Genetic Testing Market –Global Opportunity Analysis and Industry Forecast
Meticulous Research® a leading global market research company, published a research report titled,‘Genetic TestingMarketBy Product (Consumables, Reagents, Instruments, Services),Test Type(Diagnostic,Prenatal,Carrier,Newborn,Preimplantation),Method(Molecular,Chromosomal), EndUser(Hospitals,DiagnosticLaboratories)-GlobalForecastto2029.’
According to this latest publication from Meticulous Research®, the genetic testing market is expected to growataCAGRof11.6%from2022toreach$43.3billionby2029.Thegrowthofthismarketisattributed tofactorssuchasfavorablegovernmentinitiativesforpromotinggenetictesting,increasingprevalenceof genetic disorders, increased need for early disease detection & prevention, increasing applications of genetic testing in oncology, and decreasing cost of sequencing procedures. In addition, the growing scenario of genetic direct-to-consumer genetic testing and the emerging field of genetic counseling is expectedtoprovidesignificantgrowthopportunitiesforthismarket.
However,factorssuchasthehighcostofgenetictestingandthesocialandethicalimplicationsofgenetic testingarerestrainingthegrowthofthismarkettoanotableextent.Inaddition,factorssuchaslowchances ofpositive,actionablemutationsandgeneticdataprivacy&securityconcernsarethemajorchallengesto thegrowthofthismarket.
GeneticTestingMarket:FutureOutlook
The genetic testing market is segmented based on product, test type, method, end user, and geography. Thestudyalsoevaluatesindustrycompetitorsandanalyzesthemarketatthecountrylevel.
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ScopeoftheReport: GeneticTestingMarket,byProduct&Service
• Consumables&Reagents
• Instruments
• Services
GeneticTestingMarket,byTestType
• DiagnosticTesting
• PrenatalTesting
• CarrierTesting
• NewbornScreening
• PreimplantationTesting
• Other Test Types (Other test types include forensic testing, microorganism genomics, and posthumous (testingofpost-mortemtissuesetc.)
GeneticTestingMarket,byMethod
• Molecular Tests
• ChromosomalTests
• BiochemicalTests
GeneticTestingMarket,byEndUser
• Hospitals&Clinics
• DiagnosticLaboratories
• Academic&ResearchInstitutes
• Others End Users (Other end users include contract research organizations, forensic laboratories, pharma & biotechcompanies,governmentlaboratories,etc.)
GeneticTestingMarket,byGeography
• NorthAmerica o U.S.
Canada
• Europe
Germany
France
U.K.
Italy
Spain
RestofEurope(RoE)
• Asia-Pacific
o China
o Japan
o India
o RestofAPAC(RoAPAC)
• LatinAmerica
• MiddleEast&Africa
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Basedonproduct, in 2022, theconsumables &reagents segment is estimated to accountfor the largest share of this market. The large share of this segment is attributed to factors such as the recurrent use of reagents & consumables, availability of a wide range of genetic tests, recent product launches, and increasedawarenessabouttheadvantagesofgenetictesting.
Basedontesttype, in 2022, the diagnostictestingsegment is estimated to accountfor the largest share of this market. The large share of this segment is attributed to factors such as the high prevalence of chronic diseases such as cancer, technological advancements in genomic-based diagnostic testing, and thedemandforearlydiseasediagnosis.
Based on method, in 2022, the molecular segment is estimated to account for the largest share of this market. The large share of this segment is attributed to the ability to detect the mutation at single nucleotide resolution with cheaper, faster, and with the utmost accuracy by using whole genome sequencing(WGS)andwholeexomesequencing(WES)technology.
In 2022, based on end user, the hospitals & clinics segment is estimated to account for the largest share ofthemarket.Thelargeshareofthissegmentisattributedtothehighvolumeofgenetictestsperformed inhospitals&clinicsandthehighdemandforearlydiseasediagnosisandtreatment.
ThisresearchreportanalyzesmajorgeographiesandprovidesacomprehensiveanalysisofNorthAmerica (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC),LatinAmerica,andtheMiddleEast&Africa.
In2022,NorthAmericaisestimatedtoaccountforthelargestshareofthegenetictestingmarket,followed by Europe and Asia-Pacific. North America’s large market share is attributed to the factors such as high healthcareexpenditure,favorablereimbursementscenario,highawarenessamongpatientsaboutgenetic testing, and increased support and investments to enhance genome sequencing infrastructure in the region.
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KeyPlayers
ThekeyplayersoperatinginthegenetictestingmarketareIllumina,Inc.(U.S.),ThermoFisherScientificInc. (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 CorporationofAmericaHoldings(U.S.)andInvitaeCorporation(U.S.).
Keyquestionsansweredinthereport-
• Whicharethehigh-growthmarketsegmentsintermsofproduct,testtype,method,enduser,and region/country?
• Whatwasthehistoricalmarketsizeforgenetictestingacrosstheglobe?
• Whatarethemarketforecastsandestimatesfortheperiod2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global genetic testing market?
• Whoarethemajorplayersinthegenetictestingmarket?
• How is the competitive landscape, and who are the market leaders in the global genetic testing market?
• Whataretherecentdevelopmentsintheglobalgenetictestingmarket?
• Whatarethedifferentstrategiesadoptedbythemajorplayersintheglobalgenetictestingmarket?
• What are the geographical trends and high-growth regions/countries?
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