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Global Genetic Testing Market is Expected to Grow at a CAGR of 10.9% over the Forecast Period: A Report by Absolute Markets Insights

Published On 05 May 2022 03:20 PM


Genetic tests are medical tools that are offered as kits or panels and are used to diagnose genetic diseases in people. Moreover, blood samples from patients are taken at various points during the treatment. These samples are then examined using laboratory machines with test kits. In addition, a variety of tests are being used to determine genetic disorders. Among the genetic tests available are predictive and presymptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomics testing, and other genetic tests. These tests are also used to diagnose medical conditions like cancer, genetic disease, and cardiovascular disease. The global genetic testing market is expected to rise significantly in the future due to rising prevalence of genetic disorders and cancer, as well as improved knowledge and acceptance of personalized therapies. Genetic testing has been widely employed in pharmacogenomics, often known as drug-gene testing. Furthermore, leading players in the market are looking forward to mergers and acquisitions to strengthen their presence in the global market as well as expand their genetic testing products. For instance, Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostics, has announced a collaboration with Seegene, Inc., a global leader in multiplex molecular diagnostics, to develop and commercialize infectious disease molecular diagnostic products. Thus, the global genetic testing market is expected to flourish in the upcoming years.

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Global Genetic Testing Market Share in 2021, By Region

Key Findings of the Report: 

  • In terms of revenue, global genetic testing market was valued at US$ 16,616.4 Mn in 2021 and is anticipated to grow at a CAGR of 10.9% over the forecast period.
  • Based on testing type, new born screening is anticipated to be fastest growing segment in the global genetic testing market for the forecast period 2022-2030. New-born screening segment dominated the market with a market share of 27.2% for 2021. New born screening genetic testing is the ability to detect asymptomatic diseases, as well as molecular and genetic abnormalities in the new born babies. Blood samples are collected from the new born within 1 or 2 days to carry out the tests. Genetic testing for new born are routinely done immediately after the baby is born for certain conditions which can help to improve outcomes and get the treatment as soon as possible. Thus, with the rising importance and awareness, new born screening testing type is contributing to the growth of global genetic testing market.
  • Based on the sample type, Amniocentesis sample type is anticipated to be the fastest growing segment in the global genetic testing market for the forecast period 2022-2030. Amniocentesis is a test that is carried out during pregnancy to check if the baby has a genetic or chromosomal condition, such as Down's syndrome, Edwards' syndrome or Patau's syndrome. It includes taking a small sample of cells from the amniotic fluid, which surrounds the unborn infant in the womb, and testing them (uterus). Over the years there has been rise in the number of child births and the rise in awareness of genetic testing amongst pregnant women, which has led to the growth of genetic testing market globally.
  • By indication, cancer diagnosis has had the highest share in the global genetic testing market in 2021. This is simply attributed to the rising prevalence of various cancer diseases amongst a population such as breast cancer, lungs cancer, bowel cancer, and womb cancer. According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. Moreover, the rise in awareness about hereditary cancer has led to the rise in demand for genetic testing amongst a huge population. Furthermore, leading players in the market are focused on expanding their genetic testing products, for instance, Myriad Genetics, Inc. offers a wide range of oncology genetics testing as well as hereditary oncology testing with accurate results. Thus, with these factors the global genetic testing market is experiencing huge demand.
  • Based on the providers, the specialty clinic segment is projected to account for the highest share in the market during the forecast period. Specialty clinics are gaining huge popularity in the urban areas as these clinics offer various special treatments and advanced genetic testing. Additionally, specialty clinics are adopting virtual mode of assessments for diagnosis of disease-focused solutions and testing. Moreover, the reason for the stronger growth is the collaboration and partnership of independent laboratories with key genetic testing companies which is boosting the global genetic testing market.
  • Asia Pacific region is estimated to be the fastest growing segment in the genetic testing market for the forecast period 2022-2030. In the last ten years, there has been a tremendous rise in the occurrence of rare disease amongst a huge population in Asian countries. Thus, to tackle this scenario government and healthcare institutions in countries like India, China and Japan are focusing more on regulating and raising awareness about genetic testing, which has resulted in a faster adoption of these tests. The leading players are investing in research and development for product innovation, performance enhancement, and strong distribution partnerships to gain a strong foothold in Asia Pacific. Developing countries such as India and Australia, have the potential to provide attractive growth prospects for market participants seeking to establish a presence in the genetic testing market.

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Market Participants – Global Genetic Testing Market

  • Abbott Laboratories
  • Avellino Lab USA, Inc.
  • bioMérieux SA
  • Bio-Rad Laboratories, Inc.
  • BioReference Laboratories
  • Eurofins
  • Hoffmann-La Roche Ltd
  • Genomic Health
  • Invitae Corporation
  • Laboratory Corporation of America Holdings
  • MedGenome Labs Pvt. Ltd
  • Myriad Genetics, Inc
  • NeoGenomics Laboratories, Inc.
  • Quest Diagnostics Incorporated
  • Other Market Participants

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Global Genetic Testing Market:

By Testing Types

  • Carrier Testing
  • Diagnostic Testing
  • New-born Screening
  • Predictive and Pre-Symptomatic Testing
  • Pharmacogenetics
  • Prenatal Testing
  • Preimplantation Testing
  • Others

   By Sample Type

  • Blood
  • Buccal Swab
  • Amniocentesis
  • Chorionic Villus Sampling
  • Others

 By Indication

  • Single Gene Disorders
  • Cardiovascular Diseases
  • Cancer Diagnosis
    • Colon Cancer
    • Breast Cancer
    • Ovarian Cancer
    • Others
  • Ophthalmology
  • Dermatology
  • Neurology
  • Immunology
  • Hematology
  • Pediatric Genetics
  • Metabolic disorders
  • Others

  By Providers

  • Hospital
  • Specialty Clinics
  • Diagnostic Centers

 By Providers

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

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