Press release
Genetic Testing Market Size, Analysis, Trends, Opportunities And Strategies 2024-2033
Genetic Testing Market
The genetic testing market size is expected to see rapid growth in the next few years. It will grow to $29.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing government support, rising prevalence of genetic disorders, rising geriatric population and increase in chronic diseases prevalence. Major trends in the forecast period include introducing new programs such as genetic counseling and informatics programs that will assist develop the next generation of genetic testing, technological advancement and launching direct-to-consumer genetic test.
Market Overview -
Genetic testing refers to a sort of medical examination that looks for alterations in genes, proteins, or chromosomes. A genetic test's results can identify a genetic ailment, as well as determine a person's risk of developing a genetic disorder. Genetic testing is used to confirm specific genetic disorders in children and their conditions based on physical signs and symptoms.
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Surge In Genetic Disorders Propels Growth Of Genetic Testing Market
The rising prevalence of genetic disorders is expected to propel the growth of the genetic testing market going forward. Genetic disorders refer to some diseases that cause symptoms at birth, while others develop over time. Genetic testing can help get a diagnosis for a genetic issue and information about the chances of developing cancer. For instance, in November 2021, according to the National Center for Biotechnology Information, a US-based medical organization, genetic illnesses were found in 9.4% of pediatric patients, with 44.7% of these patients being critically ill newborns. Also, 13.17 million patients were suffering from unique genetic disorders in the US. Therefore, the rising prevalence of genetic disorders is driving the genetic testing market.
Competitive Landscape -
Major companies operating in the genetic testing market report are Myriad Genetics Inc, Illumina Inc, Abbott Laboratories, Eurofins Scientific, Danaher Corporation, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, Qiagen NV, Thermo Fisher Scientific Inc., BioRad Laboratories Inc., BGI, Berry Genomics Co. ltd, Daan Gene Co. Ltd, Annoroad Gene Technology Co. Ltd, WuXi PharmaTech, Igenomix, Circle DNA, Centogene, Curetis, apceth Biopharma, Cytena, Probably Genetic, Genome Biologics, WuXi NextCODE, Genomtec, Testgene, Evogen Lab, Phosphorus, Helix, Sequencing, 10x Genomics, Quantgene, Virica Biotech, DNALabs, Deep Genomics, SGS Mexico, Hologic Inc, 23andMe Inc, Middle East Testing Services L.L.C, Molecular Biology & Genetics Laboratory, Freiburg Medical Laboratory Middle East, IVI MIDDLE EAST FERTILITY CLINIC, Bio Certica, Biovac, BixBio, Cape Bio Pharms, De Novo Dairy
The Rise Of Direct-To-Consumer Genetic Tests In Shaping Personalized Healthcare
Direct-to-consumer genetic tests are a key trend gaining traction in the genetic testing market. Direct-to-consumer deoxyribonucleic acid (DNA) tests, also known as at-home DNA tests, are ones that consumers can take samples at home and send off to determine their genetic risk for specific diseases. Genetic testing performed at home examines the subjects DNA and can identify gene variations that raise the risk of developing specific medical conditions. For instance, in 2022, DNALabs, an India-based company, that provides genetic testing solutions aiming to transform personalized medicine, introduced At-Home Genetic Testing Solutions. DNALabs enables people to make educated decisions with just a simple cheek swab using an at-home DNA collection kit, whether they are consumers taking control of their own health or healthcare professionals looking to customize the best treatment for their patients.
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Key Segments -
The genetic testing market covered in this report is segmented -
1) By Type: Predictive Testing, Carrier Testing, Prenatal And Newborn Testing, Diagnostic Testing, Pharmacogenomics Testing, Nutrigenomic Testing, Other Types
2) By Technology: Cytogenetic Testing, Biochemical Testing, Molecular Testing
3) By Application: Cancer Diagnosis, Genetic Disease Diagnosis, Cardiovascular Disease Diagnosis, Other Applications
4) By End User: Hospitals And Clinics, Diagnostic Laboratories And Centres, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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