Genetic Testing Market is projected to reach USD 36.11 Billion by 2030, growing at a CAGR of 10%: Straits Research

New York, United States, June 16, 2022 (GLOBE NEWSWIRE) — Genetic testing examines DNA to find gene mutations linked to a wide range of hereditary illnesses. There are multiple forms of genetic testing and procedures for determining changes in a person’s chromosomes, genes, or proteins, including cytogenetic testing, biochemical testing, molecular testing, and chromosome analysis. Because of the rising incidences of genetic illnesses and cancer and increased knowledge and acceptance of tailored medications, the global genetic testing market is likely to grow significantly in the future.

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Rise in Awareness and Acceptance of Personalized Medicines to Drive the Global Genetic Testing Market

Personalized medicine is founded on the idea that each patient is unique and requires customized pharmacological therapy. Large-scale drug discovery is necessary to improve the feasibility and practicality of tailored medications for disease and disorder identification. Genetic testing is commonly employed in pharmacogenomics, also known as drug-gene testing. It aids in the discovery and development of new drugs.

Furthermore, researchers are aware that numerous genetic testing procedures, such as cytogenetic, biochemical, molecular, and DNA sequencing, appear to make tailored illness treatments possible. Furthermore, demands for genetic testing from patients to primary care physicians are expected to increase, particularly from healthy adults seeking early identification or prevention of hereditary illnesses. This tendency is expected to promote market growth.

Untapped Emerging Markets in Developing Countries to Provide Opportunities for the Global Genetic Testing Market

Healthcare systems in developing countries like Brazil, India, and China have seen significant increases in healthcare and infrastructure investments. In addition, growing countries must prioritize cost-effectiveness and scalability to meet the demands of an expanding patient pool. Research and Development operations in Asia and other emerging nations have steadily benefited from the ease and availability of genetic testing technologies. Similarly, several genome-based projects in these regions, such as the China Genome, have fueled the market expansion.

During the projection period, Asia-large Pacific’s population base, lower costs of genetic testing methodologies, and increased awareness of genetic illnesses are likely to present various potential possibilities for market competitors. As a result, major necessary player expansions can function as growth factors in emerging economies.

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Regional Analysis of the Global Genetic Testing Market:

By region, it is classified into North America, Europe, Asia-Pacific, and LAMEA.

North America dominated the market. It is estimated to reach an expected value of USD 9595 million by 2030 at a CAGR of 9%. North America makes a substantial contribution to disseminating genetic condition awareness among patients, so the market continues to rise. For example, in the United States, September 2020 is designated as sickle cell anemia awareness month. Furthermore, the most important companies in this area are vital drivers in the genetic testing market’s growth.

Europe is the second-largest region. It is estimated to reach an expected USD 8665 million by 2030 at a CAGR of 10%. This is attributed to increased patient awareness regarding genetic disorders such as thalassemia, cancer, and cystic fibrosis. Moreover, various genomics projects are undertaken by research organizations, such as the 100,000 Genomes project, in this region also supplement the growth of the genetic testing market.

Asia-Pacific is the fastest-growing region. It is estimated to reach an expected value of USD 6000 million by 2030 at a CAGR of 9%. It is densely inhabited, with India and China accounting for most of the population. As a result of their vast population bases, these countries bear the burden of a high prevalence of genetic illnesses. Although cancer is more common in North America and Europe than in Asia-Pacific, the cancer incidence rate in China and Japan has climbed in recent decades. This rise in cancer prevalence boosts the market growth.

Key Highlights

• Biochemical testing is the third-largest segment. It is estimated to reach an expected value of USD 5705 million by 2030 at a CAGR of 12%. A tissue sample containing protein, such as blood, urine, amniotic fluid, or cerebrospinal fluid, can be used for biochemical testing. In September 2019, Blueprint Genetics, a clinical genetics company, and Archimedlife Medical Laboratories, a rare illness diagnostics company, established a cooperation to provide biochemical testing for rare diseases in North America. 
• Cytogenetic testing is the fastest-growing segment. It is estimated to reach an expected value of USD 770 million by 2030 at a CAGR of 11%. Cytogenetics is used to develop personalized medicine, targeted cancer treatment, and others. An increase in incidences of genetic disorders and cancer advancements in cytogenetics propels the market growth for cytogenetic testing.
• Based on technology, it is divided into cytogenetic testing/chromosomal analysis, biochemical testing, and molecular testing. Molecular testing dominated the market. It is estimated to reach an expected USD 15290 million by 2030 at a CAGR of 10%. Significant drivers driving market expansion include increased prevalence of infectious diseases and various types of malignancies, increased knowledge and adoption of tailored medications, and advancements in biomarker discovery.
• Diagnostic testing is the third-largest segment. It is estimated to reach an expected USD 5075 million by 2030 at a CAGR of 8%. Significant factors, including the rise in awareness among medical professionals and patients about early disease diagnosis and an increase in the prevalence of genetic disorders such as cancer, cystic fibrosis, and Alzheimer’s across the globe, are anticipated to boost the market growth for diagnostic testing.
• Prenatal and newborn testing dominated the market. It is estimated to reach an expected value of USD 8125 million by 2030 at a CAGR of 9%. Newborn screening tests babies in their initial days of life for specific disorders and conditions that can hamper their normal development. Early detection and treatment can help prevent intellectual and physical disabilities and life-threatening illnesses. 
• By type, the market is divided into predictive and presymptomatic testing, carrier testing, prenatal and newborn testing, diagnostic testing, pharmacogenomic testing, and others. Predictive and presymptomatic testing is the fastest-growing segment. It is estimated to reach an expected value of USD 7020 million by 2030 at a CAGR of 12%. A predictive genetic test is comparatively a novel approach and is rapidly becoming an emerging genetic test in health practices, especially in developed economies. It is progressively used to guide nutritional strategies and training outcomes for several disorders.
• The global genetic testing market was worth USD 14825 million in 2021. It is projected to reach USD 36115 million by 2030, growing at a CAGR of 10% during the forecast period (2022-2030).
• By application, it is divided into cancer diagnosis, genetic disease diagnosis, cardiovascular disease diagnosis, and others. The genetic disease diagnosis is the dominant segment. It is estimated to reach an expected value of USD 9500 million by 2030 at a CAGR of 9%. Infant screening is the most extensively utilized genetic test; practically every newborn in the United States is checked for various hereditary disorders. Early discovery of these disorders can lead to treatments that can help prevent the onset of symptoms or reduce the severity of the disease.
• The cancer diagnosis is a fastest-growing segment. It is estimated to reach an expected value of USD 9100 million by 2030 at a CAGR of 11%. Genetic testing can help determine a person’s lifetime risk of acquiring cancer. It accomplishes this by looking for alterations in a person’s genes, chromosomes, or proteins. Mutations are the term for these changes. Genetic testing is utilized in targeted cancer therapy to discover abnormalities in cancer cells’ DNA. The sort of treatment a person receives can be guided by determining whether or not their cancer has a specific mutation. 

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Global Genetic Testing Market: Segmentation

By Type

• Predictive Testing & Presymptomatic Testing
• Carrier Testing
• Prenatal & Newborn Testing
• Diagnostic Testing
• Pharmacogenomic Testing
• Others

By Technology

• Cytogenetic Testing/ Chromosome Analysis
• Biochemical Testing
• Molecular Testing
• DNA Sequencing
• Others

By Application

• Cancer Diagnosis
• Genetic Disease Diagnosis
• Cardiovascular Disease Diagnosis
• Others

Competitive Analysis of the Global Genetic Testing Market –

• Abbott Laboratories
• Myriad Genetics, Inc. (Myriad RBM, Inc.)
• Danaher Corporation (Cepheid)
• F. Hoffmann-La Roche Ltd.
• Eurofins Scientific
• Ilslumina, Inc.
• Qiagen N.V.
• Thermo Fisher Scientific, Inc
• CSL Ltd.

By Region

• North America
• Europe
• Asia-Pacific
• LAMA

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TABLE OF CONTENT

1          Introduction

1.1       Market Definition

1.2       Market Scope

2          Research Methodology

2.1       Primary Research

2.2       Research Methodology

2.3       Assumptions & Exclusions

2.4       Secondary Data Sources

3          Market Overview

3.1       Report Segmentation & Scope

3.2       Value Chain Analysis: Genetic Testing Market

3.3       Key Market Trends

3.3.1   Drivers

3.3.2   Restraints

3.3.3   Opportunities

3.4       Porter’s Five Forces Analysis

3.4.1   Bargaining Power of Suppliers

3.4.2   Bargaining Power of Buyers

3.4.3   Threat of Substitution

3.4.4   Threat of New Entrants

3.4.5   Competitive Rivalry

3.5       Market Share Analysis

4          Type Overview

4.1       Introduction

4.1.1   Market Size & Forecast

4.2       Carrier Testing

4.3       Diagnostic Testing

4.4       Newborn Screening

4.5       Predictive and Presymptomatic Testing

4.6       Prenatal Testing

4.7       Other

5          Technology Overview

5.1       Introduction

5.1.1   Market Size & Forecast

5.2       Cytogenetic Testing

5.3       Biochemical Testing

5.4       Molecular Testing

6          Application Overview

6.1       Introduction

6.1.1   Market Size & Forecast

6.2       Alzheimer’s Disease

6.3       Cancer

6.4       Cystic Fibrosis

6.5       Sickle Cell Anemia

6.6       Duchenne Muscular Dystrophy

6.7       Thalassemia

6.8       Huntington’s Disease

6.9       Rare Diseases

6.10    Other

7          Regional Overview

7.1      Introduction

7.1.1   Market Size & Forecast

7.2      America

7.2.1   North America

7.2.1.1 U.S.

7.2.1.1.1         By Type

7.2.1.1.2         By Technology

7.2.1.1.3         By Application

7.2.1.2 Canada

7.2.1.2.1         By Type

7.2.1.2.2         By Technology

7.2.1.2.3         By Application

7.2.1.3 Mexico

7.2.1.3.1         By Type

7.2.1.3.2         By Technology

7.2.1.3.3         By Application

7.2.2   South America

7.2.2.1            By Type

7.2.2.2            By Technology

7.2.2.3            By Application

7.3      Europe           

7.3.1   Market Size & Forecast (Value)      

7.3.2   Western Europe

7.3.2.1 Germany      

7.3.2.1.1         By Type          

7.3.2.1.2         By Technology          

7.3.2.1.3         By Application                      

7.3.2.2 France           

7.3.2.2.1         By Type          

7.3.2.2.2         By Technology

7.3.2.2.3         By Application          

7.3.2.3 U.K.   

7.3.2.3.1         By Type          

7.3.2.3.2         By Technology

7.3.2.3.3         By Application          

7.3.2.4 Italy   

7.3.2.4.1         By Type          

7.3.2.4.2         By Technology

7.3.2.4.3         By Application          

7.3.2.5     Spain         

7.3.2.5.1         By Type          

7.3.2.5.2         By Technology

7.3.2.5.3         By Application          

7.3.2.6     Rest of Western Europe  

7.3.2.6.1         By Type

7.3.2.6.2         By Technology

7.3.2.6.3         By Application

7.3.3   Eastern Europe

7.4      Asia Pacific    

7.4.1   Market Size & Forecast (Value)      

7.4.2   China 

7.4.2.1             By Type

7.4.2.2             By Technology

7.4.2.3             By Application

7.4.3   India

7.4.3.1             By Type

7.4.3.2             By Technology

7.4.3.3             By Application

7.4.4   Japan 

7.4.4.1             By Type          

7.4.4.2             By Technology

7.4.4.3             By Application          

7.4.5   South Korea  

7.4.5.1             By Type          

7.4.5.2             By Technology

7.4.5.3             By Application

7.4.6   Australia        

7.4.6.1            By Type          

7.4.6.2            By Technology

7.4.6.3            By Application

7.4.7   Rest of Asia-Pacific   

7.4.7.1            By Type          

7.4.7.2            By Technology

7.4.7.3            By Application          

7.5      Middle East & Africa

7.5.1   Market Size & Forecast (Value)      

7.5.2   The Middle East

7.5.2.1     South Africa

7.5.2.1.1         By Type          

7.5.2.1.2         By Technology

7.5.2.1.3         By Application

7.5.2.2     UAE

7.5.2.2.1         By Type         

7.5.2.2.2         By Technology

7.5.2.2.3         By Application          

7.5.2.3     Qatar

7.5.2.3.1         By Type         

7.5.2.3.2         By Technology

7.5.2.3.3         By Application          

7.5.2.4     Rest of Middle East

7.5.2.4.1         By Type

7.5.2.4 2         By Technology

7.5.2.4 3         By Application

7.5.3   Africa

7.5.3.1             By Type          

7.5.3.2             By Technology

7.5.3.3             By Application

8.         Company Profile                 

8.1       Illumina, Inc.

8.1.1   Company Overview 

8.1.2   Financial Performance         

8.1.3   Recent Developments         

8.1.4   Product Portfolio     

8.2       Thermo Fisher Scientific Inc

8.2.1   Company Overview 

8.2.2   Financial Performance         

8.2.3   Recent Developments         

8.2.4   Product Portfolio     

8.3       QIAGEN

8.3.1   Company Overview 

8.3.2   Financial Performance         

8.3.3   Recent Developments         

8.3.4   Product Portfolio     

8.4       Precipio

8.4.1   Company Overview 

8.4.2   Financial Performance         

8.4.3   Recent Developments         

8.4.4   Product Portfolio     

8.5       Myriad Genetics, Inc.

8.5.1   Company Overview 

8.5.2   Financial Performance         

8.5.3   Recent Developments         

8.5.4   Product Portfolio     

8.6       Luminex Corporation

8.6.1   Company Overview 

8.6.2   Financial Performance         

8.6.3   Recent Developments         

8.6.4   Product Portfolio     

8.7       F. Hoffmann-La Roche Ltd

8.7.1   Company Overview 

8.7.2   Financial Performance         

8.7.3   Recent Developments         

8.7.4   Product Portfolio     

8.8       Danaher

8.8.1   Company Overview 

8.8.2   Financial Performance         

8.8.3   Recent Developments         

8.8.4   Product Portfolio     

8.9       Thermo Fisher Scientific, Inc

8.9.1   Company Overview 

8.9.2   Financial Performance         

8.9.3   Recent Developments         

8.9.4   Product Portfolio

8.10    23andMe, Inc

8.10.1   Company Overview

8.10.2   Financial Performance       

8.10.3 Recent Developments         

8.10.4 Product Portfolio

8.11    Abbott

8.11.1 Company Overview 

8.11.2   Financial Performance       

8.11.3 Recent Developments         

8.11.4 Product Portfolio

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• Thermo Fisher Scientific, Inc