Genetic Testing Market by Testing Type [Prenatal & Newborn Testing, Diagnostic Testing, Carrier Testing, Predictive & Presymptomatic Testing and Pharmacogenomic Testing], Technology [Cytogenetic Testing, Biochemical Testing, and Molecular Testing] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global genetic testing market was pegged at ~US$ 13.89 billion in 2020. The market is expected to witness a CAGR of ~10.3% from 2021 to 2031.
Increasing prevalence of chronic diseases, infectious diseases, and genetic disorders are among the major factors driving the market. Moreover, technological advancements, increasing demand for prenatal genetic testing procedures; and increasing applications of genetic testing in precision medicine are some of the pivotal factors propelling the growth of the genetic testing market. However, concerns related to ethical issues are likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of genetic testing. They are taking initiatives such as providing the necessary funding, grants, permissions, clearances, and approvals to meet the needs of the healthcare sector. For instance, in April 2021, Orchid, the first preconception system to quantify how a couple’s genetics impacts their future child’s health. The company announced a US$ 4.5 million seed round. The Orchid detects if a couple’s future child will be at elevated or normal genetic risk to top diseases. Couples can discover their future child’s risk range through an at-home saliva test.
In recent years, the prevalence of chronic diseases, infectious diseases, and genetic disorders has increased significantly. Genetic testing is being increasingly used for the detection of such diseases. Furthermore, sudden viral outbreaks of H1N1 & COVID-19 and an increase in their worldwide incidence have raised the demand for effective diagnostic technologies. The first case of COVID-19 was found in December 2019 and by the end of December 2020, the count surged to more than 90.3 million globally. This factor is expected to boost the growth of the market significantly.
In an effort to maintain their position in the market, the prominent players are continuously making an effort to launch novel and technologically advanced systems. For instance, in November 2020, Visible Genomics announced the launch of a saliva-based test for age-related macular degeneration that integrates genetic information with clinical, demographic, and lifestyle characteristics to assess risk.
Though genetic testing help in advanced medical diagnosis, it also raises complicated ethical issues. It poses particular challenges in three main ethical areas: privacy, informed consent, and return of results. These factors are expected to challenge the growth of the market to a certain extent.
The Asia Pacific region is projected to be the fastest-growing genetic testing market. The high growth of the region can mainly be attributed to the developing healthcare infrastructure, rising pharmaceutical and life science research activities, growing government initiatives, and high clinical unmet needs. Countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities owing to the rising prevalence of chronic diseases as well as the large population base.
Some of the prominent players operating in the genetic testing market are Siemens Medical Solutions, Abbott, Thermo Fisher Scientific, F. Hoffmann-La Roche Ltd, General Electric Company, Qiagen, Illumina, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., and Hologic, Inc., among others.