July 13, 2024

Genetic Testing Market Insights: Mapping the Future of Diagnostics

Genetic Testing

Market Overview:
Genetic testing involves analyzing genes, chromosomes, or proteins and metabolites to detect possible genetic changes that may cause certain diseases or health conditions. This is typically done through genetic counseling and analysis of family history to assess the likelihood of genetic disorders or inherited diseases. Genetic testing helps prevent or treat certain conditions by identifying mutations or variants that increase risk. It is useful in preimplantation genetic diagnosis, newborn screening, predictive testing, pharmacogenomics, forensic analysis, and ancestry testing.

The global genetic testing market is estimated to be valued at US$ 18.24 Bn 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.

Market key trends:
Massive growth of predictive and preventive genetic testing is driving the market as it allows for early detection of chronic diseases and enables timely treatment or lifestyle changes to manage risk. Increasing R&D investments by key players for novel diagnostics solutions combined with technological advancements like next-generation sequencing (NGS) and direct-to-consumer testing is making genetic analysis more cost-effective and accessible. Growing awareness among consumers coupled with rising chronic disease prevalence is fueling demand for genetic screening. Surging geriatric population worldwide also experiencing higher age-related illnesses will boost genetic testing adoption for disease susceptibility analysis.

Porter’s Analysis
Threat of new entrants: The genetic testing market requires large R&D investments and regulatory approvals, creating high entry barriers for new companies.

Bargaining power of buyers: Individual consumers have low bargaining power in the genetic testing market due to limited choice of providers and test options. However, large healthcare organizations wield significant influence over prices.

Bargaining power of suppliers: A few global companies dominate the supply of genetic testing equipment and technologies, giving them strong bargaining power over prices and contracts.

Threat of new substitutes: No viable alternatives currently exist that can provide genetic insights equivalent to comprehensive genetic testing methods.

Competitive rivalry: The genetic testing market is highly competitive due to the presence of numerous global and regional players. Price wars and marketing campaigns to gain consumer base have intensified competition.

Key Takeaways
The global genetic testing market is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing awareness regarding genetic disorders and rising application of genetic testing in oncology.

Regional analysis: North America currently dominates the genetic testing market, primarily due to favorable regulatory environment and rising healthcare expenditure. However, Asia Pacific is expected to experience the highest growth over the forecast period driven by increasing governmental focus on genetic testing in countries such as China and India.

Key players: Key players operating in the genetic testing market are 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, Myriad Genetics Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Quest Diagnostics Incorporated, BioRad Laboratories Inc., and DiaSorin S.p.A. (Luminex Corporation), among others. These players are focusing on new product launches and partnerships with research institutes to strengthen their market position.

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