Genetic testing refers to the examination and analysis of genes, chromosomes, mitochondrial DNA, and gene products to detect heritable disease-related abnormalities and genetic variations. These tests play a crucial role in the diagnosis of genetic disorders by uncovering mutations in genes, chromosomes, or gene expression that cause a disease and assist in predicting risks of future diseases. Genetic testing is widely used for disease diagnosis, carrier testing, diagnosis of genetic disorders, reproductive planning, precision medicine, among other clinical and research applications. The increasing prevalence of genetic disorders such as cancer, cystic fibrosis, and Down syndrome has augmented the demand for genetic testing globally.

The global genetic testing market is estimated to be valued at US$ 18.24 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the genetic testing market are 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others.

The growing prevalence of cancer and other genetic disorders along with technological advancements have opened up new opportunities in personalized medicine, reproductive health, and direct-to-consumer testing. Continued expansion of direct-to-consumer genetic testing has further expanded the market on a global scale.

With rising healthcare spending and awareness, the genetic testing market is witnessing significant expansion across several countries. Key players are actively collaborating with regional healthcare providers and laboratories to establish their presence in emerging markets.

Market Drivers

The rise in application areas of genetic testing for disease risk assessment, reproductive health, forensic testing, and other clinical purposes is the major factor driving market growth. Additionally, increasing initiatives by governments and private organizations to promote genetic testing and establish genomic testing drives are supplementing the market growth.

PEST Analysis
Political: Genetic testing regulations vary widely around the world. Some countries have strict regulations on genetic testing while others have less stringent laws. Regulations impact the types of tests allowed and how results can be used and shared.

Economic: Rising healthcare costs are driving increased demand for genetic testing to help guide treatment decisions. As prices for genetic tests decline, testing is becoming more accessible for more consumers and health systems. Preventive care focused on early detection is growing in importance.

Social: As knowledge of genetics increases, social acceptance of testing is rising. Direct-to-consumer genetic testing has empowered individuals to learn more about their ancestors and health predispositions. However, some remain concerned about privacy and the potential for genetic discrimination.

Technological: Rapid advances in sequencing technologies and data analytics are fueling innovation. Whole genome and exome sequencing allows for simultaneous testing of hundreds of thousands of genetic markers. Big data tools are revealing new diseaserisk associations and variants through biobank research analysis.

The United States currently holds the largest share of the genetic testing market in terms of value. This is due to the presence of major market players, high healthcare expenditure, increasing awareness of genetic tests, and favorable reimbursement policies. However, Asia Pacific is predicted to see the fastest market growth during the forecast period. Countries like China and India have growing middle classes increasingly willing to pay for healthcare services, while governments are prioritizing building out their healthcare systems.

Europe holds the second largest market share globally and is expected to experience steady gains over the next 7 years. Key factors aiding market expansion include rising genetic testing adoption rates and strong research collaborations across European academic institutions and private industry.

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