July 13, 2024

Genetic Testing Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2030

Genetic testing involves analyzing DNA and genes to determine an individual’s risk for inherited disorders or disease. It is typically used to confirm or rule out a suspected genetic condition or help determine the cause of developmental delays or intellectual disability in children. Genetic testing plays a vital role in accurately detecting diseases at an early stage, which enables prompt clinical interventions and management. It can confirm a suspected genetic condition, determine carrier status for conditions with recessive inheritance, or aid in selection of appropriate treatment. Rapid advancements in genetic testing technologies have enabled whole-genome sequencing that can simultaneously analyze thousands of genes to screen for inherited disorders and detect chromosomal abnormalities.

The global Genetic Testing Market is estimated to be valued at US$ 18.24 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

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Market key trends:

One of the major trends in the genetic testing market is the adoption of direct-to-consumer genetic testing. Direct-to-consumer genetic testing refers to genetic tests that are marketed directly to customers without involving a health care provider. Companies provide home testing kits that allow individuals to collect samples themselves and mail them to a lab for analysis. Test results are then available online for customers without consulting a genetic counselor or doctor. Direct-to-consumer testing has enabled wider access to genetic testing without the barriers of cost and physician referral. This has created substantial demand for ancestry and health-related genetic tests. Additionally, the availability of genetic counselors to help interpret results remotely is expected to drive growth in direct-to-consumer testing as an effective way for consumers to access personalized genetic information.

Porter’s Analysis

Threat of new entrants: Low barrier to enter the market. However, established market players have stronger brand image and distribution channels which pose challenges for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, increasing health awareness fuels market growth.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute suppliers and suppliers are dependent on market players for sales.

Threat of new substitutes: Threat of substitution is low as genetic testing is unique with no close substitutes.

Competitive rivalry: Intense competition due to presence of numerous global and domestic players.

Key Takeaways

The global genetic testing market is expected to witness high growth over the forecast period. Rising incidence of genetic disorders and cancer coupled with increasing awareness drives the market. The global Genetic Testing Market is estimated to be valued at US$ 18.24 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Regional analysis: North America dominates the market and is expected to continue its dominance. Rising regulatory approvals for genetic testing and presence of leading players in the US drives the North America genetic testing market. Asia Pacific is expected to witness fastest growth over the forecast period due to rising healthcare expenditure, increasing research activities and growing awareness regarding genetic disorders.

Key players:

Key players operating in the genetic testing market are 23andMe, Ancestry, Thermo Fisher Scientific Inc., Illumina Inc., Eurofins Scientific, Qiagen and others. 23andMe is a leading DTC genetic testing company empowering individuals to gain more control over their health. Illumina is a global leader in DNA sequencing and array-based technologies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it