Genetic Testing Market Size Is Surpassing USD 44.3 Billion by 2032, Growing at Projected 9.8% CAGR
Global genetic testing market size from USD 17.4 billion in 2022 to USD 44.3 billion in 10 years. The rising prevalence of genetic diseases drives the market’s growth. Well-established healthcare system and the government’s provision of research funding are further elements expected to support market expansion.
Newark, Dec. 19, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 17.4 billion genetic testing market will reach USD 44.3 billion by 2032. Gene, chromosomal, and protein alterations can be detected through genetic testing, one type of medical diagnostic. A person’s risk of acquiring or passing on a genetic ailment can be ascertained or ruled out based on the results of a genetic test. With more being produced, over 77,000 genetic tests are currently available. The number of people who have cancer is rising, the incidence of genetic illnesses is rising, and more healthcare professionals are using genetic testing to diagnose patients, all of which are contributing factors to the growth of the worldwide genetic testing market. Moreover, variations in the gene or chromosome are the root cause of hereditary illnesses. There is a chance that the offspring of any pregnancy will have genetic defects. Certain medicines or alcohol, family history, folate deficiency, and geographic location can all contribute to some inborn abnormalities. Newborn genetic testing equipment is in greater demand due to the rise in genetic screening and the prevalence of genetic diseases in newborns.
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Key Insights on Genetic Testing Market
North America will account for the largest market size during the forecast period.
Because genetic illnesses are becoming more common in North America, the region’s population has more genetic flaws and chromosomal aberrations, and the market is rising due to rapid research development; the region leads the world in this market. Due to the significant presence of manufacturers of genetic testing equipment and the rising number of key strategy adoptions by market players, the genetic testing market in North America is anticipated to develop over the forecast period. Some key market players that produce genetic testing goods are Abbott Laboratories, Bio-Rad Laboratories, Inc., Myriad Genetics, Inc., Danaher Corporation, Illumina, Inc., Thermo Fisher Scientific, Inc., and others. Additionally, the market for genetic testing equipment is growing since major companies are implementing important strategies like cooperation and corporate expansion.
The next-generation sequencing segment dominated the market with the most significant revenue of USD 4.17 billion.
The next-generation sequencing segment dominated the market with the most significant revenue of USD 4.17 billion. The expansion of this segment is attributed to several factors, including the growth in next-generation sequencing applications, healthcare spending, technological advancements, and genetic mapping initiatives. The use of DNA sequencing technologies to characterise and identify different types of cancer and hereditary illnesses is growing.
The health and wellness-predisposition/risk/tendency segment dominated the market with the most significant revenue of USD 5.04 billion.
The health and wellness-predisposition/risk/tendency segment dominated the market with the most significant revenue of USD 5.04 billion. The increasing demand for consumer/wellness genomics and predictive genetics stems from the healthcare industry’s awareness campaigns and the growing popularity of healthy lifestyles.
The consumables segment dominated the market with the most significant revenue of USD 6.96 billion.
The consumables segment dominated the market with the most significant revenue of USD 6.96 billion. Many businesses produce and market consumables and a range of reagents and accessories. The consumables for genetic testing have a high growth rate since they are utilised often and constantly throughout the process.
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Drivers: Rising prevalence of chronic and genetic diseases
The main factors driving the worldwide genetic testing market are the launch of novel testing kits due to technical advancements and the increasing incidence of genetic and chronic diseases. The need for genetic testing is driven by consumers’ growing awareness of the availability of advanced diagnostic procedures. Furthermore, the ageing population is anticipated to fuel market expansion shortly. The United Nations estimates that there were 382 million elderly people worldwide in 2017 who were 60 years of age or older, and that number is projected to rise to 2.1 billion by 2050. Due to their increased risk of developing several chronic illnesses, elderly adults may become more and more in need of genetic testing.
Restraint: High cost
The market is expected to be affected due to the high cost of genetic tests. For example, depending on the type and complexity of the test, genetic testing can cost anywhere from less than $100 to more than $2,000, according to the National Library of Medicine. If more than one test is required, or if testing is required for several family members to get a significant result, the cost goes up. Therefore, the market’s expansion is anticipated to be hampered by expensive genetic testing and a need for more public awareness of these tests.
Opportunity: Increasing government initiatives
The increasing number of government campaigns to raise public knowledge about genetic testing encourages its use among the world’s population. Furthermore, the existence of multiple leading industry companies and their substantial R&D investments have promoted product design innovation, better product distribution, and higher product quality. Because of its low cost, the direct-to-consumer genetic testing kit has become increasingly popular, leading to a rise in its adoption among the public and an anticipated acceleration of the worldwide genetic testing market’s growth.
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Some of the major players operating in the genetic testing market are:
● Bio-Rad Laboratories, Inc.
● Danaher Corporation
● Illumina, Inc.
● Qiagen N.V
● Luminex Corporation
● Abbott Laboratories
● Myriad Genetics, Inc.
● F. Hoffmann-La Roche Ltd.
● Thermo Fisher Scientific, Inc.
● CSL Limited
Key Segments cover in the market:
● Array Technology
● Next Generation Sequencing
● PCR-based Testing
● Traits Screening
● New Baby Screening
● Ancestry & Ethnicity
● Genetic Disease Carrier Status
● Health and Wellness-Predisposition/Risk/Tendency
● Software & Services
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About the report:
The global genetic testing market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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