GLOBAL BIOCHEMICAL GENETIC TESTING MARKET (2023 - 2030)

In 2022, the Global Biochemical Genetic Testing Market was valued at $520.70 million, and is projected to reach a market size of $962.35 million by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 7.98%.

Market Overview:

Biochemical Genetic testing is a biochemical medical test that observes changes in genes, chromosomes, and proteins in a living organism through some chemical processes inside the body. The output of a biochemical genetic test usually confirms or rules out a suspected genetic disease or condition and can help in determining the chances of developing or passing on a genetic disorder through the family tree. The global Biochemical Genetic Testing Market is majorly driven by the increasing prevalence of genetic disorders among the population, advancements in the technological devices and software associated with the biochemical genetic testing market, and the rising capital investments in the research and development sector in the industry by the major players in the market. At the present time, healthcare expenditure has risen across several developed and developing nations due to the awareness programs initiated by their respective governments and authorities in the region. These are anticipated to create a competitive edge for manufacturers to develop and introduce new and enhanced genetic testing kits in the market in the forthcoming years.

COVID-19 Impact on the Biochemical Genetic Testing Market:

Since the COVID-19 pandemic outbreak in December 2019, the virus has stretched to over 100 countries across the globe and the World Health Organization announced it a public health emergency on January 30, 2020. It adversely affected the economic growth in almost all sectors. But it majorly impacted the economy by directly influencing the production and demand-supply of products and by creating disturbances in distribution channels. Due to global shutdowns, several economies, such as China, India, Saudi Arabia, UAE, Egypt, and others, faced problems with regard to the transportation of goods and services. The pandemic also had a critical negative impact on the healthcare sector. Due to lockdowns, access to healthcare services and hospital visits became more restrictive. It became difficult for the immune system to defend against illnesses in patients with cerebral palsy or other disabilities. Globally, it had unprecedented effects on the world’s economy, sending all the sectors into a hyperdrive. It negatively impacted the biochemical genetic testing market during the peak of the pandemic, due to the scarcity of supply of raw materials and other supply chain disruptions. However, the partial opening up of the economy in 2021 opened up a variety of growth opportunities for the key players in the industry.

Market Drivers:

The increasing prevalence of genetic disorders among people is augmenting the demand for these biochemical genetic testing kits market:

The rising cases of genetic disorders and the associated complication with it among people cause severe health problems that may be incompatible with life. According to various reports, genetic disorders and congenital abnormalities are as common as about 2% - 5% of all live births and account for around 30% of paediatric admissions in hospitals. Therefore, the increase in the number of these cases is driving the demand for biochemical genetic testing devices in the global market.

Increasing adoption of advanced technologies and surging R&D investments are boosting the market size:

The evolvement of advanced technologies, especially for the treatment of cancer, and various other chronic diseases shift the focus toward genomics-centric pharmacology. It provides advantages such as precise accuracy, sensitivity, and speed compared to conventional methods and makes impactful changes to the field of oncology. Continuous scientific innovations have created new opportunities for the development of technologies that impact the management of disorders. Collaborations are being undertaken with various stakeholders involved, such as researchers, patients, and regulators, for rare disease product development.

Increasing health awareness among people is driving the healthcare industry and propelling the biochemical genetic testing kit market:

An increase in the levels of health awareness among people has resulted in a rise in the number of available registries and is one of the major driving forces of the industry. It enables a pool of data of a sufficient sample size for epidemiological and clinical research. They play an important role in evaluating the feasibility of clinical trials and thus enabling the effective planning of clinical trials and the enrolment process. Registries speed up service planning along with supporting public health and clinical research by providing necessary insights to researchers.

Market Restraints:

The high installation cost associated with the devices and R&D in genetic testing is predicted to hamper the global market growth:

The high and plummeting costs associated with sequencing and biochemical genetic testing are likely to slow down the growth of the global biochemical genetic testing market. Also, establishing a certain and specific diagnosis for a genetic disorder is a major challenge in the healthcare sector and hence incurs a significant amount of cost to detect and diagnose it, de-escalating the market growth rate. 

BIOCHEMICAL GENETIC TESTING MARKET REPORT COVERAGE:

This research report on the Biochemical Genetic Testing Market has been segmented and sub-segmented based on Type, Technology, End-User, Region, and Companies.  

Biochemical Genetic Testing Market – By Type   

• Diagnostic Testing

• Prenatal Testing

• New Born Screening

• Predictive and Presymptomatic Testing

• Carrier Testing

• Pharmacogenomic Testing

• Other Types

Based on type, the Biochemical Genetic Testing Market has been segmented into 6 segments – Diagnostic Testing, Prenatal Testing, New Born Screening, Predictive and Presymptomatic Testing, Carrier Testing, Pharmacogenomic Testing, and Others.

The Prenatal and New Born Screening segment collectively holds the highest revenue share in the global market and is anticipated to hold dominance in the forecasted years as well. This is majorly due to the growth in awareness levels among people and the surging healthcare expenditure in various economies.

Also, the Pharmacogenomic Testing segment is anticipated to witness the fastest-growing CAGR during the forecast period.

Biochemical Genetic Testing Market – By Technology.   

• Polymerase Chain Reaction

• DNA Sequencing (NGS-Based Testing)

• Whole Genome Sequencing

• Microarrays

• Fluorescence In Situ Hybridization (FISH)

• Others

Based on technology, the Biochemical Genetic Testing Market has been segmented into 6 segments – Polymerase Chain Reaction, DNA Sequencing (NGS-Based Testing), Whole Genome Sequencing, Microarrays, Fluorescence in Situ Hybridization (FISH), and Others.

The Next-Generation Sequencing (NGS) technology segment holds the maximum revenue share of around 35% and dominates the segment in 2022. Large-scale availability and quick adoption of NGS-based gene panels for cancer, neurologic disease, cardiovascular disease, paediatric conditions, and other genetic-related disease testing have augmented the segment.

Biochemical Genetic Testing Market – By End-User.   

• Hospitals

• Clinics

• Diagnostic Centers

• Private Clinics

• Laboratory Service Providers

• Private Laboratories

Based on the end-user, the Biochemical genetic testing market has been segmented into 6 segments – Hospitals, Clinics, Diagnostic Centers, Private Clinics, Laboratory Service Providers, and Private Laboratories.

The research laboratories segment leads the global market in 2022 and accounts for the highest share of more than 46.90% of the overall global revenue share.

The diagnostic laboratories segment is anticipated to witness the fastest CAGR over the forecast timeline due to the rising number of mergers and collaboration activities of diagnostic laboratories with genetic testing companies.

Biochemical Genetic Testing Market – By Region.   

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East and Africa

Based on regions, the Biochemical Genetic Testing Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.

North America is the major dominating region in the market in 2022, due to the rising prevalence of genetic disorders amongst the population in the region. They are dominating the Biochemical Genetic Testing Market in terms of overall market share and market revenue and will continue to assert their dominance during the forecast period due to genetic defects and chromosomal abnormalities in the population and rapid research and development processes boosting the overall market growth.

Biochemical Genetic Testing Market – By Companies.   

1. Thermo Fisher Scientific Inc.

2. Invitae Corporation

3. Bio-Rad Laboratories

4. Inc.PerkinElmer Inc.

5. IlluminaInc.QIAGEN

6. F. Hoffmann-La Roche Ltd.

7. Fulgent GeneticsMyriad Genetics

8. Inc.AbbottEurofins Scientific

9. Sorenson Genomics

10. BIO-HELIXBiocartis

11. Cepheid (A subsidiary of Danaher)