Genetic Testing Market Worth $43.3 Billion by 2029 - Exclusive Report by Meticulous Research®

Genetic Testing Market By Product & Service (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2029

/EIN News/ -- Redding, California, Nov. 23, 2022 (GLOBE NEWSWIRE) -- According to a new market research report, ‘Genetic Testing Market By Product & Service (Consumables, Reagents, Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier, Newborn, Preimplantation), Method (Molecular, Chromosomal), End User (Hospitals, Diagnostic Laboratories) - Global Forecast to 2029,' published by Meticulous Research^®, the genetic testing market is expected to grow at a CAGR of 11.6% from 2022 to reach $43.3 billion by 2029.

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Genetic testing involves identifying changes in genes, chromosomes, or proteins. This testing has been made possible by developing next-generation sequencing (NGS) technologies that allow large quantities of nucleic acid sequences to be obtained in a clinically meaningful time frame. Genetic testing involves the analysis of chromosomes, proteins, and certain metabolites to detect heritable disease-related genotypes, mutations, phenotypes, or karyotypes for clinical purposes. It involves diagnostic testing, newborn screening, prenatal testing, preimplantation testing, carrier testing, and other types of testing such as predictive testing or pre-symptomatic testing and forensic testing.

Some of the major factors driving the genetic testing market are the favorable government initiatives for promoting clinical genetic testing, increasing prevalence of genetic disorders, increased need for early disease detection & prevention, increasing applications of genetic testing in oncology, and decreasing cost of sequencing procedures. Furthermore, the growing scenario of genetic direct-to-consumer genetic testing and the emerging field of genetic counseling is expected to provide significant growth opportunities for this market.

However, factors such as the high cost of genetic testing and the social and ethical implications of genetic testing are expected to restrain the growth of this market to a notable extent. In addition, factors such as the low chances of positive, actionable mutations and genetic data privacy & security concerns are the major challenges to the growth of this market.

The Impact of COVID-19 on the Genetic Testing Market

The coronavirus disease (COVID-19) outbreak in March 2020 impacted nearly every country around the globe. According to the WHO, as of 14^th October 2022, there were 620.8 million confirmed cases and 6.5 million confirmed deaths. The continued outbreak of COVID-19 and its various escalations due to the Delta and Omicron variants has impacted the global genetic testing market to a certain extent. A negative impact was observed on the test volumes of various clinical genetic tests such as newborn screening, prenatal testing, preimplantation testing, and carrier testing, among others.

Further, due to the severe lockdowns and restrictions, there was a supply chain disruption and a shortage of skilled professionals. There were delays in test results and a shortage of test kits and other laboratory equipment. These factors hampered this market's growth during the pandemic's peak.

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The genetic testing market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts it for 2029 – by Product & Service (Consumables & Reagents, Instruments, and Services), Test Type (Diagnostic Testing, Prenatal Testing, Carrier Testing, Newborn Screening, Preimplantation Testing, and Other Test Types), Method (Molecular Tests, Chromosomal Tests, and Biochemical Tests), End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on product & service, in 2022, the consumables & reagents segment is estimated to account for the largest share of the genetic testing market. The large market share of this segment is attributed to factors such as recurring demand for consumables, test kits, & reagents; high demand for early disease diagnosis & treatment for genetic diseases; and increasing prevalence of cancer.

Based on test type, in 2022, the diagnostic testing segment is estimated to account for the largest share of the genetic testing market. The large market share of this segment is attributed to the high adoption of genetic testing in cancer diagnostics, increased need for early disease diagnosis, technological advancements, increased accuracy of diagnosis using genetic testing, and high prevalence of cancer and other rare genetic disorders.

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Based on method, in 2022, the molecular tests segment is estimated to account for the largest share of the genetic testing market. This segment's large market share is attributed to molecular test’s ability to identify and finely characterize the genetic basis of inherited diseases and diagnosis of hereditary cancer syndromes through mutation analysis. Molecular tests vary in scope and include targeted single variant, single gene, gene panel, and whole exome sequencing/whole genome sequencing.

Based on end user, in 2022, the hospitals & clinics segment is estimated to account for the largest share of the genetic testing market. The large share of this segment is attributed to the growing demand for advanced technology in the genetic screening of hereditary cancers, better infrastructure and utilization of advanced techniques in hospitals, and high rates of hospitalizations due to the rising prevalence of chronic diseases.

Based on geography, in 2022, North America is estimated to account for the largest share of the genetic testing market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the high adoption of NGS-based diagnostic testing, the high investments in R&D, and government support and investments to enhance the genome sequencing infrastructure in the region. However, Asia-Pacific is slated to register the highest growth rate in the genetic testing market during the forecast period. The high market growth in Asia-Pacific is attributed to the advancing healthcare infrastructure in the region, a large patient pool coupled with the growing adoption of advanced genomics technologies, the growing prevalence of various chronic diseases, and the increasing affordability of genomic testing.

The report also includes an extensive assessment of the product & service, test type, method, end user, and geography, and key strategic developments adopted by leading market participants in the industry over the past years (2019–2022). In recent years, the genetic testing market has witnessed numerous product launches & approvals, agreements, collaborations, partnerships, and acquisitions & mergers.

Some of the key players operating in this market areIllumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific SE (Luxembourg), 23andMe, Inc. (U.S.), Foundation Medicine, Inc. (U.S.) (Subsidiary of Roche Holding AG), Rosetta Genomics Ltd. (U.S.), OPKO Health Inc. (U.S.), Natera, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.) and Invitae Corporation (U.S.).

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Scope of the Report:

Genetic Testing Market, by Product & Service

• Consumables & Reagents
• Instruments
• Services

Genetic Testing Market, by Test Type

• Diagnostic Testing
• Prenatal Testing
• Carrier Testing
• Newborn Screening
• Preimplantation Testing
• Other Test Types

(Other test types include forensic testing, microorganism genomics, and posthumous (testing of post-mortem tissues)).
Genetic Testing Market, by Method

• Molecular Tests
• Chromosomal Tests
• Biochemical Tests

Genetic Testing Market, by End User

• Hospitals & Clinics
• Diagnostic Laboratories
• Academic & Research Institutes
• Others End Users

(Other end users include contract research organizations, forensic laboratories, pharma & biotech companies, and government laboratories, among others)
Genetic Testing Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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