Genetic Testing Market Size By Test Type (Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing), By Application (Cancer, Genetic Disease, Cardiovascular Disease), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

Genetic Testing Market size surpassed USD 14.8 billion in 2020 and is poised to grow at over 11.6% CAGR between 2021 and 2027. Introduction of novel technologies as well as techniques for genetic testing with increased accuracy and efficiency will serve to be a high impact rendering factor for the market growth.
 

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The availability of efficient and highly sensitive methods of DNA sequencing for prenatal genetic testing further offer new approaches for initial screening test during new pregnancies. These methods allow detection of small amounts of fetal DNA that circulates naturally in the mother's blood during pregnancy. Moreover, development of NGS, a rapidly evolving technology that enables sequencing of a whole genome or part of a genome and rapid extraction of genetic information from biological materials will fuel the adoption of genetic tests in near future.
 

Increasing demand for diagnostic testing across the globe

The diagnostic testing segment is estimated to witness around 11% growth rate through 2027, owing to surging incidence of genetic and other chronic disorders. According to the data published on WHO, rising prevalence of inherited diseases including sickle cell anaemia, cystic fibrosis and haemophilia will fuel the genetic testing market demand. In addition, early disease diagnosis further allows patients to undergo therapeutic treatment at an early stage that minimizes the severity of disease leading to reduced mortality rate.
 

Growing number of cancer cases caused by genetic mutation

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Cancer segment value in the genetic testing market was over USD 7.7 billion in 2020. Cancer, globally, is the 2^nd leading cause of death, and nearly 70% of deaths from cancer occur in low- and middle-income countries that raises the demand for genetic testing. Genetic testing helps to estimate the chances of developing cancer throughout an individual’s lifetime by examining for specific changes in proteins, chromosomes, and genes; resulting in reduced morbidity, less expensive treatment, and greater probability of surviving.
 

Presence of large number of industry players in North America region will accelerate the market demand for genetic testing

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North America dominated the global genetic testing market, accounting over USD 8.5 billion revenue in 2020. This higher regional market size is attributed to rising number of cancer cases and other chronic ailments as well as rapidly growing elderly population base.
 

Presence of prominent market players operational in genetic testing along with favourable regulatory scenario further proves advantageous for the market expansion. In addition, growing adoption of new technologies, rising patient awareness for early disease diagnosis and surging incidence of genetic diseases will boost the market demand.
 

Various growth strategies undertaken by prominent industry players

Some of the major companies operating in the market include 23andMe, Inc., Abbott Laboratories, Ambry Genetics (Konica Minolta), BGI, Biocartis Group NV, Bio-Helix Co., Ltd., bioMérieux SA, Blueprint Genetics, Cepheid (Danaher Corporation), and Eurofins Scientific. These players are undertaking several growth strategies to sustain the market position.
 

The genetic testing market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Test Type

• Predictive testing
• Carrier testing
• Prenatal and newborn testing
• Diagnostic testing
• Pharmacogenomic testing
• Nutrigenomic testing
• Others

Market, By Application

• Cancer
• Genetic diseases
• Cardiovascular diseases
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE