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 over 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 19 Billion |
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Forecast Year Market Size (2035) |
~ USD 45 Billion |
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Regional Scope |
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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 market includes the following segments:
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Test Type |
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Disease |
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Technology |
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Application |
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Product |
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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.
Author Credits: Radhika Gupta, Shivam Bhutani
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