“Genetic testing market”
The genetic testing market is expected to reach US$39.73 billion. by 2029 from $16.51 billion. in 2021 at a CAGR of 11.6% over a forecast period.
Genetic testing market worth $39.73 billion. by 2029 Opportunities, return on investment, competitive landscape, growth poles
Pune, 5, Dec. 2022: The genetic testing market is expected to be worth $39.73 billion by 2029 growing at a CAGR of 11.6%, according to Maximize Market Research. The market is driven by an increase in the incidence of genetic diseases and a decrease in the cost of genetic testing.
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Genetic Testing Market Scope and Research Methodology
The Genetic Testing Market report forecasts the sales, revenue, and average price by type and application segment for the forecast period. Secondary research is used to identify major key players in the global Genetic Testing market, and primary and secondary research is used to determine market revenue. Primary research included interviews with key opinion leaders and industry specialists such as knowledgeable frontline staff, entrepreneurs and marketing professionals, while secondary research included a review of annual and financial reports from leading manufacturers. Some of the major significant players in the global genetic testing market include Abbott Laboratories, Roche Diagnostics, Myriad Genetics, Inc., Thermo Fisher Scientific, Inc., and Agilent Technologies, Inc. To increase their market share, they are constantly strategizing on mergers and acquisitions, strategic alliances, joint ventures and partnerships.
Bottom-up approaches have been used to estimate the market and analyze global market trends. To obtain accurate inferences, data was collected from a large sample using primary and secondary research methods. Surveys, distribution of questionnaires and telephone interviews with industry experts, market leaders, entrepreneurs and marketing professionals were among the main methods used. Secondary data has been meticulously collected from a carefully selected set of sources to ensure the accuracy of conclusions. There are paid databases, industry journals, white papers, annual reports, releases from product manufacturers and suppliers, official databases from many organizations and government websites along with additional white papers and annual reports. PESTLE analysis has been used to understand various market factors while SWOT analysis has been used to understand the strengths and weaknesses of major companies. Accordingly, the report dives deep into the genetic testing market.
Genetic Testing Market Overview
Genomic data is essential to a precision medical approach to healthcare; it is possible to decode DNA into its base sequences and consider its functional information as data, allowing researchers, bioinformaticians and physicians to decode the properties of a person’s DNA. The genetic testing industry is growing due to increased consumer knowledge, an evolving culture of consumer empowerment, and demand for highly personalized services. The companies that provide these services, on the other hand, are increasingly concerned about the confidentiality and scientific validity of the data.
A rare disease, defined as a disorder affecting fewer than 1 in 2,000 people, affects approximately 300 million people worldwide. Although genetic factors are responsible for 80% of these diseases, effective genetic testing and diagnosis remains a challenge. Sequencing, a key driver of precision medicine, is becoming increasingly affordable. Due to a variety of frontline technical, scientific, and operational breakthroughs, the cost of reading the entire human genome has dropped by an order of magnitude, from $10,000 in 2011 to around $1,000. in 2021.
Genetic testing market dynamics
This increase is accompanied by an increase in the prevalence of genetic diseases and a decrease in the cost of genetic testing. There will be approximately 6,00,920 cancer deaths in the United States in 2021. It is expected that patients will be more aware of the importance of early detection of the disease, which will translate into more treatment rapid and lower mortality rate. The increasing prevalence of diseases such as cancer, cystic fibrosis, Alzheimer’s disease and other genetic disorders is likely to increase the number of people undergoing genetic testing for early diagnosis, fueling the growth of the global market for genetic tests.
In countries like the United States, China, and Japan, direct-to-consumer genetic testing kits are becoming increasingly popular. The market for DTC-GT (direct to consumer genetic testing) kits is expected to grow significantly over the forecast period owing to increased technology adoption, awareness initiatives and cost reductions. Additionally, underdeveloped markets such as India and other emerging markets are likely to provide a profitable opportunity for companies seeking to enter the genetic testing market. Therefore, given the increased prevalence of chronic diseases, advances in technology and the move towards personalized therapy are expected to yield significant results.
Genetic Testing Market Regional Analysis
North America dominated the global genetic testing market in 2021. The global genetic testing market is growing alongside an increase in the number of diseases caused by genetic abnormalities and rapid technological advancements. The United States dominates the genetic testing market in North America. Growth in the United States can be attributed to improvements in infrastructure to facilitate genetic testing, government support for direct-to-consumer (DTC) genetic testing, increased insurance coverage, and lower costs of genetic testing .
Segmentation of the genetic testing market
- carrier test
- Diagnostic tests
- Newborn screening
- Predictive symptom testing and PR
- Prenatal test
- Nutrigenomic Tests
- Alzheimer’s diseases
- Cystic fibrosis
- sickle cell anemia
- Duchenne muscular dystrophy
- Huntington’s disease
- Special diseases
- Cytogenetic tests
- Biochemical tests
- Molecular tests
Key Genetic Testing Market Competitors:
- Abbott Laboratories
- Roche Diagnostics
- Myriad Genetics, Inc.
- ThermoFisher Scientific, Inc.
- Agilent Technologies, Inc.
- Hologic, Inc.
- Illumina, Inc.
- QIAGEN AG
- Quest Diagnosis
- Price inc.
- Ariosa Diagnostics Inc.
- Sequenom inc.
- Bayer diagnosis
- deCODE me
- Genome tree
The key questions answered by the genetic testing market are:
- What is a genetic test?
- What is the growth rate of the Genetic Testing market for the forecast period?
- What is the nature of competition in the genetic testing industry in developed and developing economies?
- Who are the major players in the Genetic Testing Market?
- Who are the market leaders in genetic testing in Europe?
- Who are the market leaders in genetic testing in the United States and Canada?
- Who are the market leaders in genetic testing in India, China, Japan and South Korea?
- What are the factors affecting the growth of the genetic testing market?
- Who held the largest market share in the genetic testing market?
- What are the Asia-Pacific region’s growth factors in the genetic testing market?
- Market Share, Size and Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities and Key Trends
- Market Segmentation – A Detailed Analysis by Type, Diseases, Technology and Region
- Competitive Landscape – Top Key Suppliers and Other Significant Suppliers
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About Maximize Market Research:
Maximize Market Research is a multi-faceted market research and consulting firm comprised of professionals from multiple industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care and automated systems. To name a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competitive analysis, production analysis and demand and customer impact studies.
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