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The genetic testing market size is forecast to increase by USD 8.89 billion at a CAGR of 14.02% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. The rising prevalence of genetic diseases and disorders worldwide has spurred the demand for these testing services. Additionally, the approval of advanced testing products and technologies has expanded the market's reach and capabilities. Moreover, advancements in technology have led to a reduction in the cost of testing, making it more affordable and accessible to a wider population. These factors collectively contribute to the rapid expansion of the global market. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is propelled by advancements like pharmacogenomics testing, enabling the determination of optimal doses for personalized treatments. Organizations like the Association for Molecular Pathology (AMP) shape standards and practices. While the costs vary, developing countries are increasingly adopting genome mapping programs, driving healthcare expenditure. DNA sequencing technologies, including DNA-based array technology, aid in identifying gene sequences for various cancer types and predictive genetics. Both consumer wellness genomics and toxicology research benefit from this progress. Direct-to-customer companies leverage OTC channels, offering ancestral DNA-testing and related services, while equipment expenses encompass reagents and accessories, fortifying the service segment's growth. 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 complex regulatory issues, which has significantly contributed to market growth. Furthermore, factors such as the shift toward offering technologically innovative products, including the benefits of rapid and simplified technologies such as viral and bacterial panels used in testing, and the increasing availability of authorized tests in the market, are expected to drive market growth during the forecast period. The integration of Deoxynucleotide Triphosphates (dNTPs) is essential in the development of these innovative diagnostic technologies. dNTPs play a critical role in PCR (Polymerase Chain Reaction) and other molecular biology techniques that are foundational to viral and bacterial panel testing. As demand for rapid and accurate diagnostic solutions continues to rise, driven by advancements in molecular diagnostics and regulatory facilitation, the market for dNTPs is poised to expand alongside technological innovation in the healthcare sector.
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 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 market growth. One of the main factors that influence the accuracy and consistency of the 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market 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 Inc.: 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 analysis and 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 3.27 billion in 2018 and continued to grow until 2022. 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 the testing. Some of the key advantages of using automated 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. The market in North America, driven by North America's significant revenue contribution to the global market, is experiencing growth due to rising concerns about early disease diagnosis, increasing commercial approvals for advanced testing products, and the expanding use of pharmacogenomic testing. Clinicians utilize the testing to identify optimal medications and doses for patients based on their genetic makeup. Developing countries and health insurance plans face challenges in cost. Genome mapping programs and healthcare expenditure fuel technological advancements, including next-generation sequencing and DNA sequencing technologies.
Cancer types and genetic disorders are major focus areas for molecular testing, with DNA-based array technology and predictive genetics playing crucial roles. The market comprises equipment expense, consumables segment (reagents and accessories), and service segment. Pharmacogenomics, toxicology research, personalized medicine, and consumer/wellness genomics are key applications. Direct-to-customer companies, OTC channels, and offline channel segment expand market reach. Private diagnostic laboratories, telehealth, in-house hospital services, and Intermountain's telehealth visits are integral to the industry. Cancer, genetic disorders, and ancestral DNA research continue to drive innovation. Hence, such factors are driving the market growth in North America during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is a significant segment in the healthcare industry, utilizing advanced technologies such as Polymerase Chain Reaction (PCR), Array Comparative Genomic Hybridization (aCGH), and Next-Generation Sequencing (NGS). These tests identify genetic disorders, inherited diseases, and genetic predispositions to various conditions. The market is driven by factors like increasing awareness, technological advancements, and government initiatives. The market is segmented based on types, applications, and regions. The types include Preimplantation Genetic Diagnosis (PGD), Newborn Screening, and Diagnostic Genetic Testing. The applications include Oncology, Prenatal, and Pharmacogenomics. The market is expected to grow at a significant CAGR due to the rising prevalence of genetic disorders and increasing demand for personalized medicine. The major players in the market include Thermo Fisher Scientific, Illumina, and Myriad Genetics. The market is also witnessing collaborations and partnerships to enhance product offerings and expand geographical reach.
The market is experiencing significant growth driven by advancements in pharmacogenomics testing. This involves analyzing an individual's genetic makeup to determine their response to certain medications, allowing for the optimal dose to be prescribed. Organizations like the Association for Molecular Pathology (AMP) play a key role in advancing genetic testing technologies and standards. By examining gene sequences, healthcare providers can identify carrier traits and assess the risk of certain diseases, including stomach cancer. Furthermore, prenatal and newborn testing enable early detection of genetic disorders. The market also offers hereditary genetic cancer tests for individuals with a family history of cancer, emphasizing the importance of genetic insights in personalized healthcare.
The market encompasses advanced equipment for genetic analysis, including analyzers, PCR systems, and next-generation sequencers. Vendors provide automated solutions like QIAxcel Advanced System, ZAG DNA Analyzer Systems, and 3730xl DNA Analyzer to enhance high-throughput genetic analysis with minimal human error. DNA, the carrier of genetic information, undergoes purification, isolation, and amplification processes in clinical diagnostic laboratories using these systems. Genetic variations, such as mutations, play a significant role in inherited traits, genetic predispositions, and diseases like thalassemia, Down's syndrome, cystic fibrosis, breast cancer, ovarian cancer, colon cancer, thyroid cancer, prostate cancer, pancreatic cancer, melanoma, sarcoma, and kidney cancer. Advanced equipment facilitates diagnoses and research activities, including single mutation tests, single gene testing, and panel tests. Major diseases, such as breast and ovarian cancers, are diagnosed using technologies like MammaPrint. The registry aims to increase awareness and accessibility to genetic testing. However, a lack of awareness and understanding about it remains a challenge.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.02% |
Market growth 2024-2028 |
USD 88.89 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.01 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, Japan, and France |
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 research and growth, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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