by 
Market Overview:
Genetic testing, also known as DNA testing, analyzes human genes, chromosomes, DNA sequences or proteins to look for mutations, abnormalities or changes that may indicate disease. Genetic testing is performed for various purposes such as preimplantation genetic diagnosis, prenatal genetic diagnosis, newborn genetic screening and predictive and presymptomatic testing. Genetic testing is used to identify genetic disorders and predict risks of genetic abnormalities for reproductive planning, prenatal diagnosis and informed medical treatment options.
The Genetic Testing Market is estimated to be valued at US$ 18.24 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for personalized medicine and precision medicine is one of the major drivers of the genetic testing market. Personalized medicine uses an individual’s genetic makeup and molecular diagnosis to guide decisions and better predict a patient’s treatment response, risk of disease or predisposition to certain conditions. Precision medicine is an emerging approach for disease treatment and prevention that considers individual variability in genes, environment and lifestyle for each person. Thus, genetic testing helps guide treatment selection and monitor treatment responses based on an individual’s genetic profile. Secondly, increasing cases of genetic disorders and cancer are also fueling the market growth. According to the World Health Organization, around 6% of all global deaths are due to genetic disorders and nearly 50% of all adult cancers have a genetic basis. As genetic components are increasingly linked to many diseases, genetic testing finds wider applications in clinical diagnostics, paving way for the development of targeted therapies.
Segment Analysis
The genetic testing market is dominated by the direct-to-consumer testing segment, which accounts for more than 35% of the total market share. This segment is dominating as direct-to-consumer testing provides easy access to genetic testing without prescription and helps understand ancestry and health predispositions.
PEST Analysis
Political: Governments across the world are supporting genetic testing by funding for R&D and setting guidelines to ensure ethical practices, thereby promoting market growth.
Economic: Rising disposable incomes have increased affordability of genetic testing. Advancements reducing production costs are further projected to drive down prices, expanding the customer base.
Social: Increasing health awareness and customized medicine based on genetics is positively impacting the market. Social media is also creating awareness about use of genetic testing to understand ancestry.
Technological: Significant developments in sequencing technologies, bioinformatics, big data analytics is supporting high throughput and affordable tests. Cloud computing is further enabling remote delivery of reports and genetic counseling.
Key Takeaways
The global Genetic Testing Market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases and rising application in oncology. The market size is projected to reach US$ 35.62 Bn by 2030 from US$ 18.24 Bn in 2023.
North America dominates the genetic testing market currently due to availability of advanced technologies and support for R&D. Asia Pacific is expected to witness fastest growth over the forecast period Supported by growing healthcare expenditures, increasing awareness, and advancing research infrastructure in countries like China and India.
Key players operating in the genetic testing market are 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others. These players are focusing on new product launches, partnerships, mergers and acquisitions for strengthening their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
