Genetic Testing Market Size & Share, Growth Analysis 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Genetic Testing Market size is poised to reach USD 45 Billion by the end of 2035, growing at a CAGR of 9% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of genetic testing was USD 19 Billion. The reason behind the growth is impelled by the rising prevalence of hereditary illnesses. The prevalence of hereditary illnesses is rising as a result of a lack of understanding of the usefulness of genetic testing.

Patients could use genetic testing to help them make crucial decisions about the early diagnosis, treatment, or prevention of hereditary illnesses. For instance, more than 250,000 kids worldwide are born with sickle cell disease each year, and the disease affects over 4% of the world's population.

The growing popularity of personalized medicine is believed to fuel the market growth. Personalized medicine is becoming incredibly popular, since it helps patients' prognoses and therapies to be more effective, and is a fresh and improved method of treating patients that is based on the individual genetic composition of each patient. Personalized medicine uses genetic testing to enable providers to better serve their patients, advance precision and personalized medicine, and increase patient outcomes.

Genetic Testing Sector: Growth Drivers and Challenges

Growth Drivers

Growth in Penetration of Online Website to Purchase Products– Since the prevalence of online websites is so high, genetic kits are easily available through the same, reaching a large number of customers. Owing to this, the demand for home genetic testing is growing. At-home genetic testing is the greatest option for people who wish to learn more about their heritage, family links, or special genetic features such as caffeine sensitivity or other dietary requirements. With a substantial surge from a few years ago, there are now over 3 billion consumers who purchase online across the globe.
Growing Geriatric Population- The elderly population is more prone to certain genetic-related diseases. Moreover, when the genes or chromosomes undergo a mutation, genetic illnesses result. While some illnesses manifest symptoms at birth, others do so over time. Hence, the significance of genetic testing is growing. According to the World Health Organization, one in six people on the planet is estimated to be 60 years of age or older by the year 2030. At this point, it is anticipated to be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older.

Challenges

Growing Price of Genetic Testing- The intricacy of the associated processes is the primary cause of the high cost of genetic testing. The price is determined by several elements, including the test's type. In some particular situations, the patient's age affects the cost as well. Moreover, the three major factors involved in genetic testing are the time-consuming process, the need for advanced-level medical technology, and the intensive labor procedure. Genetic testing is more expensive than other types of testing owing to all of these variables.
Issues with Genetic Testing-Based Diagnostics' Uniformity
Regulatory Standards that are Strict for Product Approvals

Genetic Testing Segmentation

Disease (Cancer, Alzheimer’s, Thalassemia, Cystic Fibrosis, Huntington Disease, Duchene Muscular Dystrophy)

The cancer segment is estimated to hold 25% share of the global genetic testing market in the coming years owing to the growing prevalence of cancers owing to genetic inherent. However, parents can't pass on cancer to their offspring. Furthermore, tumor cells' altered genetic makeup cannot be passed on to offspring.

Yet, if a cancer-risk-raising genetic mutation exists in a parent's sperm or egg cells, it could be inherited (transmitted). Hence, owing to this factor the genetic testing demand is growing. If a person has inherited a genetic alteration that raises the risk of developing cancer, several genetic testing could reveal this. Normally, a little amount of blood is used for the cancer screening, but it is also occasionally possible to use saliva, cells from inside the cheek, or skin cells.

As per the estimates, inherited genetic alterations could account for up to 10% of cancer cases.

Test Type (Carrier Testing, Predictive Testing, Diagnostic Testing, Parental & Newborn Testing, Nutrigenomics, Pharmacogenomics)

Genetic testing market from the diagnostic testing segment is set to garner a notable share shortly backed by growing cases of chronic disease that need to be diagnosed. Long-lasting disorders known as chronic diseases could typically be managed but not cured. Individuals who have chronic conditions sometimes struggle with managing day-to-day symptoms that impair their quality of life, as well as acute health issues and consequences that may reduce their life expectancy.

In addition, chronic diseases including depression and back pain are frequently the main causes of decreased productivity and rising healthcare expenses. However, chronic diseases and their repercussions could frequently be avoided or effectively managed by effective behavior change initiatives, adequate medical therapy, and thorough monitoring to identify new issues. Hence, the need for diagnostic tests is growing, further boosting the market growth. According to estimates, globally, more than 40 million people die from chronic diseases each year.

Our in-depth analysis of the global genetic testing market includes the following segments:

Test Type	Carrier Testing Predictive Testing Diagnostic Testing Parental & Newborn Testing Nutrigenomics Pharmacogenomics
Disease	Cancer Alzheimer’s Thalassemia Cystic Fibrosis Huntington Disease Duchene Muscular Dystrophy
Technology	Cytogenetic Testing Biochemical Testing Molecular Testing
Application	Ancestry & Ethnicity Traits Screening Genetic Disease Carrier Status New Baby Screening Health and Wellness-Predisposition
Product	Consumables Equipment Software & Services

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Genetic Testing Industry- Regional Synopsis

APAC Market Forecast

Genetic Testing market in Asia Pacific is predicted to account for the largest share of 36% by 2035 impelled by the growing healthcare sector. This has led to an increase in awareness and accessibility in developing countries such as India and China to genetic testing services. Moreover, more and more people in the region are gaining knowledge about the importance of genetic testing in disease prevention.

There were more than 8,000 more healthcare facilities in China at the end of 2021 than there were in 2020.

North American Market Statistics

The North America genetic testing market is estimated to be the second largest, during the forecast timeframe led by the rising number of improvements in technology. As a result, genetic testing technology is widely being adopted in the region since more efficient, cost-effective, and precise genetic insights are being provided to the people.

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Companies Dominating the Genetic Testing Landscape

Genentech Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Sorenson Genomics
Abbott Molecular
Bayer AG
Biocartis
BioHelix
Quest Diagnostics
Exact Sciences Corporation
HTG Molecular Diagnostics, Inc.
PacBio

In The News

Quest Diagnostics, announced the acquisition of Blueprint Genetics in an all-cash equity deal. Using proprietary algorithms and next-generation sequencing (NGS), Blueprint Genetics is a top provider of specialized genetic testing. It has extensive experience interpreting gene variants. In order to improve patient care and pharmaceutical medication research and development, Quest and Blueprint Genetics was estimated to provide access to practical insights into genetic and uncommon diseases. The deal's financial specifics weren't made public.
Exact Sciences Corporation declared that it had acquired PreventionGenetics, a genetic testing facility, in order to expand its portfolio of advanced cancer diagnostics and assist its entry into hereditary cancer testing (HCT). In order to speed up the availability of HCT and assisted more individuals in understanding their germline risk of developing cancer and other diseases, PreventionGenetics offers the clinical lab, experience, and fundamental technologies required.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the Genetic Testing market?

Ans: Rising prevalence of hereditary illnesses and the growing popularity of personalized medicine are the major factors driving the growth of the market.

2) What would be the CAGR of the Genetic Testing market over the forecast period?

Ans: The market size of Genetic Testing is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the Genetic Testing market?

Ans: The major players in the market are Abbott Molecular, Bayer AG, Biocartis, BioHelix, Quest Diagnostics, Exact Sciences Corporation, HTG Molecular Diagnostics, Inc., PacBio.

4) Which segment captures the largest market size in the disease segment in the Genetic Testing market?

Ans: The cancer segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the Genetic Testing market in the future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Base Year	2022
Forecast Year	2023-2035
CAGR	~9%
Base Year Market Size (2022)	~ USD 19 Billion
Forecast Year Market Size (2035)	~ USD 45 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)