Genetic Testing Market Size to Cross USD 40.9 Billion by 2032, to Achieves CAGR of 10.2% from 2023 to 2032
Allied Market Research published a report, titled, “Genetic Testing Market by Type (Predictive & Pre-Symptomatic Testing, Carrier Testing, Prenatal & Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, and Others), Technology (Cytogenetic Testing, Biochemical Testing, and Molecular Testing), and Application (Cancer Diagnosis, Genetic Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032“.
According to the report, the global genetic testing market was valued for $15.5 Billion in 2022 and is estimated to reach $40.9 Billion by 2032, exhibiting a CAGR of 10.2% from 2023 to 2032.
• CAGR: 10.2%
• Current Market Size: USD 15.5 Billion
• Forecast Growing Region: APAC
• Largest Market: North America
• Projection Time: 2023- 2032
• Base Year: 2023
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Growing Factors
The market is expected to experience growth due to the increasing prevalence of genetic diseases like Down syndrome, sickle cell disease, phenylketonuria, and a rising adoption of genetic testing for cancer diagnosis. However, the market may face hindrances in its growth due to the high costs associated with genetic tests. Conversely, the presence of numerous market players manufacturing genetic testing devices and a growing awareness among the public about the benefits of genetic testing are anticipated to contribute to the market’s expansion in the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$15.5 billion |
|
Market Size in 2032 |
$40.9 Billion |
|
CAGR |
10.2 % |
|
No. of Pages in Report |
428 |
|
Segments covered |
Type, Technology, Application and Region. |
|
Drivers |
Rise in prevalence of Chronic disease such as genetic diseases, cancer and others High presence of genetic testing device manufacturers |
|
Opportunities |
Rise in adoption of number of strategies by market players of genetic testing devices |
|
Restraints |
High cost of genetic test |
Key Findings of the Study
- By type, the prenatal & newborn testing segment dominated the genetic testing market trends in 2022.
- By technology, the molecular testing segment dominated the genetic testing market forecast in 2022.
- By application, the genetic disease diagnosis segment dominated the market in 2022.
- By region, North America dominated the market in 2022 and is expected to grow during the forecast period.
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Recent Acquisition in the Genetic Testing Market
In November 2022, Myriad Genetics, Inc., a leader in genetic testing and precision medicine, announced that it has acquired Gateway Genomics, LLC, a personal genomics company and developer of consumer genetic tests including the No. 1 selling SneakPeek Early Gender DNA Test. SneakPeek reveals a baby’s gender at six weeks into pregnancy, the only at-home test to do so with 99% accuracy and the earliest method available.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the genetic testing market analysis from 2022 to 2032 to identify the prevailing genetic testing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the genetic testing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global genetic testing market trends, key players, market segments, application areas, and market growth strategies.
Leading Market Players:
- Abbott Laboratories
- Bio-Rad Laboratories, Inc.
- Myriad Genetics, Inc.
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Thermo Fisher Scientific, Inc.
- Qiagen N.V
- CSL Limited
- Luminex Corporation
The report provides a detailed analysis of these key players of the global genetic testing market. These players have adopted different strategies such as agreement, partnership, acquisition, and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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