Genetic Testing Market Overview
The genetic testing market is expected to register a CAGR of nearly 10.81% during the forecast period (2022-2027). The rise in the prevalence of chronic diseases and the development of customized testing kits for niche therapeutic areas are aiding the rapid growth of the market. According to the World Health Organization Report in October 2021, by 2030, one out of every six people on the planet will be 60 years old or older. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and up is expected to triple, reaching 426 million. The growing geriatric population is more prone to chronic diseases, and thus, this surges the demand for preventive diagnostics, particularly genetic testing.
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Key Highlights of the Genetic Testing Market
- The adoption of direct-to-consumer genetic testing kits in countries, like the United States, China, and Japan, is growing rapidly. With increasing technological adoption, awareness programs, and a decline in costs, the market for DTC-GT (Direct-to-consumer genetic testing) kits is likely to witness a significant boost over the forecast period.
- The presence of major market players, such as Abbott Laboratories, BioRad Laboratories Inc., F Hoffmann-La Roche, and Illumina Inc., is increasing the overall competitive rivalry of the market. The product advancements and improvements in genetic testing platforms by the major players are increasing competitive rivalry.
Genetic Testing Market – Geographical Overview
North America dominates the market for genetic testing currently, owing to factors, like increasing demand for personalized genetic testing services in the region and the rise in the prevalence of chronic and genetic disorders. According to Globocon 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), prostate (209,512), and colon (101,809). The increasing product approvals by the US Food and Drug Administration (FDA) and subsequent launches, along with the high concentration of key players involved in research activities for the innovation of novel genetic testing products, are anticipated to drive the market growth in North America.
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Recent Developments in the Genetic Testing Market
- In June 2022, Prenetics Group Limited one of a leader in genomic and diagnostic testing introduced a novel, non-invasive, at-home screening test – ColoClear by Circle (ColoClear), for detecting early signs of colorectal cancer.
- In March 2022, Genome sequencing group Illumina launched a cancer test in Europe that checks for a wide range of tumor genes in one tissue sample, potentially helping patients with rare diseases to be matched up with treatment options.
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List of Key Players in the Genetic Testing Market
- 23&Me Inc.
- Abbott Laboratories
- Myriad Genetics Inc.
- Danaher Corporation
- Illumina Inc.
- DiaSorin Spa (Luminex Corporation)
- BioRad Laboratories Inc.
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- F. Hoffmann-La Roche Ltd
- Eurofins Scientific
- Qiagen NV
*List Not Exhaustive
Mordor Intelligence has segmented the Genetic Testing Market based on type, disease, technology, and geography:
- Type (Market Size & Forecast based on Value (USD million), 2019-2027)
- Carrier Testing
- Diagnostic Testing
- New-born Screening
- Predictive and Presymptomatic Testing
- Prenatal Testing
- Other Types
- Disease (Market Size & Forecast based on Value (USD million), 2019-2027)
- Alzheimer’s Disease
- Cystic Fibrosis
- Sickle Cell Anemia
- Duchenne Muscular Dystrophy
- Huntington’s Disease
- Rare Diseases
- Other Diseases
- Technology (Market Size & Forecast based on Value (USD million), 2019-2027)
- Cytogenetic Testing
- Biochemical Testing
- Molecular Testing
- Geography (Market Size & Forecast based on Value (USD million), 2019-2027)
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
- South America
- Rest of South America
- North America
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