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Genetic Testing Market - By Test (Carrier Testing, Diagnostic Testing, Pharmacogenomic Testing), By Application (Cancer, Genetic Disease, Cardiovascular Disease), By Technology (Molecular Testing), By Region, 2023 – 2032

  • Report ID: GMI2490
  • Published Date: Mar 2023
  • Report Format: PDF

Genetic Testing Market Size

Genetic Testing Market size was valued at over USD 18 billion in 2022 and is expected to register more than 8.5% CAGR through 2023-2032, due to growing awareness of hereditary mutations and cancer risks.
 

Genetic Testing Market

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Genetic testing is gaining momentum as a method that identifies gene mutations, a risk factor for hereditary or inherited cancer. Hereditary mutations can lead to a range of cancers such as kidney, thyroid, uterine, colon, ovarian, and breast cancer. Over the years, the prevalence of oncological and genetic diseases has risen. Based on estimates from the American Cancer Society, nearly 21.6 million new cancer cases are likely to be recorded by 2030. These factors will boost the acceptance of cancer genetic testing to confirm the diagnosis and help healthcare providers plan treatment.
 

Precision medicine has emerged as a personalized approach that uses genomic data to determine drug protocols and provide high-quality patient care. Using genetic tests, personalized medicine technology can examine the effect of a particular gene mutation or variant on the risk of treatment or disease conditions. The increasing consumer interest in precision medicine will therefore create lucrative growth opportunities for genetic test developers.
 

Genetic Testing Market Analysis

Global Genetic Testing Market Share By Test

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In terms of test, the genetic testing market from the prenatal & newborn testing segment reached over USD 5 billion in 2022, considering the mounting prevalence of fetal chromosomal abnormalities. Such abnormalities can lead to the development of congenital abnormalities, Down syndrome, or possibly miscarriage. In low- and middle-income countries, the rate of adolescent pregnancy has also surged in recent years, further exacerbating these risk factors. These trends are likely to promote the use of prenatal genetic testing to identify chromosomal problems and other pregnancy-related abnormalities in newborn or prenatal babies.
 

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for genetic testing was valued at over USD 18 billion in 2022 and is expected to register more than 8.5% CAGR through 2023-2032, due to growing awareness of hereditary mutations and cancer risks.

Cancer diagnosis segment is set to depict over 9% CAGR through 2023-2032, owing to the rise in alcohol dependence.

North America region accounted for over 53% share of the genetic testing industry in 2022, on account of the high burden of cardiovascular diseases.

Some of the key players in the genetic testing market include Siemens Healthineers AG, Roche Diagnostics, Quest Diagnostics, Qiagen, Invitae Corporation, Illumina, Inc., deCODE Genetics (Amgen), Abbott Laboratories, and 23andMe, Inc., among others.

Genetic Testing Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 280
  • Countries covered: 30
  • Pages: 180
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