Meticulous Research®—a leading global market research company, published a research report titled, ‘Genetic Testing Market By Product (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the genetic testing market is expected to grow at a CAGR of 11.6% from 2022 to reach $43.3 billion by 2029. The growth of this market is attributed to factors such as favorable government initiatives for promoting genetic testing, increasing prevalence of genetic disorders, increased need for early disease detection & prevention, increasing applications of genetic testing in oncology, and decreasing cost of sequencing procedures. In addition, the growing scenario of genetic direct-to-consumer genetic testing and the emerging field of genetic counseling is expected to provide significant growth opportunities for this market.
However, factors such as the high cost of genetic testing and the social and ethical implications of genetic testing are restraining the growth of this market to a notable extent. In addition, factors such as low chances of positive, actionable mutations and genetic data privacy & security concerns are the major challenges to the growth of this market.
Genetic Testing Market: Future Outlook
The genetic testing market is segmented based on product, test type, method, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product, in 2022, the consumables & reagents segment is estimated to account for the largest share of this market. The large 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 2022, the diagnostic testing segment is estimated to account for the largest share of this market. The large share of this segment is attributed to factors such as the high prevalence of chronic diseases such as cancer, technological advancements in genomic-based diagnostic testing, and the demand for early disease diagnosis.
Based on method, in 2022, the molecular segment is estimated to account for the largest share of this market. The large share of this segment is attributed to the 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.
In 2022, based on end user, the hospitals & clinics segment is estimated to account for the largest share of the market. The large 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.
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 2022, North America is estimated 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 the factors such as 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.
The key players operating in the genetic testing market are Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific SE (Luxembourg), 23andMe, Inc. (U.S.), Foundation Medicine, Inc. (U.S.) (Subsidiary of Roche Holding AG), Rosetta Genomics Ltd. (U.S.), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.) and Invitae Corporation (U.S.).
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