Genetic Testing Market is estimated to grow at CAGR above 11.3% over the forecast time frame 2020-2027 and reach the market value around USD 17.95 billion by 2027.
Genetic testing is the study of the cells and tissues contained in the gene. In the field of biology and medicine, this study is further implemented to get a better understanding of genetic disorders like cancer, cystic fibrosis, sickle cell anemia, Down syndrome, and others. The report's scope explores the use of gene testing for personalized medicine growth, targeted cancer therapy, and other genetic illnesses.
Novel genetic testing technologies, together with increasing efficiency and accuracy are providing lucrative growth opportunities for the genetic testing market. Furthermore, across the emerging economies, the market is expected to witness exponential growth rates owing to the growing patient ratio and awareness. One of the major trends moving across the genetic testing industry includes the shifting focus on clinical science to bioinformatics.
In the near future, the global genetic testing market is anticipated to record significant development owing to an increase in the incidence of genetic disorders & cancer and an increase in awareness and acceptance of personalized drugs. Additionally, advances in genetic testing methods and the growing application of genetic testing in oncology are anticipated to grow significantly over the coming years.
The global genetic testing market is expected to register substantial growth in the future, owing to rise in incidences of genetic disorders and cancer and rise in awareness & acceptance of personalized medicines. For instance, genetic testing has been widely used in pharmacogenomics, also referred as drug-gene testing. In addition, advancements in genetic testing techniques are expected to boost the genetic testing market growth during the forecast period. However, standardization concerns of genetic testing-based diagnostics and stringent regulatory requirements for product approvals are anticipated to hamper the genetic testing market growth during the forecast period. Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for the market players. For instance, Healthcare systems in developing countries such as Brazil, India, and China have experienced significant increase in investments in healthcare and infrastructure, which leads to surge in demand for genetic testing in the region.
By type, the market is segmented into predictive testing & presymptomatic testing, carrier testing, prenatal & newborn testing, diagnostic testing, pharmacogenomic testing, and others. The prenatal & newborn testing segment held dominant position with highest revenue in 2019, and is expected to maintain its dominance during the forecast period. This is attributable to growth in awareness among people regarding healthcare and increase in incidences of mortality rate from genetic diseases across the world. On the other hand, the pharmacogenomic testing segment is anticipated to witness highest CAGR during the forecast period. This is largely anticipated to increase in application in use of personalized medicine across the globe.
By technology, the molecular testing segment acquired the major genetic testing market share in the year 2019, and is expected to maintain a lead during the forecast period. The growth of this segment is attributed to the fact that molecular testing is the most used technology for genetic testing. For instance, the technology is used in genetic tests such as carrier testing, diagnostic testing, predictive & presymptomatic testing and others. Furthermore, molecular testing is also preferred as it can be used to analyze gains or losses in DNA that are not detectable with routine chromosome analysis.
Region wise, North America was the leading revenue contributor to the global genetic testing market in 2019, and is expected to dominate the market during the forecast period. This is attributed to presence of majority of key players in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness toward early screening of genetic disorders.
The report analyzes and forecasts the genetic testing market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global genetic testing market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the genetic testing market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of genetic testing market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Key Players & Strategies
23andMe, Abbott Molecular, Biocartis, BioHelix, Bayer Diagnostics, BioMerieux, BGI, Celera Genomics, Cepheid, Counsyl, deCODEme, Genentech, Genomictree, HTG Molecular Diagnostics, Luminex, MolecularTM, IntegraGen, LabCorp diagnostics, Myriad, Natera, PacBio, Pathway Geneomaics, Qiagen, Roche Diagnostic is among the most eminent players in the global genetic testing market. Industry players focus on the strategic expansion of their product portfolio through acquisitions, fusions and collaborations. Roche, for example, in December 2018, acquired the Non-invasive Prenatal (NIPT) and cell-free DNA testing services market Ariosa Diagnostics, a provider of molecular diagnostic testing services.
The increasing prevalence in the genetic testing industry will drive a growing global genetic testing industry for diseases like cancer, cystic fibrosis, Alzheimer's and others. Increasing genetical tests and genetic mutation identification before their onset will further increase the industry's growth over the forecast period. Due to the increased adoption of genetic testing by physicians in clinical care, the industry should see rapid growth in future. The availability of direct consumer (DTC) regulatory aid and on-going technological advances allow industry players to maintain a position on the market.
Global Genetic Testing Market, by Type
Global Genetic Testing Market, by Technology
Global Genetic Testing Market, by Application
Global Genetic Testing Market, by Geography
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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