report-bg

Genetic Testing Market Analysis by Test Type (Carrier Testing, Predictive Testing, Diagnostic Testing, Parental & Newborn Testing, Nutrigenomics, and Pharmacogenomics); by Disease (Cancer, Alzheimer’s, Thalassemia, Cystic Fibrosis, Huntington Disease, and Duchenne Muscular Dystrophy); and by Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now Report ID: 4745 | Published Date: Mar 21, 2023

Global Genetic Testing Market Size, Forecast, and Trend Highlights Over 2023 – 2035

The global genetic testing market is estimated to garner a revenue of ~USD 45 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 19 Billion in the year 2022. The growth of the market can be attributed to growing prevalence of chronic or genetic diseases. In the US, according to the Centers for Disease Control and Prevention, 51.8% (129 million) of civilian, non-institutionalized individuals in 2018 had at least one of the 10 specified chronic illnesses on their medical records. More specifically, 27.2% (68 million) individuals and 24.6% (61 million) had two or more chronic illnesses, respectively. Even though in most cases the cause of chronic disease is estimated to be consumption of alcohol and tobacco or physical inactivity, genes are also anticipated to play a crucial role. Hence, the demand for genetic testing is anticipated to grow.

Genetic-Testin-Market-scope

Patients could use genetic testing to help them make crucial decisions about the early diagnosis, treatment, or prevention of hereditary illnesses. However, the prevalence of hereditary illnesses is rising as a result of a lack of understanding of the usefulness of genetic testing. Hence, the government is carrying out initiatives in order to spread awareness among people regarding genetic testing. Therefore, the market for genetic testing is anticipated to grow over the forecast period. Also, the presence of multiple major market participants and their substantial investments in R&D activities have promoted innovation in product design, improved distribution, and increased product quality. Hence, owing to this, the demand for genetic testing is anticipated to boost.


RN
Genetic-Testin-Market-scope
Get more information on this report: Request Free Sample PDF

Global Genetic Testing Market: Key Insights

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)


Global Genetic Testing Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growth in Penetration of Online Website to Purchase Products - With a substantial surge from a few years ago, there are now over 3 billion consumers who purchase online across the globe. Since the prevalence of online website 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.

  • Growing Geriatric Population - 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. 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.

  • Rise in Healthcare Expenditure - In 2020, U.S. health spending climbed by about 8% to about USD 3 trillion, or approximately USD 12,529 per person. Compared to 2019, this growth rate is significantly larger which was about 3 percent.

  • Surge in Government Initiatives- In 2019, in India, the Department of Biotechnology (DBT) launched the DBT-UMMID initiative with the goals of creating genetic diagnostic centres known as National Inherited Diseases Administration (NIDAN) Kendras in public hospitals, training qualified medical professionals in the field of human genetics (including biochemical genetics, cytogenetics, molecular genetics, clinical genetics, and comprehensive clinical care), and diagnosing pregnant women and newborns.

  • Upsurge in Cancer Cases  - According to the World Health Organization, almost 10 million deaths, or roughly one in six deaths, was caused by cancer in 2020, making it the top cause of death globally. Also, almost 400, 000 youngsters are diagnosed with cancer annually.

Challenges

  • Issues with Genetic Testing-Based Diagnostics' Uniformity
  • Regulatory Standards that are Strict for Product Approvals
  • 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 a number of 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 advance level medical technology, and the intensive labor procedure. Genetic testing is more expensive than other types of testing owing of all of these variables.


Global Genetic Testing Market Segmentation

The global genetic testing market is segmented and analyzed for demand and supply by disease into cancer, alzheimer’s, thalassemia, cystic fibrosis, huntington disease, and duchenne muscular dystrophy. Out of which, the cancer segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing prevalence of cancers owing to genetic inherent. As per the estimates, inherited genetic alterations could account for up to 10% of cancer cases. However, it is impossible for parents to 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 this examination, but it is also occasionally possible to use saliva, cells from inside the cheek, or skin cells.

The global genetic testing market is also segmented and analyzed for demand and supply by test type into carrier testing, predictive testing, diagnostic testing, parental & newborn testing, nutrigenomics, and pharmacogenomics. Amongst which, the diagnostic testing segment is anticipated to have a significant growth over the forecast period, backed by growing cases of chronic disease which needs to be diagnose. 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 test is growing, further boosting the market growth.

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

 

 

             By Test Type

  • Carrier Testing
  • Predictive Testing
  • Diagnostic Testing
  • Parental & Newborn Testing
  • Nutrigenomics
  • Pharmacogenomics

 

 

 

        By Disease

  • Cancer
  • Alzheimer’s
  • Thalassemia
  • Cystic Fibrosis
  • Huntington Disease
  • Duchenne Muscular Dystrophy

 

       By Technology

  • Cytogenetic Testing
  • Biochemical Testing
  • Molecular Testing

 


Global Genetic Testing Market Regional Synopsis

regional-synopsis

The Asia Pacific genetic testing market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, backed by growing advancement in healthcare along with rise in number of genetic tests carried out. Moreover, there has been growing prevalence of breast cancer in this region. Asia accounted for nearly half (about 44%) of the approximately 3 million cases of breast cancer (BC) identified in 2020. Age, early menarche, late menopause, nulliparity, a diet high in fat, alcohol usage, and smoking are all common risk factors for breast cancer in Asian women. Along with all these factors, a favorable family history also plays a crucial role for large number of breast cancer rates in this region. Hence, owing to this, the market is estimated to grow in this region. Additionally, there has been a growing prevalence of obesity, endocrine disorders, cardiovascular disease, and other health problems owing to the sedentary lifestyle in this region. Hence, the patients' adaptation of beneficial modifications, such as exercises and clearly defined nutritional needs for the body, has been prompted by these ailments and diseases. Nutrigenomic testing provides an examination of dietary items and a person's genetic makeup and changes the outcomes in terms of health. Therefore, over the projected period, there's going to be an increase in demand for nutrigenomic testing as a result of the positive effects of lifestyle and dietary changes on patient health and disease prevalence in this region.

The North America genetic testing market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market in this region can be attributed to the region's rising frequency of chronic genetic illnesses and rising need for individualized genetic testing services. Moreover, the rising number of improvements in technology in these regions is also anticipated to boost the growth of the market in this region. Additionally, there has also been a rise in the geriatric population who are more prone to any kind of chronic disease in North America. Hence, the demand for genetic testing is estimated to grow.

Additionally, the market in the Europe region is also estimated to grow garnering the significant revenue over the forecast period. A wide range of tests are now available to screen for many genetic illnesses since the field of genetic testing has been expanding at an unparalleled rate. Therapy is accessible for a number of uncommon genetic disorders, and the process is becoming more and more important in situations such as carrier screening, newborn screening, predictive and presymptomatic testing, and more. Increased emphasis on early illness identification and prevention, rising demand for personalized care, and increased use of genetic testing in cancer are some of the main reasons propelling the growth of the European genetic testing market.

Genetic-Testin-Market-regional.jpg

Genetic-Testin-Market-regional.jpg
Get more information on this report: Request Free Sample PDF

Top Featured Companies Dominating the Global Genetic Testing Market

top-features-companies
    • 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

In The News

  • January 22, 2020: 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.

  • September 1, 2022: 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.


preview-analysis

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Radhika Gupta, Shivam Bhutani


Key Questions Answered in the Report

1) What are the major factors driving the growth of the global genetic testing market?

Ans: The major factors driving the growth of the market are growth in penetration of online website to purchase products, growing geriatric population, rise in healthcare expenditure, and others.

2) What would be the CAGR of global genetic testing market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the global genetic testing market growth?

Ans: Issues with genetic testing-based diagnostic’s uniformity, regulatory standards that are strict for product approvals, and growing price of genetic testing are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of global genetic testing market in 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.

5) Who are the major players dominating the global genetic testing market?

Ans: The major players in the market are Genentech Inc., Sorenson Genomics, Abbott Molecular, Bayer AG, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the genetic testing market?

Ans: The market is segmented by test type, disease, technology and by region.

8) Which segment captures the largest market size in the test type segment in the genetic testing market?

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

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

 Request Free Sample Copy