The market for genetic testing was assessed at USD 15.3 billion in 2021 and is anticipated to grow at a CAGR of 10.5% from 2022 to 2030 to reach USD 33.4 billion. Prenatal screening, diagnostics, and predictive modelling all make use of genetic testing. The ongoing research in the sector to manufacture useful testing kits is expected to drive the genetic testing industry. The market is expected to expand significantly overall as a result of increased demand, increasing acquisitions, and alliances among important competitors.
The genetic testing market is expanding primarily due to growing public awareness of the advantages of genetic testing and the increased frequency of genetic illnesses. It is anticipated that the growing desire for a cancer cure would increase demand for efficient tests that will help the worldwide market for cancer testing grow. Additionally, the business for genetic testing is anticipated to grow greatly throughout the assessment period due to the biotechnology sector’s rapid rise.
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Because of the rise in genetic disorders, the Americans will control the market.
Due to the rising prevalence of genetic disorders and the rising need for tailored genetic testing, the Americas are predicted to dominate the global market for genetic testing. During the projected period, the regional market is anticipated to increase as a result of expanding government backing and the existence of the advanced healthcare industry.
Due to the rising patient population and unexplored market potential in the developing nations, APAC is anticipated to have the quickest rate of growth. The regional market may also be further boosted over the review period by expanding attempts to build healthcare infrastructure to fulfil demand for the growing senior population.
During the projection period, the European market for genetic testing is anticipated to be the second-largest. The expansion of this market for genetic testing is mostly due to recent innovations and advancements in molecular medicine in Europe. The potential for the development of various genetic tests has increased due to the rising frequency of genetic illnesses and disorders.
MEA is anticipated to expand as a result of the ageing population, an increase in chronic illnesses like cancer, and advancements in genetic testing.
Segment for Prescribed Genetic Testing to Have the Largest Market Share
The global market for genetic testing has been divided into two types based on type: direct to consumer genetic testing and recommended genetic testing. The predicted market category for genetic testing is expected to grow at the greatest CAGR among all categories between 2022 and 2030.
DNA and Molecular Genetic Tests to Control the Largest Market Share
The global market for genetic testing has been divided into three categories based on the method: chromosomal genetic tests, molecular genetic tests/DNA tests, and biochemical genetic tests. Among them, molecular genetic/DNA tests are anticipated to dominate the worldwide market and grow at a CAGR of 11.78% during the course of the projection.
Segment for Reproductive Health to Gain the Most Market Share
The global market has been divided into many application categories, including cancer screening, reproductive health, ancestry, predictive and presymptomatic testing, and others. All in all, the market is anticipated to be dominated by the reproductive health sector.
PerkinElmer Inc. (United States), Myriad Genetics Inc. (United States), Abbott Laboratories (United States), Illumina Inc. (United States), Bio-Rad Laboratories Inc. (the United States), QIAGEN (Germany), Eurofins Scientific (United States), Quest Diagnostics Incorporated (United States), Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc.
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