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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 market is experiencing significant growth, driven by various factors. The rising prevalence of genetic diseases and disorders worldwide has spurred the demand for genetic testing services. Additionally, the approval of advanced genetic 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 genetic testing, making it more affordable and accessible to a wider population. These factors collectively contribute to the rapid expansion of the global market.
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In the ever-evolving landscape of healthcare, Genetic Testing has emerged as a crucial tool in identifying and preventing various diseases. The market is experiencing significant growth due to increasing awareness and acceptance of personalized medicine. According to recent studies, the Consumables segment is expected to dominate the market, with a share of over 50%, due to the high demand for genetic testing kits and reagents. The market is also witnessing a surge in demand from the Oncology segment, as it plays a pivotal role in cancer diagnosis and treatment. Furthermore, the advent of Next-Generation Sequencing technologies and the increasing use of telemedicine are expected to fuel market growth. The market is highly competitive, with key players such as Thermo Fisher Scientific, Illumina, and F. Hoffmann-La Roche leading the charge. The Genomics segment is also expected to witness robust growth as advances in genomic research continue to uncover new applications for genetic testing. Overall, the market is poised for continued growth, driven by technological advancements, increasing awareness, and a growing demand for personalized medicine.
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 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 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
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 genetic testing 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.
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 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. 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 genetic 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 genetic 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.
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 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 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 |
If our market trends and analysis 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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