Global Genetic Testing Market By Product (Consumables, Software & Services, and Equipment), By Technology (PCR-based Testing, Array Technology, and Other Technologies), By Application, By End-User, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032

Report Overview

In 2022, the Global Genetic Testing Market was valued at USD 15.9 Billion. This market is estimated to reach USD 39.2 Billion in 2032 at the highest CAGR of 9.7% between 2023 and 2032. Genetic testing is a specific type of medical testing that involves the identification of changes in genes, proteins, or chromosomes.

It is mainly done to rule out the chances of genetic disorders. Genetic testing is done to monitor various genomic activities that can lead to disorders like genetic disease carrier status, new baby screening, traits screening, and many such applications. By Performing these tests, early identification of disorders is possible in infants and fetuses. Therefore, it reduces the chances of newborns with genetic disorders.

Due to all these advantages of genetic testing, many individuals are preferring to undergo genetic testing for various applications. Moreover, rising awareness about newborn screening and increasing genetic disorder rates are also positively impacting the growth of the global genetic testing market.

Key Takeaways:

• In 2022, the Global Genetic Testing Market was valued at USD 15.9 Billion.
• The market is estimated to reach USD 39.2 Billion in 2032 with a CAGR of 9.7% between 2023 and 2032.
• Increasing genetic disorders and personalized medicine are major growth drivers.
• Cancer, a leading cause of death worldwide, has fueled the demand for genetic testing.
• Personalized medicines, developed through genetic testing, are gaining popularity.
• High testing costs and longer result waiting times are restraining factors.
• COVID-19 negatively impacted the genetic testing market but is recovering post-pandemic.
• Consumables account for the majority of revenue in the product segment (59.6%).
• Next-generation sequencing is expected to grow at the highest CAGR (22.8%) among technologies.
• Health and wellness predisposition is the dominant application segment (46.8%).
• Hospitals and clinics are the primary end-users (45.8% of major share).
• Continuous technological advancements in genetic testing offer growth opportunities.
• Rising health awareness drives genetic testing market growth.
• North America leads the market (42.6% revenue share), followed by Asia Pacific.
• Key players include Abbott Molecular, Circle DNA, 24 Genetics, and others.

Driving Factor

Increasing Genetic Disorders and Rising Personalized Medicine Are the Major Factors Driving the Growth of the Global Genetic Testing Market.

The rising incidences of genetic disorders and cancer in the last few years have been recorded by many well-known organizations. According to reports, cancer is the second highest cause of death across the world. Cancer can be of many types and can be inherited from one generation to another.

It can pass on to the next generation through genes. Therefore, genetic testing is a preventive measure to identify the disease. With an increasing number of cancer patients across the world, the genetic testing rate has also grown significantly in the last few years. This is driving the growth of the global genetic testing market.

Also, the increasing focus on personalized medicines is boosting the growth of the global genetic testing market. Personalized medicines are medicines that are developed specifically for the patient by identifying the disorder of the patient through genetic testing and other identification tests. This is encouraging individuals to adopt personalized medicines for better results. These all key factors are propelling the growth of the global genetic testing market.

Restraining Factor

The High Cost of Testing and Longer Waiting Periods for Results Are Some of the Factors Expected to Restrict the Growth of the Global Genetic Testing Market.

The genetic testing rate has raised significantly in the last few years. However, the high cost of genetic testing can restrict many individuals from adopting genetic testing for various genetic disorders’ detection. The average cost of genetic disorders is quite high in many parts of the world. Therefore, a large part of the population is not able to undergo genetic testing.

The high cost associated with this testing is due to the high prices of equipment and instruments that are used in the process. Also, many genetic testing results take a much longer time to provide the report. In emergency cases, genetic testing is not preferable by many individuals across the world. The aforementioned factors are expected to hamper the growth of the global genetic testing market.

Product Analysis

The Consumables Lead the Product Segment with Major Revenue Share in Account.

Based on product, the global genetic testing market is classified into consumables, software & services, and equipment. Among these products, the consumables lead the segment by covering the major revenue share of 59.6% in the global genetic testing market.

This growth of consumables is owing to the involvement of many key players in the supply of consumables with different types of accessories and reagents. With increasing demand in the market, consumables are expected to grow at a high rate during the forecast period. These factors are driving the growth of consumables in the product segment of the global genetic testing market.

Also, the software & services are anticipated to experience significant growth in the market over the forecast period. The increasing investments by Contract Research Organizations (CROs) in genetic testing are fueling the growth of the market.

Technology Analysis

Next Generation Sequencing is Anticipated to Grow at a Highest CAGR of 22.8% During the Forecast Period.

On the basis of technology, the global genetic testing market is classified into PCR-based testing, array technology, next-generation sequencing, FISH, and other technologies. From these technologies, next-generation sequencing is expected to be the fastest-growing segment with a CAGR of 22.8%.

The rising applications of next-generation sequencing in genome mapping programs, technological advancements, and increasing healthcare expenditure are the primary reason for the exponential growth of next-generation sequencing in the technology segment of the global genetic testing market. Increasing advancements in DNA sequencing are further propelling the growth of next-generation sequencing in the technology segment of the global genetic testing market.

After next-generation sequencing, array technology is expected to secure considerable growth in the upcoming period. High usage of array technology in cancer detection is driving the growth of array technology in the global genetic testing market.

Application Analysis

The Health and Wellness-Predisposition dominates the Application Segment with a Major Revenue Share of 46.8% in the Account.

Based on application. The global genetic testing market is classified into genetic disease carrier status, ancestry & ethnicity, new baby screening, traits screening, and health and wellness predisposition. Amongst these applications, the health and wellness predisposition dominates the segment by holding a major revenue share of 46.8% in the global genetic testing market. This growth of health and wellness predisposition is due to the rising health consciousness among individuals that is encouraging individuals to undergo genetic testing for early detection of disorders.

End-User Analysis

Hospitals & Clinics Leads the Segment with 45.8% of Major Share in Account.

On the basis of end-user, the global genetic testing market is classified into hospitals & clinics, diagnostic laboratories, and other end-users. Among these end-users, the hospitals & clinics lead the end-user segment by accounting for the major revenue share of 45.8%.

This massive growth of hospitals & clinics is attributed to the mandatory new baby screening for detecting genetic disorders and the increasing number of cancer patients. Cancer is one of the major causes of death all across the world. Therefore, to avoid further deaths from cancer, genetic testing is a good option for cancer detection. Factors like these are driving the growth of hospitals & clinics in the global genetic testing market.

Key Market Segments

By Product

• Consumables
• Equipment
• Software & Services

By Technology

• PCR-based Testing
• Next Generation Sequencing
• Array Technology
• FISH
• Other Technologies

By Application

• Genetic Disease Carrier Status
• Ancestry & Ethnicity
• New Baby Screening
• Traits Screening
• Health and Wellness-Predisposition

By End-User

• Hospitals & Clinics
• Diagnostic Laboratories
• Other End-Users

Growth Opportunity

The Continuous Technological Advancements in Genetic Testing Are Expected to Create Many Opportunities Over the Forecast Period.

Many key companies in the global genetic testing market are investing in the development of new techniques and equipment to upgrade the genetic testing processes. Key companies are focusing on the development of various techniques like chromosomal microarray analysis and next-generation sequencing that can transform the methods of detection of abnormalities and genetic disorders.

With upgrading technology, researchers are upgrading the techniques and processes involved in genetic testing to improve efficiency and reduce the time of results. Moreover, the developing healthcare infrastructure in developing countries like India, China, and Brazil is also expected to play a key role in genetic testing marketing growth. These key factors are expected to create many lucrative opportunities in the global genetic testing market over the forecast period.

Latest Trends

Rising Health Awareness among the Individuals for Early Cancer Detection is Fueling the Growth of the Global Genetic Testing Market.

The rising health awareness among individuals over the last few years has positively impacted the growth of the global genetic testing market. Many individuals are adopting genetic testing for various applications like early abnormalities and genetic disorders detection. By undergoing genetic testing, individuals are able to early detect genetic disorders in infants.

Also, genetic testing can detect the cancer and cure it if detected in the early stages. This is attracting many individuals to undergo genetic testing for early cancer detection. This trend of genetic testing from individuals due to rising health awareness is fueling the growth of the global genetic testing market.

Regional Analysis

North America is Dominating the Global Genetic Testing Market by Holding the Major Revenue Share of 42.6%

The North American region leads the global genetic testing market by accounting for a major revenue share of 42.6%. This exponential growth of the North American region is attributed to the rising awareness among individuals for genetic testing to early detect cancer and other genetic disorders. Also, the developed healthcare infrastructure and high disposable incomes of individuals are further boosting the growth of the genetic testing market in the North American region.

The developed countries in the North American region like the United States and Canada have developed healthcare infrastructure that is a major booster in the genetic testing market. Also, individuals with high disposable incomes are spending more money on health. These key factors are propelling the growth of the global genetic testing market in the North American region.

After North America, the Asia Pacific region is expected to be the fastest-growing market in genetic testing over the forecast period. The growth of the Asia Pacific region is due to the rising adoption of advanced techniques and processes to expand the healthcare sector within the region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Player Analysis

The global genetic testing market is fragmented into many companies offering genetic testing with various techniques and processes. Major companies in the market are offering various advanced techniques to attract customers and expand their market share in various regions across the world.

Key companies are adopting the strategies like collaboration, partnership, mergers, and acquisitions to expand their share and strengthen their position in the market. Some of the key players in the global genetic testing market are Abbott Molecular, Circle DNA, 24 Genetics, Tellmegen, MyDNA, Sorenson Genomics LLC, Biocartis, Bayer Diagnostics, BioHelix, HTG Molecular Diagnostics, PacBio, and other key players.

Top Key Players in Genetic Testing Market

• Abbott Molecular
• Circle DNA
• 24 genetics
• Tellmegen
• MyDNA
• Sorenson Genomics LLC
• Bayer Diagnostics
• Biocartis
• BioHelix
• HTG Molecular Diagnostics
• PacBio
• Other Key Players

Recent Developments

• In June 2022, genomic and diagnostic testing company Prenetics Group Limited launched their new non-invasive and novel home screening test named ColoClear by Circle. It helps to detect the early signs of colorectal cancer
• In March 2022, Illumina announced their new cancer test in Europe that is able to detect many types of cancer in one tissue sample. It is helping individuals with rare diseases to matchup the treatment.

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