Genetic Testing Market : Projected to Attain USD 40.9 Billion Revenue by 2032, to Achieve Record-Breaking Growth 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.

 

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What Drives Genetic Testing Market ?

The anticipated increase in the prevalence of genetic diseases like Down syndrome, sickle cell disease, and phenylketonuria, along with a rising trend in adopting genetic testing for cancer diagnosis, is expected to drive market growth. However, the high cost of genetic tests may pose a hindrance to market expansion. Conversely, the market is likely to experience growth due to a significant presence of manufacturers producing genetic testing devices and an increasing awareness among the population regarding the benefits of genetic testing during 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

The molecular testing segment to maintain its leadership status throughout the forecast period.

In 2022, the molecular testing sector dominated the genetic testing market, capturing over 50% of the global revenue. This leading position is expected to persist throughout the forecast period due to the widespread adoption of molecular testing for diagnosing genetic diseases. Meanwhile, the cytogenetic testing segment is anticipated to experience substantial growth, projecting a notable compound annual growth rate (CAGR) of 10.8% from 2023 to 2032.

The genetic disease diagnosis segment to maintain its leadership status throughout the forecast period.

In 2022, the genetic disease diagnosis category dominated the genetic testing market, constituting over 40% of the global revenue. This leading position is expected to persist throughout the forecast period due to the growing prevalence of genetic testing and an increased adoption of genetic tests for diagnostic purposes. On the other hand, the cancer diagnosis segment is projected to achieve a noteworthy compound annual growth rate (CAGR) of 10.6% from 2023 to 2032, driven by an increasing awareness of genetic tests for cancer diagnosis.

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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.

Our Market Research Solution Provides You Answer to Below Mentioned Question:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2023?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2032?
• Which region has more opportunities?

 

By Region Outlook 

• North America  (U.S., Canada, Mexico)
• Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific  (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

 

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