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The global genetic testing market size is estimated to grow by USD 7.10 billion at a compound annual growth rate (CAGR) of 12.78% between 2022 and 2027. The growth of the market depends on several factors, including the growing prevalence of genetic diseases and disorders, rising approval of advanced products, and increasing affordability due to the reduction in cost.
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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 market growth is the rising approval of advanced genetic testing products. Several Companies are offering a variety of innovative products in the 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, the 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 market are expected to drive market growth during the forecast period.
A key factor shaping the market growth is the growing adoption of direct-to-consumer genetic tests in early disease diagnosis. There has been an increase in the use of direct-to-consumer genetic tests across the world due to 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 market growth and trends during the forecast period.
The lack of trained genetic professionals is one of the key challenges hindering the market growth. One of the main factors that 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 forecasting 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 market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies 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 can test metaphase chromosomes from cultured samples and interphase cells from specimens that cannot be cultured.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of Companies 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 Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies 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 Companies are offering Companies 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 3.00 billion in 2017 and continued to grow until 2021. For instance, Companies 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, increased 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 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 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 products, and the increasing use of pharmacogenomic testing. Additionally, the presence of a large number of prominent market Companies 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 market in the region during the forecast period.
The market is rapidly evolving, driven by heightened awareness of newborn screening and the rising prevalence rate of genetic disorders. Initiatives such as the Recommended Uniform Screening Panel (RUSP) by the American Association for Clinical Chemistry and newborn screening programs endorsed by the Department of Health and Human Services bolster early detection efforts. Pharmacogenomics testing, particularly for optimizing medication doses, gains traction with advancements like next-generation sequencing and DNA-based array technology. Healthcare expenditure prioritizes genomic research, with next-generation sequencing playing a pivotal role in cancer detection and personalized medicine. Direct-to-consumer marketing strategies and telehealth services expand accessibility, while Contract Research Organizations like Inotiv Inc facilitate toxicology research and molecular genetic testing.
The 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.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.78% |
Market growth 2023-2027 |
USD 7.10 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.25 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
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. |
Customization purview |
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