The global genetic testing market was estimated at USD 8 billion in 2021 and is expected to surpass USD 15.8 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.6% during the forecast period 2021 to 2030.
The global genetic testing market is primarily driven by the rising prevalence of chronic and genetic diseases and the introduction of innovative testing kits owing to the technological advancements. The rising consumer awareness regarding the availability of advanced diagnostic tests is fueling the demand for the genetic testing. Moreover, growing geriatric population is expected to propel the market growth in the upcoming future. According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. The old age people are prone to various chronic diseases, which can foster the demand for the genetic testing across the globe. The increased disposable income, rising consumer expenditure on healthcare, technological advancements, and easy availability of genetic testing services are the major factors that drive the growth of the genetic testing market across the globe.
The rising government initiatives to spread the awareness regarding the genetic testing are spurring the adoption of the genetic testing among the global population. Moreover, the presence of numerous top market players and their heavy investments in the research & development activities has encouraged innovation in the product design, improved distribution, and enhanced quality of the products. The growing popularity of the direct-to-consumer genetic testing kit has increased the adoption of the genetic testing kits among the population owing to its affordable costs, which is expected to boost the growth of the global genetic testing market. Moreover, the growing penetration of online websites like Ancestry.com and 23andme.com are popular for providing DNA testing kits to the consumers through home delivery. The ease and convenience associated with the self-testing kits is boosting the participation of people in the self-testing websites. Furthermore, the rising marketing activities adopted by the online websites has significantly played their part in spreading awareness regarding the genetic testing. For instance, Ancestry.com invested around US$ 109.0 million on TV ads in US, in 2016. These advertisements had played a crucial role in the development of the genetic testing market.
Report Scope of the Genetic Testing Market
|Market Size||USD 15.8 Billion by 2030|
|Growth Rate||CAGR of 7.6% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Disease, Test Type, Region|
|Companies Mentioned||Genentech Inc., Sorenson Genomics, LLC, Abbott Molecular, Bayer Diagnostics, Biocartis, BioHelix, Celera Genomics, Genomic Health, HTG Molecular Diagnostics, PacBio|
Test Type Insights
Based on the test type, the diagnostic testing segment dominated the global genetic testing market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is simply attributed to the increased prevalence of various chronic diseases among the global population. According to a study, around 60% of the US population suffers from at least one chronic disease. Moreover, rapidly growing old age population and the increased demand for the diagnostic testing among them has fueled the segment’s growth in the past few years.
On the other hand, the prenatal & newborn testing is expected to show highest growth rate during the forecast period. This is due to the increasing prenatal and newborn testing and screening in the developed regions like North America and Europe. The prenatal testing is conducted during the pregnancy to detect any birth defect in the new born babies. These are non-invasive tests. Prenatal and new born screening helps to determine abnormality or syndromes in babies, which is expected to boost the growth of this segment during the forthcoming years.
Disease Type Insights
Based on the test type, the cancer segment dominated the global genetic testing market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is simply attributed to the increased prevalence of cancer among the global population. The increased prevalence of various cancer such as breast cancer, lungs cancer, bowel cancer, and womb cancer are the major drivers of this segment.
Based on region, North America dominated the global genetic testing market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This can be attributed to the increased consumer awareness regarding the benefits of genetic testing among the population. Moreover, the easy availability of self-testing kits through online websites in the nation like US has boosted the adoption of the genetic testing kits among the population. Moreover, the increased prevalence of various chronic diseases among the majority of the population coupled with increased consumer expenditure on healthcare has exponentially boosted the market growth. The rising number of geriatric people in US is expected to drive the market in the forthcoming years. Furthermore, the rising popularity and adoption of personalized medicines among the population is expected to foster the market growth.
On the other hand, the Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by the presence of huge population, rising prevalence of chronic diseases, and growing awareness regarding the genetic testing. The increasing disposable income and rising healthcare expenditure is further expected to drive the growth of the market.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In August 2020, Guardant Health acquired the approval from FDA for its Guardant 360 CDx.
The various developmental strategies like acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global genetic testing market include:
Segments Covered in the Report
By Test Type
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