Global Genetic Testing Market – Industry Trends and Forecast to 2031

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Genetic Testing Market Analysis and Size

Genetic testing during pregnancy offers critical insights into the health of the fetus and informs decision-making for expectant parents. This includes prenatal screening tests such as non-invasive prenatal testing (NIPT) to assess the risk of chromosomal abnormalities such as Down syndrome, as well as diagnostic tests such as amniocentesis or chorionic villus sampling (CVS) for definitive diagnosis of genetic conditions. Such testing aids in early detection of potential health issues, allowing for informed discussions with healthcare providers and informed choices regarding pregnancy management or treatment options. It provides emotional reassurance for parents-to-be and enables them to better prepare for the care of a child with special needs, if necessary.

Global genetic testing market size was valued at USD 1,84,50,983 thousand in 2023 and is projected to reach USD 6,26,07,580.19 thousand by 2031, with a CAGR of 16.5% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation       

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Market Definition

Genetic testing involves analyzing an individual's DNA to identify changes or mutations that may predispose them to certain diseases or conditions, or to determine their genetic ancestry. It provides valuable insights into inherited traits, disease risk, and personalized medical treatments.

Genetic Testing Market Dynamics

Drivers                                                                                          

• High Demand of Genetic Testing due to Increasing Importance of Cancer Genetic Testing

With a growing emphasis on understanding genetic predispositions to cancers, genetic testing becomes integral for assessing individual risk factors and tailoring treatment plans accordingly. This growing emphasis on precision medicine amplifies the demand for genetic testing services, propelling the genetic testing market forward. Additionally, advancements in technology have made these tests more accessible, accurate, and cost-effective, further driving market growth. As awareness about genetic factors influencing cancer susceptibility rises, so does the adoption of genetic testing, fueling market expansion.

• Rapid Technological Advancements Enhances Genetic Testing

Innovations such as next-generation sequencing (NGS) have vastly expanded the scope and efficiency of genetic testing, allowing for comprehensive analysis of DNA. Advancements in bioinformatics and data analytics have enhanced the interpretation of genetic data, leading to more personalized and precise diagnostics. Furthermore, the development of portable and point-of-care testing devices has increased accessibility to genetic testing, driving market growth by catering to diverse healthcare settings and patient populations. Overall, technological progress continues to revolutionize genetic testing, fostering its widespread adoption and driving market expansion.

Opportunities

• Expansion of Genetic Test for Breast Cancer Increases the Demand for Genetic Tests

Analyzing specific genes associated with breast cancer, such as BRCA1 and BRCA2, this test provides valuable insights into a person's genetic predisposition. This enables personalized risk assessment, empowering individuals and healthcare providers to make informed decisions regarding preventive measures and treatment strategies. With increasing awareness of genetic factors in disease risk and advancements in testing technologies, the demand for genetic tests for breast cancer continues to soar, propelling growth in the genetic testing market.

• Increased Demand of Genetic Testing due to Strategic Initiatives by Key Market Players

Strategic initiatives encompass advancements in technology, expanded product portfolios, strategic collaborations, and mergers and acquisitions aimed at enhancing research, development, and commercialization capabilities. Additionally, investments in R&D to innovate testing methodologies, expand applications across various diseases, and penetrate undiscovered regions contribute significantly. Furthermore, initiatives focusing on regulatory compliance, quality assurance, and cost-effective solutions further propel market expansion, fostering accessibility and adoption of genetic testing globally.

For instance, in January 2022, Inotiv Inc.'s acquisition of Integrated Laboratory System (ILS) for USD 56 million exemplifies a strategic move within the genetic testing market. This acquisition signifies a broader industry trend where key players are expanding their capabilities through mergers and acquisitions to bolster their research and development capacities. Integrating ILS's expertise, Inotiv aims to enhance its toxicology research capabilities, potentially leading to the development of advanced genetic testing methodologies.

Restraints/Challenges

• High Regulatory Hurdles Limits the Adoption of Genetic Testing

Stringent regulations and lengthy approval processes delay the introduction of new tests and technologies, slowing market expansion. Compliance with diverse regulatory frameworks across different regions adds complexity and costs to product development and market entry. Moreover, evolving regulatory requirements necessitate continuous adaptation and investment in compliance measures, which can strain resources and impede innovation. The rigorous scrutiny of test accuracy, clinical validity, and ethical considerations further complicates the regulatory landscape, creating barriers for market players.

• Growing Data Privacy Concerns limits the Demand of Cancer Photodynamic Therapy

Concerns about unauthorized access, misuse, or breaches of personal genetic data create hesitation among individuals considering testing. Governing data protection exacerbates these concerns, leading to reluctance to undergo testing and share genetic information. Moreover, fears of potential discrimination by employers, insurers, or other entities based on genetic predispositions further inhibit adoption.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In June 2022, Prenetics Group Limited launched ColoClear by Circle (ColoClear), a non-invasive at-home screening test for early detection of colorectal cancer. This innovative test offers convenience and accessibility to individuals, potentially leading to earlier detection and improved outcomes for patients. Enabling early identification of colorectal cancer markers, ColoClear aims to enhance preventive healthcare and reduce the burden of this prevalent cancer
• In March 2022, Illumina launched a cancer test in Europe designed to analyze a broad spectrum of tumor genes from a single tissue sample. This advancement in genome sequencing technology streamlines the diagnostic process for cancer patients, facilitating comprehensive genetic profiling to guide personalized treatment strategies. Offering a comprehensive view of tumor genetics, this test may expand treatment options, particularly for patients with rare diseases where targeted therapies are crucial
• In April 2021, Biocartis and SkylineDx formed a collaboration to develop SkylineDx’s Merlin Assay on Biocartis’ Idylla molecular diagnostics platform. The Merlin Assay aims to predict a patient’s risk of nodal metastasis in melanoma, providing valuable insights for treatment planning. Leveraging Biocartis' rapid and user-friendly platform, this collaboration seeks to enhance the accessibility of predictive testing in melanoma, potentially improving patient outcomes through more informed clinical decisions

Genetic Testing Market Scope

The market is segmented into four notable segments which are based on type, technology, diseases, and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Carrier Testing
• Diagnostic Testing
• New Born Screening
• Predictive and Presymptomatic Testing
• Other Types

Technology

• DNA Sequencing
• Polymerase Chain Reaction
• Microarrays
• Whole Genome Sequencing
• Fluorescence In Situ Hybridization (FISH)
• Others

Disease

• Rare Genetic Disorder
• Cancer
• Cystic Fibrosis
• Sickle Cell Anemia
• Duchenne Muscular Dystrophy
• Thalassemia
• Huntington’s Disease
• Fragile X Syndrome
• Other

End-User

• Hospitals
• Clinics
• Diagnostic Centers
• Private Clinics
• Laboratory Service Providers
• Private Laboratories

Genetic Testing Market Regional Analysis/Insights

The market is analyzed, and market size insights and trends are provided by country, type, technology, diseases, and end-user, as referenced above.

The countries covered in this market report are U.S., Canada, Mexico, Germany, France, U.K. Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, and rest of Middle East and Africa.

In North America, U.S. dominates the market due to substantial investments in research and development capabilities. Additionally, government initiatives aimed at advancing healthcare and bolstering infrastructure contribute to this trend. These factors collectively foster an environment conducive to innovation and technological advancement, positioning the U.S. as a leader in the field. Consequently, the region stands poised to maintain its prominence in the global market for healthcare and biotechnology solutions.

In Asia-Pacific, China is expecting significant growth, driven by heightened government spending and a focus on technological innovation. With increasing investments in healthcare infrastructure and initiatives, China is witnessing a surge in the adoption of advanced medical technologies and services. Government-led programs aimed at improving healthcare accessibility and quality are further propelling market growth. This conducive environment is fostering a robust ecosystem for companies operating in the healthcare industry, positioning China as a key growth market in the Asia-Pacific region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and Genetic Testing Market Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

• Thermo Fisher Scientific Inc. (U.S.)
• Invitae Corporation (U.S.)
• Bio-Rad Laboratories, Inc. (U.S.)
• PerkinElmer Inc. (U.S.)
• Illumina, Inc. (U.S.)
• QIAGEN (Germany)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Fulgent Genetics (U.S.)
• Myriad Genetics, Inc. (U.S.)
• Abbott (U.S.)
• Eurofins Scientific (Luxembourg)
• Sorenson Genomics (U.S.)
• BIO-HELIX (U.S.)
• Biocartis (Belgium)
• Cepheid (U.S.)
• PacBio (U.S.)
• ELITechGroup (France)
• Genes2Me (India)
• Eugene Labs (U.S.)
• Otogenetics (U.S.)
• Mapmygenome (India)
• MedGenome (India)
• BioReference Health, LLC (U.S.)
• Natera, Inc. (U.S.)

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