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The genetic testing market size is estimated to grow at a CAGR of 12.78% between 2022 and 2027. The market size is forecast to increase by USD 7,103.8 million. The growth of the market depends on several factors, including the growing prevalence of genetic diseases and disorders, rising approval of advanced genetic testing products, and Increasing affordability due to the reduction in the cost of genetic testing.
This genetic testing market report extensively covers market segmentation by product (equipment and consumables), technology (molecular testing, cytogenetic testing, and biochemical testing), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the genetic testing market growth is the rising approval of advanced genetic testing products. Several vendors are offering a variety of innovative products in the global genetic testing market due to the commercial applications of genetic screening in human health management and the advent of whole genome sequencing.
Additionally, regulatory authorities are consistently working on simplifying and resolving such complex regulatory issues which gas significantly contributed to the market growth. Furthermore, factors such as the shift toward offering technologically innovative products, benefits of rapid and simplified technologies such as viral and bacterial panels used in genetic testing and the increasing availability of authorized tests in the global genetic testing market are expected to drive the global genetic testing market growth during the forecast period.
A key factor shaping the global genetic testing market growth is the growing adoption of direct-to-consumer genetic tests in early disease diagnosis. There has been an increase in surged the use of direct-to-consumer genetic tests across the world due to the factors such as the growing demand for timely initiation of healthcare treatments and the increasing adoption of preventive approaches for avoiding disease risks.
One of the main advantages of direct-to-consumer genetic testing is that it offers information on the risk of developing these diseases and helps individuals monitor the indications through their physicians, which can help them with frequent monitoring of such diseases for early diagnosis and prevention. As these tests are offered at competitive pricing, there is an increasing preference for these tests by consumers. Hence, such factors are expected to drive the global genetic testing market growth during the forecast period.
The lack of trained genetic professionals is one of the key challenges hindering the global genetic testing market growth. One of the main factors which influence the accuracy and consistency of genetic testing is the technician's expertise and set of skills.
As genetic tests are highly sensitive, factors such as the quality of the sample and the maintenance of standard laboratory practices by laboratory experts determine the accuracy of these tests. As a result, substandard laboratory practices and lack of skills can lead to false test results which can severely impact the health condition of individuals opting for such tests. Hence, such factors can significantly hinder the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Genetic Testing Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers genetic testing such as Vysis Fish technology which has the ability to test metaphase chromosomes from cultured samples and interphase cells from specimens that cannot be cultured.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the equipment segment will be significant during the forecast period. Genetic testing equipment mainly consists of analyzers, PCR systems, and next-generation sequencers. Several vendors are offering vendors advanced products such as fully automated analyzers and real-time PCR (RT-PCR) systems.
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The equipment segment was valued at USD 2,999.01 million in 2017 and continued to grow until 2021. For instance, vendors are updating their product portfolio with advanced automated analyzers such as QIAxcel Advanced System from QIAGEN, ZAG DNA Analyzer Systems from Agilent Technologies, and 3730xl DNA Analyzer from Thermo Fisher Scientific. Hence, such kinds of gold-standard equipment provide high-throughput genetic analysis with multiple automation features to decrease the chances of human errors during genetic testing. Some of the key advantages of using automated genetic testing equipment in clinical diagnostic laboratories include a reduction in the workload, increase accuracy, and improved efficiency of clinicians by automating DNA and ribonucleic acid (RNA) purification, isolation, and amplification processes. Thus, such applications are expected to drive the growth of this segment which in turn will drive the growth of the global genetic testing market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main reasons for the growth of the genetic testing market in North America is due to the factors such as Growing concerns about early disease diagnosis, a significant rise in commercial approvals for advanced genetic testing products, and the increasing use of pharmacogenomic testing. Additionally, the presence of a large number of prominent market vendors and their consistent efforts on offering advanced products such as chromosome enumeration probes (Abbott Laboratories) and growing concerns about early disease diagnosis is expected to significantly drive the growth of the global genetic testing market in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global genetic testing market witnessed significant growth as PCR tests were performed to identify the presence of the virus in a vulnerable population. But, due to the reduced visits to diagnostic labs and hospitals due to the imposition of a stay-at-home policy, there is a slight decline in demand in the market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to a considerable rise in the number of drug approvals, resulting in an increase in demand for genetic testing. Such factors are expected to drive the market during the forecast period.
The genetic testing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global genetic testing market as a part of the global life sciences tools and services market. The parent, global life sciences tools and services market covers products and companies engaged in R and D of various product categories, including capital equipment, instruments, accessories, and consumables used for R and D on pharmaceuticals and biotechnology products and laboratory diagnosis of various diseases. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Genetic Testing Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.78% |
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Market growth 2023-2027 |
USD 7,103.8 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
11.25 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Germany, UK, France, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, Agilent Technologies Inc., ARUP Laboratories, Asper Biogene, ATS GENETECH PVT. LTD., Bio Rad Laboratories Inc., bioMerieux SA, CENTOGENE NV, Color Health Inc, Danaher Corp., F. Hoffmann La Roche Ltd., Genea Ltd., Illumina Inc., Invitae Corp., MedGenome Labs Ltd., Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens Healthineers AG, and The Cooper Companies Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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