Global Genetic Testing Services Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Overview Of The Global Genetic Testing Services Market?
Genetic testing services refers to analyzing an individual's DNA to identify variations or mutations that could indicate disease risk, ancestry, or other genetic traits. These services typically offer insights into potential health conditions, ancestry, and personalized recommendations based on genetic predispositions, often facilitating informed medical decisions and lifestyle choices.
Genetic Testing Services Global Market Report 2024 provides data on the global genetic testing services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Genetic Testing Services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Genetic Testing Services Market?
The genetic testing services market size has grown rapidly in recent years. It will grow from $17.29 billion in 2023 to $19.19 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to increasing demand for personalized and precision medicine, growing prevalence of genetic disorders, high demand for prenatal testing during pregnancy, increasing population, and increased awareness and education. The genetic testing services market size is expected to see rapid growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the growing demand for non-invasive prenatal testing (NIPT), the rise of pharmacogenomics, the growing focus on preventive healthcare, increasing direct-to-consumer (DTC) testing, and the focus on rare diseases and personalized therapies. Major trends in the forecast period include artificial intelligence (AI) and machine learning, advancements in user-friendly testing kits and online platforms, next-generation sequencing, microarray analysis, polymerase chain reaction (PCR), and advanced healthcare infrastructure.
What Are The Core Factors Supporting Growth In The Genetic Testing Services Market?
The increasing prevalence of genetic disorders is expected to propel the growth of the genetic testing services market in the future. Genetic disorders arise from abnormalities in an individual's DNA, leading to physical or developmental abnormalities. Factors contributing to their prevalence include heightened awareness, improved diagnostics, expanded genetic screening, and trends such as consanguineous marriages in some populations. Genetic testing services play a crucial role in diagnosing, prognosing, and making treatment decisions for individuals with genetic disorders, facilitating personalized medical care and family planning strategies based on genetic makeup. For example, the World Health Organization (WHO) reported in February 2023 that congenital diseases caused an estimated 240,000 infant deaths globally within 28 days of birth annually. Moreover, according to the Centers for Disease Control and Prevention (CDC), approximately 6,000 babies are born with Down syndrome in the United States each year, equating to about 1 in every 700 babies. Therefore, the increasing prevalence of genetic disorders is driving the genetic testing services market.
Get Your Free Sample of the Global Genetic Testing Services Market ReportWhat Are The Major Segments Within The Global Genetic Testing Services Market?
The genetic testing services market covered in this report is segmented –
1) By Type: Predictive Testing, Carrier Testing, Prenatal Testing, Newborn Screening, Other Types
2) By Disease: Cancer Disease, Metabolic Disease, Cardiovascular Disease, Other Diseases
3) By End User: Diagnostic Laboratories, Hospitals And Clinics, Academic Institutes And Research Centers, Other End Users
Which Trends Are Expected To Transform The Genetic Testing Services Market?
Companies in the genetic testing services market are advancing technologies such as cancer screening tests to improve accuracy and expand testing capabilities. Cancer screening tests are routine exams performed on asymptomatic individuals to detect early signs of cancer, improving treatment efficacy. For example, in June 2022, Prenetics Group Limited, a Hong Kong-based diagnostic and genetic testing company, launched ColoClear, a non-invasive stool DNA test offering a highly sensitive method for detecting early colorectal cancer signs. This test combines stool DNA technology with a fecal immunochemical test (FIT) to provide a convenient alternative to colonoscopy, demonstrating a 96% sensitivity for colorectal cancer detection and 64% for advanced adenoma in clinical trials.
What Is The Fastest Growing Region In The Genetic Testing Services Market?
North America was the largest region in the genetic testing services market in 2023. The regions covered in the genetic testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.