Genetic Testing Market to be worth $28.24 Billion by 2030

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Meticulous Research®—a leading global market research company, published a research report titled, ‘Genetic Testing Market by Offering (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2030.’

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According to this latest publication from Meticulous Research®, the genetic testing market is projected to reach $28.24 billion by 2030, at a CAGR of 10.4% from 2022 to 2030. The growth of this market is mainly driven by government initiatives promoting genetic testing, the increasing prevalence of genetic disorders, a growing need for the early detection & prevention of diseases, the increasing applications of genetic testing in oncology, and the decreasing costs of sequencing procedures. However, the high cost of genetic testing in low-income countries and the social and ethical implications of genetic testing restrain the growth of the genetic testing market. The growing potential of direct-to-consumer genetic testing and the emerging field of genetic counseling are expected to create growth opportunities for the players operating in this market. However, the low chances of positive, actionable mutations and concerns regarding the security & privacy of genetic data are major challenges to market growth.

Genetic Testing Market: Future Outlook

The genetic testing market is segmented based on offering, test type, method, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on offering, in 2023, the consumables & reagents segment is expected to account for the largest share of this market. The large market share of this segment is attributed to factors such as the recurrent use of reagents & consumables, availability of a wide range of genetic tests, recent product launches, and increased awareness about the advantages of genetic testing.

Based on test type, in 2023, the prenatal testing segment is expected to account for the largest share of this market. The large market share of this segment is attributed to factors such as the growing prevalence of hereditary diseases such as cancers, Sickle Cell Disease (SCD), Cystic fibrosis (CF), Down Syndrome, neural tube defects, and inherited heart conditions, the rising demand for early disease diagnosis, and the increasing need for genetic tests to make efficient treatment decisions.

Based on method, in 2023, the molecular segment is expected to account for the largest share of this market. The large market share of this segment is attributed to its ability to detect the mutation at single nucleotide resolution with cheaper, faster, and with the utmost accuracy by using whole genome sequencing (WGS) and whole exome sequencing (WES) technology.

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Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the high volume of genetic tests performed in hospitals & clinics and the high demand for early disease diagnosis and treatment.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa.

In 2023, North America is expected to account for the largest share of the genetic testing market, followed by Europe and Asia-Pacific. North America’s large market share is attributed to high healthcare expenditure, favorable reimbursement scenario, high awareness among patients about genetic testing, and increased support and investments to enhance genome sequencing infrastructure in the region.

Key Players

The key players operating in the genetic testing market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Centogene N.V. (Germany), Konica Minolta, Inc. (Japan), Fulgent Genetics, Inc. (U.S.), and Laboratory Corporation of America Holdings (U.S.).

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Key questions answered in the report-

·  Which are the high-growth market segments in terms of offering, test type, method, end user, and region/country?

·  What was the historical market size for genetic testing across the globe?

·  What are the market forecasts and estimates for the period 2023–2030?

·  What are the major drivers, restraints, opportunities, and challenges in the global genetic testing market?

·  Who are the major players in the genetic testing market?

·  How is the competitive landscape, and who are the market leaders in the global genetic testing market?

·  What are the recent developments in the global genetic testing market?

·  What are the different strategies adopted by the major players in the global genetic testing market?

·  What are the geographical trends and high-growth regions/countries?

 

 

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