Genetic Testing Market worth USD 39.73 Bn. by 2029 Opportunities, Return on Investments, Competitive Landscape, Growth Hubs
Pune, 5, Dec 2022: Genetic Testing Market is expected to be worth USD 39.73 billion by 2029, with an 11.6 % CAGR, according to Maximize Market Research. The market is driven by an increase in the incidence of genetic illnesses 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 sales, revenue, and average price by type and application segment for the forecast Period. Secondary research is used to identify the major leading Key Players in the Global Genetic Testing Market, and primary and secondary research is used to determine market revenues. Primary research included interviews with key opinion leaders and industry specialists such as competent front-line staff, entrepreneurs, and marketing professionals, while secondary research included a review of annual and financial reports from prominent manufacturers. Some of the major significant players in the global 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 were used to estimate the market and analyze global market trends. To obtain accurate inferences, data was gathered from a large sample using both primary and secondary research methods. Surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals were among the primary methods utilized. Secondary data was meticulously gathered from a carefully selected set of sources to ensure the accuracy of the conclusions. There are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites with addition to white papers and annual reports. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report delves deeply into the Genetic Testing market.
Genetic Testing Market Overview
Genomic data is critical to a precision medicine approach to healthcare; it is possible to decode DNA into its basic sequences and view its functional information as data, allowing researchers, bioinformaticians, and physicians to decode the properties of a person’s DNA. The genetic testing industry is expanding as a result of increased consumer knowledge, an evolving culture of consumer empowerment, and a demand for highly personalized services. Companies that provide these services, on the other hand, are increasingly concerned about data privacy and scientific validity.
A rare disease, defined as a disorder affecting less than one in every 2,000 people, affects approximately 300 million people worldwide. While genetic factors are responsible for 80% of these illnesses, effective genetic testing and diagnosis remain a challenge. Sequencing, a key driver of precision medicine, is becoming more affordable. Because of a variety of technical, scientific, and frontline 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
The rise is being 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. Patients are expected to be more aware of the importance of early illness detection, resulting in faster treatment and a lower mortality rate. The rising 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 Global Genetic Testing Market’s growth.
In countries such as 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 due to increased technology adoption, awareness initiatives, and cost reductions. Furthermore, underdeveloped markets such as India and other emerging markets are likely to provide a profitable opportunity for companies looking to establish a foothold in the genetic testing market. As a result, given the increased prevalence of chronic diseases, technological advancements and a shift toward personalized therapy are expected to yield significant results.
Genetic Testing Market Regional Insights
North America dominated the global genetic testing market in 2021. The global market for genetic testing is expanding in tandem with an increase in the number of diseases caused by genetic abnormalities and rapid technological advancements. The United States led the genetic testing market in North America. The growth in the United States can be attributed to infrastructure improvements to facilitate genetic testing, government support for direct-to-consumer (DTC) genetic testing, increased insurance coverage, and lower genetic test costs.
Genetic Testing Market Segmentation
By Type
- Carrier Testing
- Diagnostic Testing
- Newborn Screening
- Predictive and PR symptomatic Testing
- Prenatal Testing
- Nutrigenomic Testing
By Disease
- Alzheimer’s Diseases
- Cancer
- Cystic Fibrosis
- Sickle Cell Anemia
- Duchenne Muscular Dystrophy
- Thalassemia’s
- Huntington’s Disease
- Special Diseases
- Others
By Technology
- Cytogenetic Testing
- Biochemical Testing
- Molecular Testing
Genetic Testing Market Key Competitors:
- Abbott Laboratories
- Roche Diagnostics
- Myriad Genetics, Inc.
- Thermo Fisher Scientific, Inc.
- Agilent Technologies, Inc.
- Hologic, Inc.
- Illumina, Inc.
- QIAGEN N.V.
- Cepheid
- Quest Diagnostics
- Precipio Inc.
- Ariosa Diagnositic Inc.
- Sequenom Inc.
- 23andMe
- Bayer Diagnostics
- Biocartis
- BioHelix
- BioMerieux
- BGI
- Counsyl
- deCODEme
- Genentech
- Genomictree
- IntegraGen
- LabCorp Diagnostic
Key questions answered in the Genetic Testing Market are:
- What is a Genetic Testing?
- What is the growth rate of the Genetic Testing Market for forecast period?
- What is the nature of competition in the Genetic Testing industry in developed economies and developing economies?
- Who are the key 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 USA and Canada?
- Who are the market leaders in Genetic Testing in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Genetic Testing Market?
- Who held the largest market share in the Genetic Testing Market?
- What are the factors for the growth of the Asia-Pacific region in the Genetic Testing Market?
Key Offerings:
- Market Share, Size & 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 Vendors and Other Prominent Vendors
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several 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 mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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