As per the latest report by IMARC Group, titled " Genetic Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global genetic testing market size reached US$ 15.9 Billion in 2022. Genetic testing offers valuable insights into the genetic makeup and involves analyzing deoxyribonucleic acid (DNA) samples to identify variations or mutations that may be associated with specific genetic conditions or predispositions. Samples can be obtained from blood, saliva, or tissue, making the procedure minimally invasive and accessible to a wide range of individuals. Once the samples are collected, they are sent to a laboratory, where advanced techniques, such as polymerase chain reaction (PCR) or next-generation sequencing (NGS), are used to decode the genetic information. Genetic testing allows individuals to assess their risk for developing or passing certain hereditary conditions to their offspring, such as cancer, cardiovascular diseases, or neurological disorders. Additionally, it enables personalized medicine, as it allows healthcare providers to tailor treatments and medications based on an individual's genetic profile, optimizing efficacy and minimizing adverse reactions. Currently, there are several types of genetic testing available, including diagnostic, carrier, predictive, and ancestry testing.
Global Genetic Testing Market Trends:
The global genetic testing market is favored by the increasing prevalence of genetic disorders and diseases and the rising awareness among individuals regarding the benefits of genetic testing. Moreover, rapid advancements in technology, particularly in next-generation sequencing (NGS) and microarray technologies, have led to improved accuracy, speed, and cost-effectiveness of genetic testing, making it more accessible to a wider population. Furthermore, the growing application of genetic testing in oncology, pharmacogenomics, and prenatal screening and supportive government initiatives and favorable reimbursement policies have encouraged the integration of genetic testing into mainstream healthcare systems, which is creating a positive outlook for the market. Besides this, strategic collaborations and partnerships between genetic testing companies and pharmaceutical firms have fueled research and development (R&D) efforts in precision medicine, which is accelerating the market growth. In line with this, the integration of artificial intelligence (AI) and machine learning (ML) algorithms into genetic testing platforms has enhanced data analysis and interpretation, further driving the market growth. Additionally, the increasing adoption of genetic testing by healthcare providers for disease risk assessment, diagnosis, and treatment selection and the expanding biobanking infrastructure are influencing the market growth. Other factors, such as the rising popularity of at-home genetic testing kits, the growing focus on precision medicine, and the shift towards personalized healthcare, are contributing to the market growth. Looking forward, the market value is projected to reach US$ 29.0 Billion by 2028, expanding at a CAGR of 10.37% during 2023-2028.
- By the type, the market is categorized into predictive and presymptomatic testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, and others.
- Based on technology, the market is divided into cytogenetic testing and chromosome analysis, biochemical testing, and molecular testing (DNA sequencing and others).
- By the application, the market is segmented into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others.
- On the basis of the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined with some of the key players being 23andme Inc., Ambry Genetics Corporation (Konica Minolta Healthcare Americas Inc.), Bio-RAD Laboratories Inc., Cepheid (Danaher Corporation), Eurofins Scientific, Illumina Inc., Invitae Corporation, Luminex Corporation (DiaSorin), Myriad Genetics Inc., QIAGEN, Quest Diagnostics and Thermo Fisher Scientific.
|Base Year of the Analysis
||Type, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||23andme Inc., Ambry Genetics Corporation (Konica Minolta Healthcare Americas Inc.), Bio-RAD Laboratories Inc., Cepheid (Danaher Corporation), Eurofins Scientific, Illumina Inc., Invitae Corporation, Luminex Corporation (DiaSorin), Myriad Genetics Inc., QIAGEN, Quest Diagnostics and Thermo Fisher Scientific.
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