and cancer has also grown. Genetic testing is useful for the investigation of inherited cancer patterns, cancer treatment and prevention, and drug findings. It is also used to identify acquired mutations in tumours that are resistant to treatment. As a result, the market for genetic testing is predicted to expand, and this growth is further fuelled by rising public acceptance of and knowledge of personalized medicine as well as technological developments in testing procedures. However, problems with rigid control and standardization might be a barrier. However, untapped emerging marketplaces in developing nations may present profitable chances.
KEY MARKET INSIGHTS:
- The global market for genetic testing is being driven by a number of factors, including the rising adoption of customized healthcare, the increase in hereditary diseases, and general awareness of the benefits of genetic testing. The genetic study is used to identify changes to genes, proteins, or cells. It helps identify genetic material variations in an individual, which are frequently linked to the emergence of specific diseases. Furthermore, with the development of genetic testing, it is now feasible to identify the exact gene that causes the disease, assisting in the development of specialty therapies. The business has escalated as a consequence of the arising use of customized medicine.
- Due to the presence of important businesses like Illumina, Inc., Myriad Genetics, Inc., Quest Diagnostics, and LabCorp, it is anticipated that the North American region will dominate the worldwide genetic testing market. These companies have a solid reputation in the area and substantial expenditures in the creation of genetic testing instruments, which has given them a competitive advantage. Additional characteristics that distinguish the area include high healthcare spending and established healthcare infrastructure. This encourages the use of DNA testing in the area and makes entry to cutting-edge medical services simple. Due to the arising incidence of genetic illnesses and the rising demand for personalized treatment, the market for genetic testing in North America is also anticipated to expand.
- Since next-generation sequencing was developed, the field of genetic research has experienced a revolution. The tools that are currently accessible for genetic data analysis are efficient, affordably priced, and enable accurate diagnosis of genetic disorders. Furthermore, it makes exhaustive DNA testing feasible, increasing interest in the process generally. Additionally, due to partnerships between the diagnostic and healthcare industries, efficient DNA testing services are now accessible. These collaborations have increased access to cutting-edge technology and raised the calibre and precision of DNA tests. Additionally, they have made it feasible for the tests to be given using more affordable techniques, increasing the number of people who can take them. DNA testing is now more popular as a result of these advancements.
- The market for genetic testing has escalated quickly for a variety of causes. Venture capital investments are crucial to the business. Businesses are now able to produce and offer more affordable genetic testing products and services thanks to these expenditures. As DNA tests become more affordable, more people opt for them, which raises demand for the services. The market is also being further stimulated by the increase in approvals for genetic tests. The market for DNA testing is arising as a result of all these factors combined.
- The rising prevalence of lifestyle illnesses is another factor driving the demand for genetic testing services. Such diseases can be diagnosed and treated specifically thanks to genetic testing. In addition, the development of new technologies has made genetic testing simpler, more accessible, and more precise, which has raised demand from the healthcare sector.
- Consumables & Reagents
- Molecular Tests
- Chromosomal Tests
- Biochemical Tests
By Test Type:
- Carrier Testing
- Predictive Testing
- Diagnostic Testing
- Prenatal & Newborn Testing
- Cystic Fibrosis
- Huntington’s Disease
- Duchenne Muscular Dystrophy
- Other Disease
- North America
- Latin America
- Middle East and Africa